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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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7 Result analysis of P&C insurance
EURm				2014	2013
Insurance premiums earned				4,457	4,505
Claims incurred				-3,162	-3,215
Operating expenses				-745	-755
Other insurance technical income and expense				0	2
Allocated investment return transferred from the non-technical account				37	65
Technical result				588	601
Net investment income account				378	405
Allocated investment return transferred to the technical account				-82	-120
Other income and expense				47	43
Operating result				931	929
Specification of activity-based operating expenses included in the income statement
EURm				2014	2013
Claims-adjustment expenses (Claims paid)				-260	-269
Acquisition expenses (Operating expenses)				-499	-525
Joint administrative expenses for insurance business (Operating expenses)				-246	-245
Administrative expenses pertaining to other technical operations (Operating expenses)				-27	-26
Asset management costs (Investment expenses)				-14	-15
Total				-1,046	-1,081

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