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Segment information

Segment information
The Group’s business segments comprise P&C insurance, Life insurance and Holding company.
Geographical information has been disclosed about income from external customers and non-current assets. The reported areas are Finland, Sweden, Norway, Denmark, the Baltic countries and other countries.
Segment information has been produced in accordance with the accounting policies adopted for preparing and presenting the consolidated financial statements. The segment revenue, expense, assets and liabilities, either directly attributable or reasonably allocable, have been allocated to the segments. Inter-segment pricing is based on market prices. The transactions, assets and liabilities between the segments are eliminated in the consolidated financial statements on a line-by-line basis.
Depreciation and amortisation by segment are disclosed in notes 11 - 13 and investments in associates in note 14.
Consolidated income statement by business segment for year ended 31 December 2014
EURm P&C
insurance
Life
insurance
Holding Elimination Group
Insurance premiums written 4,464 1,105 - -24 5,544
Net income from investments 353 540 29 -23 898
Other operating income 27 5 15 -16 32
Claims incurred -2,902 -876 - 8 -3,771
Change in liabilities for insurance and investment contracts -6 -499 - 16 -489
Staff costs -537 -46 -20 - -603
Other operating expenses -502 -60 -12 16 -558
Finance costs -20 -7 -23 20 -29
Share of associates' profit/loss 54 0 680 - 735
Profit before taxes 931 163 669 -3 1,759
Taxes -190 -29 -0 1 -220
Profit for the year 740 133 669 -2 1,540
Other comprehensive income for the period
Items reclassifiable to profit or loss
Exchange differences -174 -0 - - -174
Available-for-sale financial assets 45 20 4 2 72
Share of associate's other comprehensive income - - -168 - -168
Taxes -10 -4 -1 -0 -15
Total items reclassifiable to profit or loss, net of tax -138 16 -165 2 -285
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined pension plans -101 - - - -101
Taxes 26 - - - 26
Total items not reclassifiable to profit or loss, net of tax -76 - - - -76
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 602 149 504 -0 1,179
Consolidated income statement by business segment for year ended 31 December 2013
EURm P&C
insurance
Life
insurance
Holding Elimination Group
Insurance premiums written 4,560 1,063 - -6 5,618
Net income from investments 368 569 26 -22 942
Other operating income 28 4 15 -16 31
Claims incurred -2,946 -731 - - -3,677
Change in liabilities for insurance and investment contracts -55 -648 - 6 -697
Staff costs -564 -46 -23 - -634
Other operating expenses -493 -54 -11 16 -543
Finance costs -18 -7 -51 18 -58
Share of associates' profit/loss 50 1 635 - 686
Profit before taxes 929 153 589 -3 1,668
Taxes -181 -33 -3 2 -216
Profit for the year 748 119 586 -1 1,452
Other comprehensive income for the period
Items reclassifiable to profit or loss
Exchange differences -153 0 - - -153
Available-for-sale financial assets 134 97 4 -2 233
Cash flow hedges - -0 - - -0
Share of associate's other comprehensive income - - -70 - -70
Taxes -25 4 -1 -0 -22
Total items reclassifiable to profit or loss, net of tax -45 101 -67 -2 -13
Items not reclassifiable to profit or loss -21 - - - -21
Actuarial gains and losses from defined pension plans 7 - - - 7
Taxes
Total items not reclassifiable to profit or loss, net of tax -14 - - - -14
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 689 220 520 -3 1,425
Consolidated balance sheet by business segment at 31 December 2014
EURm P&C
insurance
Life
insurance
Holding Elimination Group
Assets
Property, plant and equipment 16 5 3 - 24
Investment property 20 179 - -4 195
Intangible assets 555 160 0 - 715
Investments in associates 381 0 7,065 - 7,447
Financial assets 11,021 5,665 2,959 -2,715 16,930
Investments related to unit-linked insurance contracts - 5,282 - -23 5,259
