Other notes to the Group’s Financial Statements 1–40

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2 Net income from investments
If
EURm 2017 2016
Financial assets
Derivative financial instruments
Gains/losses -35 -7
Loans and receivables
Interest income 9 9
Financial assets available-for-sale
Debt securities
Interest income 168 177
Impairment losses -48 -15
Gains/losses 46 -11
Equity securities
Gains/losses 117 45
Impairment losses -27 -16
Dividend income 46 40
Total 303 221
Total from financial assets 277 223
Other assets
Investment properties
Gains/losses 0 0
Other 0 1
Total from other assets 1 1
Expense on other than financial liabilities -7 -6
Effect of discounting annuities -33 -28
Fee and commission expenses
Asset management -23 -17
If insurance, total 216 173
Included in gains/losses from financial assets available-for-sale is a net gain of EURm -90 (12) transferred from the fair value reserve.
Topdanmark
EURm 2017 2016
Financial assets
Derivative financial instruments 18 -
Gains/losses
Financial assets for trading
Debt securities
Interest income 20 -
Gains/losses -5 -
Equity securities
Gains/losses 8 -
Dividend income 4 -
Total 28 -
Investments related to unit-linked contracts
Debt securities
Interest income 15 -
Gains/losses -6 -
Equity securities
Gains/losses 50 -
Dividend income 5 -
Other financial assets
Gains/losses 25 -
Total 90 -
Total from financial assets 136
Other assets -18 -
Effect of discounting annuities -11 -
Topdanmark, total 107 -
Mandatum
EURm 2017 2016
Financial assets
Derivative financial instruments
Gains/losses 170 -9
Financial assets designated as at fair value through p/l
Debt securities
Interest income 0 1
Gains/losses 0 -3
Total 1 -3
Investments related to unit-linked contracts
Debt securities
Interest income 43 50
Gains/losses -22 4
Equity securities
Gains/losses 311 198
Dividend income 36 32
Loans and receivables
Interest income -11 0
Other financial assets
Gains/losses 47 -8
Total 405 276
Loans and receivables
Interest income 2 4
Gains/losses -14 6
Total -13 10
Financial assets available-for-sale
Debt securities
Interest income 97 102
Gains/losses -204 30
Equity securities
Gains/losses 217 101
Impairment losses -19 -15
Dividend income 92 122
Total 183 340
Total financial assets 746 614
Other assets
Investment properties
Gains/losses 29 3
Other -10 6
Total other assets 19 9
Net fee income
Asset management -13 -15
Fee income 30 26
Total 16 11
Mandatum, total 782 634
Included in gains/losses from financial assets available-for-sale is a net gain of EURm -147 (-106) transferred from the fair value reserve.
Holding
EURm 2017 2016
Financial assets
Derivative financial instruments
Gains/losses 0 12
Loans and receivables 1 -5
Financial assets available-for-sale
Debt securities
Interest income 33 34
Gains/losses -32 10
Equity securities
Gains/losses 4 -26
Impairment losses 0 -1
Dividend income 4 12
Total 8 29
Other assets 1 1
Holding, total 10 36
Included in gains/losses from financial assets available for-sale is a net gain of EURm -7 (27) transferred from the fair value reserve.
Elimination items between segments -10 -16
EURm
Group net investment income, total 1,104 827
The changes in the fair value reserve are disclosed in the Statement of changes in equity. Other income and expenses comprise rental income, maintenance expenses and depreciation of investment property. All the income and expenses arising from investments are included in Net income from investments. Gains/losses include realised gains/losses on sales, unrealised and realised changes in fair values and exchange differences. Unrealised fair value changes for financial assets available-for-sale are recorded in other comprehensive income and presented in the fair value reserve in equity. The effect of discounting annuities in P&C insurance is disclosed separately. The provision for annuities is calculated in accordance with actuarial principles taking anticipated inflation and mortality into consideration, and discounted to take the anticipated future return on investments into account. To cover the costs for upward adjustment of annuity provisions required for the gradual reversal of such discounting, an anticipated return on investments is added to annuity results.