> Glossary
Glossary
![Link to Hannover Re homepage](/hannoverre/quarter/2014/q3/layout//pic/hannover_re.png)
Glossary
Our glossary explains technical terms from the areas finance and reinsurance. We hope it facilitates the understanding of our texts, publications and annual reports. If you have comments or suggestions, please use our feedback form!
Value of in-force business (VIF)
present value of expected future profit flows from the portfolio of in-force retained business, discounted by a currency-specific risk discount rate. It is determined in accordance with local accounting principles.