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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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13 Intangible assets
P&C insurance
				2014
EURm				Goodwill *)	Other intangible assets	Total
At 1 Jan.
Cost				567	31	598
Accumulated amortisation				-	-8	-8
Net carrying amount				567	23	590
At 31 Dec.
Cost				535	24	559
Accumulated amortisation				-	-5	-5
Net carrying amount				535	20	554
				2013
EURm				Goodwill *)	Other intangible assets	Total
At 1 Jan.
Cost				585	27	612
Accumulated amortisation				-	-6	-6
Net carrying amount				585	13	606
At 31 Dec.
Cost				567	31	598
Accumulated amortisation				-	-8	-8
Net carrying amount				567	23	590
*) The change in the cost is due to exchange differences.
Life insurance
	2014			2013
EURm	Goodwill	Other intangible assets	Total	Goodwill	Other intangible assets	Total
At 1 Jan.
Cost	153	43	196	153	42	195
Accumulated amortisation	-	-34	-34	-	-31	-31
Net carrying amount	153	9	162	153	11	164
At 31 Dec.
Cost	153	43	196	153	43	196
Accumulated amortisation	-	-36	-36	-	-34	-34
Net carrying amount	153	7	160	153	9	162
EURm					2014	2013
Group, total					714	751
Other intangible assets in all segments comprise mainly IT software.
Depreciation and impairment losses are included in the income statement item Other operating expenses.
Testing goodwill for impairment
Goodwill is tested for impairment in accordance with IAS 36 Impairment of assets. No impairment losses have been recognised based on these tests.
For the purpose of testing goodwill for impairment, Sampo determines the recoverable amount of its cash-generating units, to which goodwill has been allocated, on the basis of value in use. Sampo has defined these cash-generating units as If Group and Mandatum Life.
The recoverable amounts for If have been determined by using a discounted cash flow model. The model is based on Sampo’s management’s best estimates of both historical evidence and economic conditions such as volumes,interest rates, margins, capital structure and income and cost development. The value in use model for Mandatum Life is greatly influenced by the long-term development of insurance liabilities, affecting e.g. the required solvency capital and thus the recoverable amount. That is why the forecast period is longer for Mandatum Life, 10 years. The derived cash flows were discounted at the pre-tax rates of the weighted average cost of capital which for If was 7.7 % and for Mandatum Life 8.3 %. These are somewhat lower than last year due to the decrease in interest rates.
Forecasts for If, approved by the management, cover years 2015 – 2016. The cash flows beyond that have been extrapolated using a 2 % growth rate. A 2 % growth rate for years beyond 2024 has been used for the for Mandatum Life as well, as it is believed to be close to the anticipated inflation.
In Mandatum Life, the recoverable amount exceeds its carrying amount by some EURm 450. With the calculation method used, e.g. an increase of about 2.7 % in the weighted average cost of capital could lead to a situation where the recoverable amount of the entity would equal its carrying amount.
As for the If Group, the management believes that any reasonably possible change in any of these key assumptions would not cause the aggregate carrying amount to exceed the aggregate recoverable amount.

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