Glossary on

Notes to the Group’s Financial Statements

Select note 1–41

• View all notes on one page
• 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

Download as Excel

15 Financial assets
Group's financial assets comprise investments in derivatives, financial assets designated as at fair value through p/l, loans and receivables, available-for-sale financial assets and investments in subsidiaries. The Holding segment includes also investments in subsidiaries.
The Group uses derivative instruments for trading and for hedging purposes. The derivatives used are foreign exchange, interest rate and equity derivatives. Fair value hedging has been applied during the financial year both in P&C and Life insurance.
EURm					2014	2013
P&C insurance
Derivative financial instruments					42	5
Loans and receivables					238	246
Financial assets available-for-sale					10,741	11,014
P&C insurance, total					11,021	11,265
Life insurance
Derivative financial instruments					3	33
Financial assets designated as at fair value through p/l					48	48
Loans and receivables					27	19
Financial assets available-for-sale					5,587	5,023
Life insurance, total					5,665	5,122
Holding
Derivative financial instruments					34	41
Loans and receivables					1	1
Financial assets available-for-sale					555	737
Investments in subsidiaries					2,370	2,370
Holding, total					2,959	3,148
Elimination items between segments					-2,715	-2,712
Group, total					16,930	16,824
P&C insurance
Derivative financial instruments
		2014			2013
	Contract/	Fair value		Contract/	Fair value
EURm	notional amount	Assets	Liabilities	notional amount	Assets	Liabilities
Derivatives held for trading
Interest rate derivatives
OTC derivatives
Intrerest rate swaps	68	-	-2	1,165	-	4
Exchange traded derivatives
Interest rate futures	85	-	-1	85	1	1
Total interest rate derivatives	153	-	-3	1,250	1	5
Foreign exchange derivatives
OTC derivatives
Currency forwards	2,714	41	20	2,147	4	20
Currency options, bought and sold	294	2	1	42	0	-
Total foreign exchange derivatives	3,008	42	21	2,189	4	20
Total derivatives held for trading	3,162	42	18	3,439	5	25
Other financial assets
EURm					2014	2013
Loans and receivables
Deposits with ceding undertakings					1	1
Other					237	245
Total loans and receivables					238	246
Financial assets available-for-sale
Debt securities
Issued by public bodies					1,606	1,327
Certificates of deposit issued by banks					3,031	2,741
Other debt securities					4,551	5,462
Total debt securities					9,188	9,531
Equity securities
Listed					1,365	1,277
Unlisted					188	207
Total					1,553	1,483
Total financial assets available-for-sale					10,741	11,014
Financial assets available-for-sale for P&C insurance include impairment losses EURm 243 (242).
P&C insurance, total financial assets					11,021	11,265
Life insurance
Derivative financial instruments
		2014			2013
	Contract/	Fair value		Contract/	Fair value
EURm	notional amount	Assets	Liabilities	notional amount	Assets	Liabilities
Derivatives held for trading
Interest rate derivatives
OTC derivatives
Interest rate swaps	1,443	-	19	5,978	25	7
Credit risk swaps	577	-	1	508	0	2
Total	2,019	-	20	6,486	25	10
Foreign exchange derivatives
OTC derivatives
Currency forwards	1,184	1	14	955	7	1
Currency options, bought and sold	193	2	1	0	0	0
Total foreign exchange derivatives	1,377	3	15	955	7	1
Equity derivatives
OTC derivatives
Equity and equity index options	1	0	0	1	0	0
Total derivatives held for trading	3,398	3	35	7,441	32	11
Derivatives held for hedging
Fair value hedges
Currency forwards	583	0	50	501	1	0
Interest rate swaps				0	0	0
Total	583	0	50	501	1	0
Total derivatives held for hedging	583	0	50	501	1	0
Total derivatives	3,981	3	86	7,942	33	11
Fair value hedges
Fair value hedging is used to hedge a proportion of foreign exchange and interest risk in available-for-sale financial assets. The interest elements of forward contracts have been excluded from hedging relationships in foreign exchange hedges. Net result from exchange derivatives designated as fair value hedges amounted to EURm -74 (18). Net result from hedged risks in fair value hedges of available for sale financial assets amounted to EURm 74 (-18).
Cash flow hedges
The interest rate derivatives hedging cash flows fell due in 2013 and no new cash flow hedges have been started.
Other financial assets
EURm					2014	2013
Financial assets designated as at fair value through p/l
Debt securities
Issued by public bodies					1	11
Issued by banks					4	35
Other debt securities					43	-
Total debt securities					47	46
Listed equity securities					2	2
Total financial assets designated as at fair value through p/l					48	48
Loans and receivables
Deposits with ceding undertakings					-	1
Loans					27	18
Total loans and receivables					27	19
Financial assets available-for-sale
Debt securities
Issued by public bodies					388	727
Issued by banks					889	632
Other debt securities					1,619	1,548
Total debt securities					2,895	2,907
Equity securities
Listed					1,852	1,379
Unlisted					839	737
Total					2,691	2,116
Total financial assets available-for-sale					5,587	5,023
Financial assets available-for-sale for life insurance include impairment losses EURm 41 (33).
Life insurance, total financial assets					5,665	5,122
Financial assets available for sale / debt securities: Debt securities available for sale include EURm 1,963 (2,553) investments in bonds and EURm 932 (354) investments in money market instruments.
Financial assets available for sale /shares and participations: Listed equity securities include EURm 632 (641) listed equities. Unlisted equity securities include EURm 708 (640) investments in capital trusts.
Holding
Derivative financial instruments
		2014			2013
	Contract/	Fair value		Contract/	Fair value
EURm	notional amount	Assets	Liabilities	notional amount	Assets	Liabilities
Derivatives held for trading
Interest derivatives
OTC-derivatives
Interest rate swaps	800	23	-	800	26	-
Credit risk swaps	-	-	-	20	0	-
Total interest derivatives	800	23	0	820	26	-
Foreign exchange derivatives
OTC-derivatives
Currency forwards	3	1	0	21	0	1
Equity derivatives
Exchange traded derivatives
Equity and euqity index options	69	10	11	88	14	16
Total derivatives	872	34	11	930	41	18
Other financial assets
EURm					2014	2013
Loans and receivables
Deposits					1	1
Financial assets available-for-sale
Debt securities
Certificates of deposit issued by banks					110	350
Other debt securities					360	360
Total debt securities					470	709
Equity securities
Listed					41	7
Unlisted					45	21
Total					85	28
Total financial assets available-for-sale					555	737
Financial assets available-for-sale for Holding business do not include impairment losses.
Investments in subsidiaries					2,370	2,370
Holding, total financial assets					2,959	3,148
Elimination items between segments					-2,715	-2,712
EURm					2014	2015
Group, total					16,930	16,824

Note

Save Delete

Saving...

Deleting...

✕

Make a note