Deferred tax liabilities  are amounts of income taxes payable in future periods in respect of taxable temporary differences. 

Defined benefit obligation  is the present value, without deducting any plan assets, of expected future payments required to settle the obligation resulting from employee service in the current and prior periods. 

Defined benefit plans  are post-employment benefit plans other than defined contribution plans. 

Defined contribution plans  are post-employment benefit plans under which an entity pays fixed contributions into a separate entity (a fund) and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods. 

Deferred policy acquisition cost (DPAC)  are the variable costs related to the acquisition or renewal of insurance contracts and investment contracts with discretionary participation features. 

Deposit accounting method  includes amounts charged and paid to customers directly into the financial liability and not through the income statement as premium income and claims. 

Derecognition  is the removal of a previously recognized asset or financial liability from an entity’s balance sheet. 

Derivatives  are financial instruments whose value changes in response to an underlying variable, that require little or no net initial investment and are settled at a future date. 

Discretionary participation feature  is a contractual right to receive, as a supplement to guaranteed benefits, additional benefits: 

■ That are likely to be a significant portion of the total contractual benefi ts; 

■ Whose amount or timing is contractually at the discretion of the issuer; and 

■ That are contractually based on: 

• The performance of a specified pool of contracts or a specified type of contract; 

• Realized and/or unrealized investment returns on a specified pool of assets held by the issuer; or 

• The profit or loss of the company, fund or other entity that issues the contract. 

Effective interest rate method  is a method of calculating the amortized cost of a financial asset or liability and of allocating the interest income or expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or liability. 

Embedded derivative  is a component of a hybrid instrument that also includes a non-derivative host contract, with the effect that some of the cash flows of the combined instrument vary in a way similar to a derivative. 

Equity instruments  are financial instruments issued by the Group that are classified as equity if they evidence a residual interest in the assets of the Group after deducting all of its liabilities. 

Equity method  is a method of accounting whereby the investment is initially recognized at cost and adjusted thereafter for the post-acquisition change in the investor’s share of net assets of the investee. The profit or loss of the investor includes the investor’s share of the profit or loss of the investee. 

Equity volatility  is the relative rate at which the price of equity changes. 

Exchange differences  are differences resulting from translating a given number of units of one currency into another currency at different exchange rates. 

Finance lease  is a lease that transfers substantially all the risks and rewards incident to ownership of an asset. 

Financial asset  is any asset that is: 

■ Cash; 

■ An equity instrument of another entity; 

■ A contractual right to receive cash or another fi nancial asset from another entity or to exchange fi nancial instruments with another party under conditions that are potentially favorable; or 

■ A contract that will or may be settled in the entity’s own equity instruments; and is 

• A non-derivative for which the entity is or may be obliged to receive a variable number of the entity’s own equity instruments; or 

• A derivative that will or may be settled other than by the exchange of a fixed amount of cash or another fi nancial asset for a fixed number of the entity’s own equity instruments. 

