Marine insurance: insurance contract whereby the insurer undertakes to indemnify the insured for loss or damage concerning a means of transport (ship, airplane or train) or its cargo. Hull insurance covers physical damage to the hull itself, whereas cargo insurance covers physical damage to or loss of the goods.
Media relations: relations between the company and the media.
MIB30: a weighted index of the 30 top Italian companies traded on the Milan Stock Exchange.
Mibtel: a capitalization-weighted index of all stocks traded on the Milan Stock Exchange computerized trading system.
Mission: the corporate mission and basic objectives pursued.
Motor third party liability insurance: compulsory insurance contract for motor vehicles and  craft covering the driver and the owner (if the latter is a different person) against the risk of indemnifying third parties for loss or damage caused by their craft or vehicle. Unlike the procedure adopted in third party liability insurance, in motor third party liability insurance the injured party can directly apply to the insurance company of the person liable for damage for claim settlement (direct recourse).
Multi-brand: a commercial approach based on the use of multiple brands.
Multi-local: marketing approach that aims to act as a local operator on all the markets in which the company is active.
Multi-channel: a range of products and services provided through multiple sales channels. The definition considers the type of distribution channel used to provide the products and services, as well as the methods by which clients can access them.

Multi-client (survey): a survey carried out for more than one client which is therefore more in-depth and takes into account a wider sample.
NAV adjusted: shareholder’s funds + shareholder’s share of unrealised capital gains/losses - goodwill - DAC - dividend.

New Business Value (NBV) is the present value, at the point of sale, of the projected stream of after tax industrial profits expected to be generated by the covered new business written in the year, taking into account the actual acquisition costs incurred in the year of sale, after allowance for:

  • the cost of financial guarantees and options granted to policyholders;
  • the frictional costs of setting up and holding the required capital;
  • the cost of non hedgeable risks.

NBV is calculated according to year-end economic and operating assumptions.

Non-life insurance: it includes all insurance contracts protecting the insured against the risks concerning his/her individual properties (e.g. house or car), his/her assets as a whole and his/her own person. The first case refers to property insurance (such as theft insurance, fire insurance, etc.); the second case refers to third party liability insurance or expenses insurance; and the third case refers to personal accident insurance.

Normalised Embedded Value Earnings correspond to Embedded Value Earnings, net of economic variances and extraordinary expenses.

Normalised RoEV: return on embedded value net of investments and tax changes.