GLOSSARY Glossary (3) FV Fair value: The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. FVO Fair-value option: Financial assets and liabilities designated at fair value through income are measured at fair value, with changes in fair value recorded in the consolidated income statement. Goodwill Difference between the cost of acquisition and the fair value of the net assets acquired. Government bonds Government bonds include government and government agency bonds. GPW Gross premiums written: Please refer to “Premiums written/earned” as well as “Gross/net”. Gross/net In insurance terminology the terms “gross” and “net” mean before and after consideration of reinsurance ceded, respectively. In investment terminology the term “net” is used where the relevant expenses have already been deducted. Harvesting Includes realized gains/losses (net) and impairments of investments (net). Held for sale A non-current asset is classified as held for sale if its carrying amount will principally be recovered through a sale transaction rather than continued use. On the date a non-current asset meets the criteria for being considered as held for sale, it is measured at the lower of its carrying amount and its fair value less costs to sell. IFRS International Financial Reporting Standards: As of 2002, the term IFRS refers to the total set of standards adopted by the International Accounting Standards Board. Standards approved before 2002 continue to be referred to as International Accounting Standards (IAS). IMIX Our Inclusive Meritocracy Index (IMIX) measures the progress of the organization on its way towards inclusive meritocracy. This internal index is based on ten items from the Allianz Engagement Survey (AES) which deal with leadership, performance, and corporate culture. Internal growth Total revenue performance excluding the effects of foreign-currency translation as well as of acquisitions and disposals. JV Joint venture KPI Key performance indicator