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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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29 Financial liabilities
The segment financial liabilities include derivatives, debt securities and other financial liabilities.
P&C insurance
EURm				2014	2013
Derivative financial instruments (note 15)				24	25
Subordinated debt securities
Subordinated loans
Euro-denominated loans		Maturity	Interest
Preferred capital note, 2005 (nominal value EURm 150)		perpetual	4.94%	150	150
Preferred capital note, 2011 (nominal value EURm 110)		30 vuotta	6.00%	109	109
Preferred capital note, 2013 (nominal value EURm 90)		perpetual	4.70%	90	90
Total subordinated debt securities				349	150
P&C insurance, total financial liabilities				373	174
The loans 2005 and 2011 are issued with fixed interest rates for the first ten years, after which they become subject to variable interest rates. The subordinated loan issued in 2013 has a fixed interest rate for the first 5.5 years afther which it becomes subject to variable interest rates. At the point of change, there is the possibility of redemption for all the loans. All loans and their terms are approved by supervisory authorities and the loans are utilised for solvency purposes.
The loans issued in 2005 and 2011 are listed on the Luxembourg Exchange.
Life insurance
EURm				2014	2013
Derivative financial instruments (note 15)				86	11
Subordinated debt securities
Subordinated loans				100	100
Life insurance, total				186	111
Mandatum Life issued in 2002 EURm 100 Capital Notes. The loan is perpetual and pays floating rate interest. The interest is payable only from distributable capital. The loan is repayable only with the consent of the Insurance Supervisory Authority and at the earliest on 2012 or any interest payment date after that. The loans is wholly subscribed by Sampo Plc.
Holding
EURm				2014	2013
Derivative financial instruments (note 15)				11	18
Debt securities in issue
Commercial papers				305	308
Bonds *)				1,888	1,720
Total				2,192	2,027
Holding, total				2,203	2,045
*) The determination and hierarchy of financial assets and liabilities at fair value is disclosed in note 17. Based on the principles of this determination, the boned of the Holding Company fall under level 2.
Elimination items between segments				-339	-336
EURm				2014	2013
Group, total				2,423	1,994

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