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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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8 Performance analysis per class of P&C insurance
EURm	Accident and health	Motor, third party liability	Motor, other classes	Marine, air and transport	Fire and other damage to property	Third party liability	Credit insurance
Premiums written, gross
2014	774	657	1,309	130	1,317	212	2
2013	772	689	1,334	148	1,367	216	3
Premiums earned, gross
2014	769	664	1,288	130	1,330	211	3
2013	757	695	1,308	147	1,359	211	2
Claims incurred, gross 1)
2014	-554	-523	-885	-86	-881	-84	-0
2013	-560	-508	-918	-93	-966	-105	-1
Operating expenses, gross 2)
2014	-133	-140	-192	-22	-213	-34	-0
2013	-135	-144	-195	-26	-207	-31	-0
Profit/loss from ceded reinsurance
2014	-13	2	-2	-9	-83	-31	0
2013	-2	-2	-2	-10	-81	-32	0
Technical result before investment return
2014	69	3	209	14	152	62	2
2013	60	41	193	18	105	42	1
EURm		Legal expenses	Other	Total direct insurance	Reinsurance assumed	Elimination	Total
Premiums written, gross
2014		41	112	4,555	84	-5	4,634
2013		40	112	4,680	94	-6	4,768
Premiums earned, gross
2014		41	111	4,547	89	-5	4,631
2013		39	113	4,631	97	-6	4,723
Claims incurred, gross 1)
2014		-29	-72	-3,115	-71	6	-3,180
2013		-26	-48	-3,226	-56	6	-3,276
Operating expenses, gross 2)
2014		-7	-16	-756	-15	13	-758
2013		-7	-14	-760	-24	11	-773
Profit/loss from ceded reinsurance
2014		0	-8	-144	-4	5	-143
2013		-0	-14	-144	-2	6	-140
Technical result before investment return
2014		6	15	533	-1	19	551
2013		6	37	501	16	17	534
1) Activity-based operating costs EURm 260 (269) have been allocated to claims incurred.
2) Includes other technical income EURm 27 (28) and other technical expenses EURm 27 (26).

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