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IAS IFRS Accounting principles that, as a result of an EU regulation, all listed shares must use from 2005 onwards to draw up their consolidated accounts. The aim of these accounting standards is to make financial information on European companies uniform, comparable and transparent. Income Statement Document in the annual reports indicating income, the costs for the financial period, and the profit or loss. It sets out the income and costs in a form so as to show the data from the various management areas or of the financial aggregates and intermediate results, and thus of the progressive formation of the net result of the financial period. The income statement of the financial period comprises the increase or decrease respectively of the shareholders' equity, and is thus the link between the profit and loss account and the assets and liabilities statement. The balance sheet, the income statement and the notes comprise the annual report for the period. Index linked Fixed-term policies where the capital is linked at maturity to the trend of the relevant indices (stock exchange indices or baskets of shares). Insider Trading The illegal use of confidential information on a listed company acquired in the course of a person’s duties, or by third parties, which, if made public, could influence the market trend of a listed stock. Institutional Investors Major operators such as banks, investment funds, insurance companies, pension funds and credit societies, who invest in the stock market. Intrinsic Value Intrinsic value is a method of determining the value and performance of an insurance business. It is an estimate of the financial value of closed book company; that is, leaving aside any value attributable to future production. It represents the sum of the corrected net assets and the value of the existing portfolio policies at the date of evaluation. Insurance Policy The most common insurance certificate. That is, a certificate released by the insurance company to the insured stating that the insured is covered against certain risks. Internal Audit Audit carried out within the organization Internal Dealing The regulation of reporting requirements to the market and the limits for the execution of operations on securities issued by the issuing company or its listed subsidiaries or related to them, carried out on its own behalf or by family members or persons with close links (directors, auditors, executives reporting directly to the Chair or CEO). The identification of the relevant persons with close links and of the threshold beyond which it is obligatory to inform the market under the regulations of the Italian Stock Exchange and the Code of Behaviour adopted by individual listed companies. Investor Relations Department within a listed company responsible for relations with investors and brokers. ISVAP (Istituto per la Vigilanza sulle Assicurazioni Private) Institute for Surveillance on Private Insurance Companies and in the community interest. A body set up to carry out surveillance on insurance and reinsurance companies, as well as all other organisations subject to private insurance regulations, including agents and brokers. Italian Stock Exchange The company that manages the Italian market where financial instruments are listed. The Italian Stock Exchange uses an electronic system of negotiation that allows the exchange of stock in real time. The system is organised into different IT architectures, each of which is dedicated to different market segments: MTA, Restricted Market, MPR, IDEM and MOT. |
