| 40 Investments in shares and participations other than subsidiaries and associates | |||
| P&C insurance | |||
| Country | Holding % | Carrying amount / Fair value |
|
| Listed companies | |||
| A P Moller - Maersk | Denmark | 0,03% | 9 |
| ABB | Switzerland | 0,18% | 74 |
| Atlas Copco A+B | Sweden | 0,16% | 41 |
| BB Tools | Sweden | 0,64% | 3 |
| Be Group | Sweden | 6,34% | 3 |
| Clas Ohlson | Sweden | 4,75% | 45 |
| CTT Systems | Sweden | 4,08% | 2 |
| Beijer Ab Gl | Norway | 0,44% | 3 |
| Gunnebo AB | Sweden | 11,67% | 36 |
| Hennes Mauritz B | Sweden | 0,16% | 94 |
| Husqvarna AB | Sweden | 1,01% | 36 |
| Husqvarna | Sweden | 0,39% | 14 |
| Investor | Sweden | 0,13% | 29 |
| Lindab Intl | Sweden | 4,94% | 27 |
| Nederman Holding AB | Sweden | 9,90% | 21 |
| Nobia AB | Sweden | 12,02% | 156 |
| Nolato AB | Sweden | 0,92% | 5 |
| Sandvik AB | Sweden | 0,31% | 32 |
| Sectra AB | Sweden | 11,38% | 45 |
| SSAB | Sweden | 0,05% | 2 |
| SSAB | Sweden | 0,17% | 7 |
| Svedbergs i Dalstrop | Sweden | 11,45% | 8 |
| Teliasonera AB | Sweden | 0,34% | 79 |
| Teliasonera AB | Sweden | 3,94% | 6 |
| Veidekke ASA | Norway | 9,06% | 99 |
| Volvo AB | Sweden | 0,06% | 12 |
| Volvo AB | Sweden | 0,36% | 66 |
| Yara Intl ASA | Norway | 0,21% | 22 |
| Marine Harvest ASA | Norway | 0,23% | 11 |
| Total listed companies | 985 | ||
| Other | 168 | ||
| Unit trusts | |||
| Aberdeen AM | Luxemburg | 29 | |
| Danske Invest | Finland | 71 | |
| Danske Invest | Finland | 51 | |
| DB Platinum Advisors | Luxemburg | 56 | |
| PEQ Eqt III | Guernsey | 1 | |
| PEQ Eqt IV | Guernsey | 3 | |
| Investec Asset Mgmt | Great Britain | 49 | |
| Barclays Global Investment | Ireland | 24 | |
| Blackrock Inc | United States | 61 | |
| Lyxor Int AM | France | 0 | |
| PEQ Mandatum I | Finland | 2 | |
| PEQ Mandatum II | Finland | 2 | |
| PEQ Mandatum II | Finland | 5 | |
| PEQ Private Egy mkt | Finland | 3 | |
| PEQ Eqt Mid Market | Great Britain | 5 | |
| Handelsbanken Fonder | Sweden | 24 | |
| Hermes Investment | Ireland | 16 | |
| Total unit trusts | 400 | ||
| P&C insurance, total shares and participations | 1,553 | ||
| Life insurance | |||
| Country | Holding % | Carrying amount / Fair value |
|
| Listed companies | |||
| Amer Sports OYJ | Finland | 4,30% | 82 |
| Comptel OYJ | Finland | 19,11% | 20 |
| eQ OYJ | Finland | 5,59% | 8 |
| F-Secure OYJ | Finland | 4,20% | 15 |
| Kemira OYJ | Finland | 0,82% | 13 |
| Lassila & Tikanoja OYJ | Finland | 5,62% | 33 |
| Metso OYJ | Finland | 0,99% | 37 |
| Nokia OYJ | Finland | 0,05% | 12 |
| Nokian Renkaat OYJ | Finland | 0,96% | 26 |
| Norvestia OYJ B | Finland | 12,41% | 13 |
| Oriola-KD OYJ B | Finland | 2,88% | 10 |
| Outotec OYJ | Finland | 0,81% | 7 |
| Pöyry OYJ | Finland | 3,47% | 6 |
| Suominen OYJ | Finland | 5,47% | 11 |
| Teleste OYJ | Finland | 8,84% | 9 |
| Tikkurila OYJ | Finland | 3,58% | 23 |
| UPM-Kymmene OYJ | Finland | 1,79% | 130 |
| Vaisala OYJ A | Finland | 4,24% | 14 |
