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Notes to the Group’s Financial Statements

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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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21 Deferred tax assets and liabilities
Changes in deferred tax during the financial period 2014
EURm	1.1.	Recognised in comprehensive income statement	Recognised in equity	Exchange differences	31.12.
Deferred tax assets
Tax losses carried forward	15	0	-	-0	15
Employee benefits	66	-2	26	-5	85
Other deductible temporary differences	-5	15	1	-2	8
Total	75	13	26	-7	107
Netting of deferred taxes					-22
Deferred tax assets in the balance sheet					86
Deferred tax liabilities
Depreciation differences and untaxed reserves	294	-7	-	-13	275
Changes in fair values	202	7	25	-3	231
Other taxable temporary differences	18	3	-0	-1	19
Total	514	3	25	-17	526
Netting of deferred taxes					-22
Total deferred tax liabilities in the balance sheet					504
Changes in deferred tax during the financial period 2013
EURm	1.1.	Recognised in comprehensive income statement	Recognised in equity	Exchange differences	31.12.
Deferred tax assets
Tax losses carried forward	18	-3	-	-0	15
Changes in fair values	65	-1	7	-5	65
Other deductible temporary differences	0	-2	4	-5	-2
Total	83	-6	11	-10	78
Netting of deferred taxes					-10
Deferred tax assets in the balance sheet					68
Deferred tax liabilities
Depreciation differences and untaxed reserves	337	-26	-0	-17	293
Changes in fair values	197	-23	28	-0	202
Other taxable temporary differences	13	10	-1	0	22
Total	547	-40	27	-17	518
Netting of deferred taxes					-10
Total deferred tax liabilities in the balance sheet					508
In Sampo plc, EURm 27 of deferred tax asset has not been recognised on unused tax losses. The first losses will expire in 2021. In life insurance, EURm 3 of deferred tax asset has not been recognised on unused tax losses.

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