Abbreviation for "Eco-Management and Audit Scheme", a voluntary instrument developed by the European Commission to assist companies and other organisations of all sizes and across all sectors with continuous improvement of their environmental performance.
EMAS
Earnings per share, diluted
Ratio calculated by dividing the consolidated net income (loss) by the weighted average number of shares outstanding. The calculation of the diluted earnings per share is based on the number of shares including subscription rights already exercised or those that can still be exercised.
Earnings retention
Non-distribution of a company's profits leading to different treatment for tax purposes than if profits were distributed.
Economic capital
cf. Internal model
Emerging risks
Future risks, the content and implications of which are still unknown.
Environmental Social Governance (ESG)
An acronym consisting of the keywords Environmental, Social and Governance. ESG stands for responsible enterprise management. The term has become particularly popular among investors and financial analysts and it reflects the recognition of non-financial considerations in the evaluation of an enterprise.
Excess return on capital allocated (xRoCA)
Indicator which describes the IVC in relation to the allocated capital and shows the relative excess return generated above and beyond the weighted cost of capital.
Excess capital
The amount of available capital in excess of the required capital.
Excess of loss (XL) treaty
Expense ratio
Administrative expenses (gross or net) in relation to the (gross or net) premium earned.
Exposure
Level of danger inherent in a risk or portfolio of risks; this constitutes the basis for premium calculations in reinsurance.