Other notes to the Group’s Financial Statements 1–40
Select note 1–40
- 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 If
- 8 Earnings per share
- 9 Financial assets and liabilities
- 10 Property, plant and equipment
- 11 Investment property
- 12 Intangible assets
- 13 Investments in associates
- 14 Financial assets
- 15 Fair values
- 16 Determination and hierarchy of fair values
- 17 Movements in level 3 financial instruments measured at fair value
- 18 Sensitivity analysis of level 3 financial instruments measured at fair value
- 19 Investments related to unit-linked insurance contracts
- 20 Deferred tax assets and liabilities
- 21 Taxes
- 22 Components of other comprehensive income
- 23 Tax effects relating to components of other comprehensive income
- 24 Other assets
- 25 Liabilities from insurance and investment contracts
- 26 Liabilities from unit-linked insurance and investment contracts
- 27 Financial liabilities
- 28 Provisions
- 29 Employee benefits
- 30 Other liabilities
- 31 Contingent liabilities and commitments
- 32 Equity and reserves
- 33 Related party disclosures
- 34 Incentive schemes
- 35 Assets and liabilities related to assets held for sale
- 36 Auditors' fees
- 37 Legal proceedings
- 38 Investments in subsidiaries
- 39 Risk management disclosures
- 40 Events after the balance sheet date
The tables for the Financial Statements are also available in Excel format and the complete Financial Statements in Pdf format.
| 13 Investments in associates | ||||||
| Associates that have been accounted for by the equity method at 31 Dec. 2017 | ||||||
| EURm Name |
Domicile | Carrying amount | Fair value*) | Interest held % | ||
| Nordea Bank Abp | Sweden | 7,578 | 8,680 | 21.25 | ||
| Autovahinkokeskus Oy | Finland | 3 | 35.54 | |||
| CAP Group AB | Sweden | 3 | 21.98 | |||
| Svithun Assuranse AS | Norway | 1 | 33.00 | |||
| Contemi Holding AS | Norway | 0 | 28.57 | |||
| SOS International A/S | Denmark | 8 | 25.20 | |||
| Bornholms Brandforsikring A/S | Denmark | 10 | 27.00 | |||
| Komplementarselskabet Margretheholm ApS | Denmark | 0 | 50.00 | |||
| Komplementarselskabet Havneholmen ApS | Denmark | 0 | 50.00 | |||
| Margretheholm P/S | Denmark | 23 | 50.00 | |||
| Havneholmen P/S | Denmark | 64 | 50.00 | |||
| P/S Ejendomsholding Banemarksvej | Denmark | 6 | 40.00 | |||
| Komplementarselskabet Banemarksvej ApS | Denmark | 0 | 40.00 | |||
| Carlsberg Byen P/S | Denmark | 69 | 22.51 | |||
| Associates that have been accounted for by the equity method at 31 December 2016 | ||||||
| EURm Name |
Domicile | Carrying amount | Fair value*) | Interest held % | ||
| Nordea Bank Abp | Sweden | 7,554 | 9,124 | 21.25 | ||
| Topdanmark A/S | Denmark | 554 | 955 | 45.38 | ||
| Autovahinkokeskus Oy | Finland | 3 | 35.54 | |||
| CAP Group AB | Sweden | 2 | 21.98 | |||
| Svithun Assuranse AS | Norway | 1 | 33.00 | |||
| Contemi Holding AS | Norway | 0 | 28.57 | |||
| SOS International A/S | Denmark | 7 | 25.20 | |||
| *) Published price quatation | ||||||
| Changes in investments in associates | ||||||
| 2017 | 2016 | |||||
| EURm | Nordea | Other associates | Total | Nordea | Other associates | Total |
| At beginning of year | 7,554 | 553 | 8,107 | 7,305 | 374 | 7,679 |
| Share of loss/profit | 616 | 5 | 622 | 773 | 65 | 837 |
| Business acquisitions | - | 169 | - | - | - | - |
| Additions | - | - | - | - | 205 | 205 |
| Disposals | -559 | -540 | -1,099 | -551 | -5 | -555 |
| Changes in the equity of associates | -33 | - | -33 | 27 | -86 | -59 |
| Exchange differences | - | 0 | 0 | - | 0 | 0 |
| At end of year | 7,578 | 187 | 7,596 | 7,554 | 553 | 8,107 |
| The carrying amount of investments in associates included goodwill EURm 990 (1,101), including goodwill from the Nordea acquisition EURm 978 (978). | ||||||
| Sampo's holding in Nordea | ||||||
| Nordea is an universal bank with positions within corporate merchant banking as well as retail banking and private banking. With approximately 700 branches, call centers in all Nordic countries and an e-bank, Nordea also has a large distribution network for customers in the Nordic and Baltic sea region. | ||||||
| Financial information on Nordea | ||||||
| EURm | 2017 | 2016 | ||||
| Assets | 581,612 | 615,659 | ||||
| Liabilities | 548,296 | 583,249 | ||||
| Goodwill included in the assets | 1,994 | 2,247 | ||||
| Revenue | 9,469 | 9,927 | ||||
| Other comprehensive income items | -520 | 165 | ||||
| Comprehensive income statement | 3,048 | 3,766 | ||||
| Dividend income from the associate during the financial year | 559 | 551 | ||||
| Reconciliation of Nordea's carrying amount to Nordea's financial information | ||||||
| EURm | 2017 | 2016 | ||||
| Net assets of Nordea | 30,404 | 30,162 | ||||
| Sampo's share of 21.25% | 6,461 | 6,409 | ||||
| Remaining allocataions | ||||||
| Goodwill | 978 | 978 | ||||
| Trademark and customer relations, net | 139 | 166 | ||||
| Total carrying amount | 7,578 | 7,554 | ||||
| Sampo's holding in Topdanmark | ||||||
| Topdanmark is the second largest insurance company in Denmark, and is primarily engaged in providing life and non-life insurance products. Sampo consolidated Topdanmark as an associated company until 30 September 2017 when it became a subsidiary of Sampo. The share of associates' profit for 2017 is thus for the time period of 1.1. - 30.9.2017. The last quarter of Topdanmark's profit has been conslidated line by line in the Group's financial statements. | ||||||
| Sampo's share of Topdanmark's profit/loss | ||||||
| EURm | 2017 | 2016 | ||||
| Share of loss/profit of the associate | 99 | 67 | ||||
| Amortisation of the customer rlations | -12 | -11 | ||||
| Change in deferred tax | 3 | 2 | ||||
| Share of the loss/profit of an associate | 90 | 59 | ||||