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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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1 Insurance premiums written
P&C insurance
EURm				2014	2013
Premiums from insurance contracts
Premiums written, direct insurance				4,550	4,674
Premiums written, assumed reinsurance				84	94
Premiums written, gross				4,634	4,768
Reinsurers' share of premiums written				-170	-208
Premiums written, net				4,464	4,560
Change in unearned premium provision				-3	-46
Reinsurers' share				-3	-10
Change in unearned premium provision, net				-6	-55
Premiums earned, total				4,457	4,505
Life insurance
EURm				2014	2013
Premiums from insurance contracts
Premiums written, direct insurance				658	624
Premiums written, assumed reinsurance				4	4
Insurance contracts total, gross				661	628
Premium revenue ceded to reinsurers on insurance contracts issued				-5	-5
Insurance contracts total, net				656	623
Investment contracts				449	440
Premiums written, net 1)				1,105	1,063
Elimination items between segments				-24	-6
Group, total				5,544	5,618
¹) The change in unearned premiums is presented in note 4 "The change in insurance and investment liabilities".
Specification of premiums written in Life insurance
EURm				2014	2013
Premiums from insurance contracts
Premiums from contracts with discretionary participation feature				143	153
Premiums from unit-linked contracts				513	469
Premiums from other contracts				2	1
Total				658	624
Assumed reinsurance				4	4
Premiums from investment contracts
Premiums from contracts with discretionary participation feature				1	0
Premiums from unit-linked contracts				448	440
Total				449	440
Insurance and investment contracts, total				1,110	1,068
Reinsurers' share				-5	-5
Premiums written, total				1,105	1,063
Single and regular premiums from direct insurance
Regular premiums, insurance contracts				282	291
Single premiums, insurance contracts				375	333
Single premiums, investment contracts				449	440
Total				1,106	1,064

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