Tax assets 76 - 13 -4 86
Reinsurers' share of insurance liabilities 237 3 - - 240
Other assets 1,533 208 50 -11 1,781
Cash and cash equivalents 448 858 768 - 2,074
Total assets 14,288 12,359 10,859 -2,756 34,750
Liabilities
Liabilities for insurance and investment contracts 9,183 5,065 - - 14,248
Liabilities for unit-linked insurance and investment contracts - 5,312 - -23 5,289
Financial liabilities 373 186 2,203 -339 2,423
Tax liabilities 382 123 - -1 504
Provisions 63 - - - 63
Employee benefits 265 - - - 265
Other liabilities 702 209 134 -11 1,035
Total liabilities 10,969 10,895 2,337 -374 23,827
Equity
Share capital 98
Reserves 1,531
Retained earnings 8,655
Other components of equity 639
Total equity 10,924
Total equity and liabilities 34,750
Consolidated balance sheet by business segment at 31 December 2013
EURm P&C
insurance
Life
insurance
Holding Elimination Group
Assets
Property, plant and equipment 16 5 4 - 25
Investment property 22 107 0 -4 125
Intangible assets 590 162 0 - 752
Investments in associates 374 1 6,906 - 7,282
Financial assets 11,265 5,122 3,148 -2,712 16,824
Investments related to unit-linked insurance - 4,623 - -7 4,616
Tax assets 58 0 14 -4 68
Reinsurers' share of insurance liabilities 420 3 - - 422
Other assets 1,559 81 47 -10 1,676
Cash and cash equivalents 282 222 280 - 785
Total assets 14,586 10,327 10,399 -2,736 32,576
Liabilities
Liabilities for insurance and investment contracts 9,500 3,927 - - 13,427
Liabilities for unit-linked insurance and investment contracts - 4,617 - -7 4,610
Financial liabilities 373 111 2,045 -336 2,193
Tax liabilities 381 128 - -1 508
Provisions 58 - - - 58
Employee benefits 195 - - - 195
Other liabilities 694 129 129 -11 941
Total liabilities 11,202 8,912 2,174 -355 21,933
Equity
Share capital 98
Reserves 1,531
Retained earnings 8,175
Other components of equity 840
Total equity 10,643
Total equity and liabilities 32,576
Geographical information
EURm Finland Sweden Norway Denmark Baltic Total
At 31 Dec. 2014
Revenue from external customers
P&C insurance 1,041 1,372 1,524 402 118 4,457
Life insurance 1,065 - - - 40 1,105
Holding 43 - - - - 43
Total 2,149 1,372 1,524 402 158 5,606
Non-current assets
P&C insurance 106 488 19 358 1 972
Life insurance 343 - - - 1 344
Holding 4 7,133 - - - 7,136
Total 453 7,621 19 358 1 8,452
At 31 Dec. 2013
Revenue from external customers
P&C insurance 1,005 1,371 1,616 399 114 4,505
Life insurance 1,031 - - - 32 1,063
Holding 41 - - - - 41
Total 2,077 1,371 1,616 399 146 5,608
Non-current assets
P&C insurance 109 515 22 350 6 1,002
Life insurance 274 - - - 1 275
Holding 4 6,906 - - - 6,910
Total 388 7,421 22 350 7 8,187
The revenue includes insurance premiums according to the underwriting country, consisting of premiums earned for P&C insurance and premiums written for Life insurance, and net investment income and other operating income in the Holding segment.
Non-current assets comprise of intangible assets, investments in associates, property, plant and equipment, and investment property.
Business combinations
Year 2014
According to the plan published during the spring and authorised by the Financial Supervision Authority, Suomi Mutual assigned its guaranteed interest group pension portfolio to Mandatum Life Insurance Company Ltd on the 30 December 2014. The porfolio comprised approximately 2,300 policies and 34,000 insured members.
The assets transferred from Suomi Mutual equal the share of the group pension portfolio of the total assets of Suomi Mutual.
The cost of the portfolio transfer EURm 1.4 is included in the income statement in Other operating expenses.
The effect of the portfolio transfer on life insurance balance sheet on 30 December 2014 was as follows:
Assets
Investment property 49
Financial assets 1,188
Other assets 1
Cash and cash equivalents 100
1,337
Liabilities
Liabilities for insurance and investment contracts 1,337
Note
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