| Valmet Corp | Finland | 1,00% | 15 |
| Wärtsila OYJ | Finland | 0,61% | 44 |
| Yit OYJ | Finland | 3,37% | 18 |
| Total | 546 | ||
| Other listed companies | Finland | 28 | |
| Listed companies in total | 574 | ||
| Unit trusts | |||
| Danske Invest Emerging Asia Fund G | Finland | 25 | |
| Erikoissijoitusrahasto Taaleritehdas Parkki A | Finland | 6 | |
| EVLI EUROPE-B | Finland | 7 | |
| FIM EMERGING YIELD - ACC | Finland | 8 | |
| FONDITA NORDIC MICRO CAP-B | Finland | 6 | |
| FONDITA NORDIC SMALL CAP-B | Finland | 6 | |
| Fourton Odysseus | Finland | 43 | |
| FOURTON STAMINA NON-UCITS | Finland | 20 | |
| KJK Fund SICAV-SIF Baltic States B1 C | Finland | 12 | |
| OP-EMD Local CurrencyA Kasvu | Finland | 24 | |
| OP-Euro A | Finland | 14 | |
| OP-Eurooppa Pienyhtiöt A | Finland | 5 | |
| OP-KEHITTYVA AASIA | Finland | 5 | |
| OP-KORKOTUOTTO II A | Finland | 19 | |
| OP-OBLIGAATIO TUOTTO-A | Finland | 51 | |
| OP-Reaalikorko A Kasvu | Finland | 7 | |
| OP-Yrityslaina A | Finland | 11 | |
| TAALERITEHDAS ARVO MARK OS-A | Finland | 9 | |
| Total | 278 | ||
| Capital trusts | |||
| Amanda III Eastern Private Equity L.P. | Finland | 16 | |
| Amanda IV West L.P. | Finland | 24 | |
| CapMan Hotels RE Ky | Finland | 10 | |
| CapMan RE II Ky | Finland | 6 | |
| Capman Real Estate I Ky | Finland | 9 | |
| Capman Real Estate II Ky | Finland | 8 | |
| Mandatum Private Equity Fund I L.P. | Finland | 6 | |
| Sponsor Fund III Ky | Finland | 6 | |
| Total | 84 | ||
| Other shares and participations | 62 | ||
| Domestic shares and participations in total | 999 | ||
| Other companies | |||
| BenCo Insurance Holding B.V. | Netherlands | 6,49% | 6 |
| Cummins Inc | United States | 0,02% | 5 |
| EI du Pont de Nemours & Co | United States | 0,01% | 5 |
| Gap Inc/The | United States | 0,04% | 6 |
| Pension Corporation Group Limited | Guernsey | 1,39% | 9 |
| Total | 31 | ||
| Foreign unit trusts | |||
| Prosperity Cub Fund | Guernsey | 34 | |
| Comgest Growth Asia Ex Japan USD I Acc Class | Guernsey | 52 | |
| DJ STOXX 600 OPT Healthcare | Ireland | 28 | |
| HERMES ASIA EX-JP E-F-A EURO | Ireland | 31 | |
| IRIDIAN-US EQUITY FUND-I | Ireland | 43 | |
| NOMURA FDS IR-JP STR V-I JPY | Ireland | 11 | |
| PIMCO GIS-Emerging Markets Bond Fund | Ireland | 21 | |
| PIMCO-Global Investment Grade Credit | Ireland | 23 | |
| Aberdeen Global Asia Pacific Equity Fund | Luxemburg | 52 | |
| Allianz RCM Europe Equity Growth W | Luxemburg | 63 | |
| Danske Invest Europe High Dividend I | Luxemburg | 53 | |
| DB X-Trackers DAX UCITS ETF | Luxemburg | 53 | |
| FIDELITY FDS-JPN AGGRE-IJPY | Luxemburg | 6 | |
| FIDELITY-ASIAN HI YLD-A USD | Luxemburg | 14 | |
| LUX Mandatum Life Nordic High Yield Total Return Fund SICAV-SIF G EUR Share Class | Luxemburg | 14 | |
| MFS MER-EUROPE SM COS-I1EUR | Luxemburg | 14 | |
| UBS LUX-CHINA OPPORTUNITY BA | Luxemburg | 6 | |
| UNIDEUTSCHLAND XS | Germany | 21 | |
| ASHMORE-EMKT COR DB-I -ACC | Great Britain | 10 | |
