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Notes to the Group’s Financial Statements

Select note 1–41

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• 1 Insurance premiums written
• 2 Net income from investments
• 3 Claims incurred
• 4 Change in liabilities for insurance and investment contracts
• 5 Staff costs
• 6 Other operating expenses
• 7 Result analysis of P&C insurance
• 8 Performance analysis per class of P&C insurance
• 9 Earnings per share
• 10 Financial assets and liabilities
• 11 Property, plant and equipment
• 12 Investment property
• 13 Intangible assets
• 14 Investments in associates
• 15 Financial assets
• 16 Fair values
• 17 Determination and hierarchy of fair values
• 18 Movements in level 3 financial instruments measured at fair value
• 19 Sensitivity analysis of level 3 financial instruments measured at fair value
• 20 Investments related to unit-linked insurance contracts
• 21 Deferred tax assets and liabilities
• 22 Taxes
• 23 Components of other comprehensive income
• 24 Tax effects relating to components of other comprehensive income
• 25 Other assets
• 26 Cash and cash equivalents
• 27 Liabilities from insurance and investment contracts
• 28 Liabilities from unit-linked insurance and investment contracts
• 29 Financial liabilities
• 30 Provisions
• 31 Employee benefits
• 32 Other liabilities
• 33 Contingent liabilities and commitments
• 34 Equity and reserves
• 35 Related party disclosures
• 36 Incentive schemes
• 37 Auditors' fees
• 38 Legal proceedings
• 39 Investments in subsidiaries
• 40 Investments in shares and participations other than subsidiaries and associates
• 41 Events after the balance sheet date

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2 Net income from investments
P&C insurance
EURm				2014	2013
Financial assets
Derivative financial instruments
Gains/losses				-28	-5
Financial assets designated as at fair value through p/l
Equity securities
Gains/losses				0	6
Dividend income				0	0
Total				0	7
Loans and receivables
Interest income				21	22
Financial assets available-for-sale
Debt securities
Interest income				247	317
Impairment losses				-14	-0
Gains/losses				18	13
Equity securities
Gains/losses				134	57
Impairment losses				-5	-4
Dividend income				44	37
Total				424	419
Total from financial assets				417	443
Other assets
Investment properties
Gains/losses				-0	-0
Other				-0	-1
Total from other assets				-1	-1
Expense on other than financial liabilities				-4	-4
Effect of discounting annuities				-45	-55
Fee and commission expenses
Asset management				-14	-15
P&C insurance, total				353	368
Included in gains/losses from financial assets available-for-sale is a net gain of EURm -133 (-63) transferred from the fair value reserve.
Life insurance
EURm				2014	2013
Financial assets
Derivative financial instruments
Gains/losses				-97	6
Financial assets designated as at fair value through p/l
Debt securities
Interest income				1	1
Gains/losses				1	0
Equity securities
Gains/losses				0	0
Dividend income				0	0
Total				2	2
Investments related to unit-linked contracts
Debt securities
Interest income				58	46
Gains/losses				-10	-27
Equity securities
Gains/losses				213	210
Dividend income				19	13
Loans and receivables
Interest income				3	-1
Other financial assets
Gains/losses				-16	29
Total				267	270
Loans and receivables
Interest income				2	1
Gains/losses				42	-5
Total				44	-4
Financial assets available-for-sale
Debt securities
Interest income				98	115
Gains/losses				49	2
Equity securities
Gains/losses				107	111
Impairment losses				-41	-33
Dividend income				89	87
Total				302	282
Total financial assets				518	555
Other assets
Investment properties
Gains/losses				3	1
Other				5	2
Total other assets				8	2
Net fee income
Asset management				-14	-13
Fee income				27	25
Total				13	11
Life insurance, total				540	569
Included in gains/losses from financial assets available-for-sale is a net gain of EURm 10 (70) transferred from the fair value reserve.
Holding
EURm				2014	2013
Financial assets
Derivative financial instruments
Gains/losses				1	8
Loans and receivables
Interest income				0	1
Gains/losses				-4	-6
Total				-4	-5
Financial assets available-for-sale
Debt securities
Interest income				22	16
Gains/losses				7	-
Equity securities
Gains/losses				2	5
Impairment losses				-1	-0
Dividend income				2	1
Total				32	22
Total financial assets				29	25
Other assets
Investment properties
Gains/losses				-	1
Other				-0	-0
Total other assets				-0	1
Holding, total				29	26
Included in gains/losses from financial assets available for-sale is a net gain of EURm 2 (4) transferred from the fair value reserve.
Elimination items between segments				-23	-18
EURm				2014	2013
Group, total				898	945
The changes in the fair value reserve are disclosed in the Statement of changes in equity. Other income and expenses comprise rental income, maintenance expenses and depreciation of investment property. All the income and expenses arising from investments are included in Net income from investments. Gains/losses include realised gains/losses on sales, unrealised and realised changes in fair values and exchange differences. Unrealised fair value changes for financial assets available-for-sale are recorded in other comprehensive income and presented in the fair value reserve in equity. The effect of discounting annuities in P&C insurance is disclosed separately. The provision for annuities is calculated in accordance with actuarial principles taking anticipated inflation and mortality into consideration, and discounted to take the anticipated future return on investments into account. To cover the costs for upward adjustment of annuity provisions required for the gradual reversal of such discounting, an anticipated return on investments is added to annuity results.

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