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Notes to the Group’s Financial Statements

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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