Embedded Value (EV) is an actuarially determined estimate of the value of a company, excluding any value attributable to future new business. With reference to the covered business, and to the relevant consolidation perimeter (i.e. the operating life, health and pension companies of the group), the EV is equal to the sum of the Adjusted Net Asset Value and the Value In-Force.

Embedded Value Earnings correspond to the difference between the closing and the opening EV, excluding adjustments to opening EV and capital movements.

Employed sellers: the sales force on payroll.
Engagement: the process of involving stakeholders.
Excess Capital: the amount by which the available capital (embedded value plus subordinated debt) exceeds the internally assessed risk based capital (economic capital) requirements of the Group.
Expense ratio: supply and administration expenses expressed as a percentage of the value of earned premiums for the financial year.
Fair value: evaluation of what could be defined as equitable “market” value in compliance with international accounting principles IAS/IFRS.
Financial advisors: professionals working in the field of financial brokerage.
Fire insurance: insurance contract whereby the insurer undertakes to indemnify the insured for direct losses caused by the fire of insured objects.
Formal receipt: a document issued by the receiver proving that a sum has been paid. The insurer issues a receipt when the premium is paid by the contractor; the insured or the injured party issues a receipt when indemnity is paid by the insurer.