| Investec Emerging Markets Currency I Acc USD | Great Britain | 10 | |
| INVESTEC GSF-ASIA PACIFIC-I | Great Britain | 67 | |
| ISHARES CORE S&P 500 INDEX FUND | United States | 287 | |
| MFS European Value Fund Z | Luxemburg | 47 | |
| Prosperity Russia Domestic Fund | Guernsey | 14 | |
| The Forest Company Limited | Guernsey | 10 | |
| SPDR S&P INSURANCE ETF | United States | 16 | |
| Total | 1,001 | ||
| Foreign unit trusts | |||
| Avenue Special Situations Fund VI (C-Feeder), L.P. | Cayman islands | 20 | |
| Financial Credit Investment I, L.P. | Cayman islands | 11 | |
| Fortress Credit Opportunities Fund II (C) L.P. | Cayman islands | 52 | |
| Fortress Credit Opportunities Fund III (C) L.P. | Cayman islands | 32 | |
| Fortress Life Settlement Fund (C) L.P. | Cayman islands | 6 | |
| Goldman Sachs Loan Partners I Offshore B, L.P. | Cayman islands | 9 | |
| Highbridge Liquid Loan Opportunities Fund, L.P | Cayman islands | 48 | |
| Highbridge Specialty Fund III | Cayman islands | 34 | |
| Lunar Capital Partners III L.P. | Cayman islands | 9 | |
| Mount Kellet Capital Partners (Cayman), L.P. | Cayman islands | 25 | |
| Mount Kellett Capital Partners (Cayman) II, L.P. | Cayman islands | 22 | |
| Petershill II Offshore LP | Cayman islands | 12 | |
| Petershill Offshore LP | Cayman islands | 22 | |
| Russia Partners II, L.P. | Cayman islands | 8 | |
| Victory Park Capital Fund II (Cayman), L.P. | Cayman islands | 19 | |
| Capman Buyout IX Fund A L.P. | Guernsey | 8 | |
| EQT Credit (No.1) L.P. | Guernsey | 17 | |
| EQT Credit (No.2) L.P. | Guernsey | 20 | |
| EQT IV ISS Co-investment L.P. | Guernsey | 10 | |
| EQT V (No.1) L.P. | Guernsey | 7 | |
| EQT VI (No.1) L.P. | Guernsey | 23 | |
| Gilde Buy-Out Fund III | Guernsey | 6 | |
| Permira IV L.P. 2 | Guernsey | 6 | |
| M&G Debt Opportunities Fund II | Ire | 13 | |
| Activa Capital Fund II FCPR | France | 8 | |
| Verdane Capital VII K/S | Denmark | 14 | |
| Broad Street Loan Partners 2013 Europe L.P. | Great Britain | 15 | |
| M&G Debt Opportunities Fund | Great Britain | 22 | |
| HRJ Global Buy-out III (Asia) L.P. | United States | 6 | |
| Total | 506 | ||
| Other share and participations | 155 | ||
| Total foreign shares and participations | 1,694 | ||
| Life insurance, total shares and participations | 2,693 | ||
| Holding | |||
| Country | Holding % | Carrying amount / Fair value |
|
| Listed companies | |||
| Aktia Plc | Finland | 5,73% | 37 |
| Other | Finland | 3 | |
| Domestic other than listed companies | |||
| Varma Mutual Pension Insurance Company | Finland | 80,28% | 14 |
| Other | Finland | 28 | |
| Total domestic shares and participations | 82 | ||
| Foreign unit trusts | 3 | ||
| Holding, total shares and participations | 85 | ||
| Holdings exceeding EURm 5 and holdings in listed companies exceeding five per cent specified. | |||
| The table does not include investments related to unit-linked insurance contracts. | |||
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