Segment Information

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Segment information
Following the subsidiary treatment of Topdanmark A/S as of 30 Sep 2017, the structure of segment reporting changed as well. Previously Sampo reported three segments; P&C Insurance (including Topdanmark), Life Insurance and Holding segment (including Sampo's share of Nordea's profit). Subsequent to consolidation of Topdanmark as a subsidiary, Sampo changed its reporting structure and will report four reportable segments; If, Topdanmark, Mandatum and Holding (incl. Nordea).
The segment information for the comparison year has been restated. Topdanmark's share of associates' profit has been removed from the P&C insurance segment and included in Topdanmark's segment. The associate shares have also been removed from the P&C insurance segment and transferred to Holding's subsidiary shares.
Geographical information has been disclosed about income from external customers and non-current assets. The reported areas are Finland, Sweden, Norway, Denmark, the Baltic countries and other countries.
Segment information has been produced in accordance with the accounting policies adopted for preparing and presenting the consolidated financial statements.The segment revenue, expense, assets and liabilities, either directly attributable or reasonably allocable, have been allocated to the segments. Inter-segment pricing is based on market prices. The transactions, assets and liabilities between the segments are eliminated in the consolidated financial statements on a line-by-line basis.
Depreciation and amortisation by segment are disclosed in notes 10–12 and investments in associates in note 13.
Consolidated income statement by business segment for year ended 31 December 2017
EURm If Topdanmark Mandatum Holding Elimination Group
Insurance premius written 4,357 498 960 - 0 5,815
Net income from investments 216 107 782 10 -10 1,104
Other operating income 27 1 10 18 -20 36
Claims incurred -2,717 -285 -1,021 - - -4,023
Change in liabilities for insurance and investment contracts -64 -163 -377 - 1 -603
Staff costs -543 -68 -47 -18 - -676
Other operating expenses -440 -39 -63 -14 20 -536
Finance costs -19 -3 -7 -36 14 -52
Share of associates' profit/loss 1 94 0 616 - 712
- Gain from fair valuation of former associated company - 706 - - - 706
Profit before taxes 818 848 236 576 4 2,482
Taxes -180 -12 -51 0 0 -243
Profit for the year 637 836 185 576 4 2,239
Other comprehensive income for the period
Items reclassifiable to profit or loss
Exchange differences -95 -1 0 - - -96
Available-for-sale financial assets 46 - 5 22 - 73
Share of associate's other comprehensive income - - - -57 - -57
Taxes -11 - -2 -4 - -18
Total items reclassifiable to profit or loss, net of tax -61 -1 3 -39 0 -97
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined pension plans 5 - - - - 5
Taxes -1 - - - - -1
Total items not reclassifiable to profit or loss, net of tax 4 - - - - 4
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 581 836 188 537 4 2,146
Profit attributable to
Owners of the parent 2,216
Non-controlling interests 23
Total comprehensive income attributable to
Owners of the parent 2,122
Non-controlling interests 23
Consolidated income statement by business segment for year ended 31 December 2016
EURm If Topdanmark Mandatum Holding Elimination Group
Insurance premius written 4,292 - 1,116 - -32 5,375
Net income from investments 173 - 634 36 -16 827
Other operating income 26 - 23 17 -16 50
Claims incurred -2,670 - -967 - 10 -3,627
Change in liabilities for insurance and investment contracts -6 - -465 - 24 -448
Staff costs -512 - -46 -16 - -574
Other operating expenses -472 - -78 -18 16 -551
Finance costs -13 - -7 -14 15 -18
Share of associates' profit/loss 5 59 0 773 - 837
Profit before taxes 824 59 210 778 0 1,871
Taxes -178 - -41 -2 - -221
Profit for the year 646 59 168 777 0 1,650
Other comprehensive income for the period
Items reclassifiable to profit or loss
Exchange differences -80 - - - - -80
Available-for-sale financial assets 118 - 82 24 - 225
Share of associate's other comprehensive income - - - 19 - 19
Taxes -25 - -19 -5 - -49
Total items reclassifiable to profit or loss, net of tax 13 - 64 38 - 115
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined pension plans -6 - - - - -6
Taxes 1 - - - - 1
Total items not reclassifiable to profit or loss, net of tax -5 - - - - -5
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 655 59 232 815 - 1,760
Consolidated balance sheet by business segment at 31 December 2017
EURm If Topdanmark Mandatum Holding Elimination Group
Assets
Property, plant and equipment 22 130 3 3 - 158
Investment property 12 489 151 - - 653
Intangible assets 528 1,509 83 - - 2,121
Investments in associates 14 173 0 7,578 - 7,765
Financial assets 11,217 6,166 4,977 4,510 -4,038 22,832
Investments related to unit-linked insurance contracts - 3,464 3,986 - -42 7,409
Tax assets 17 2 - 3 -4 18
Reinsurers' share of insurance liabilities 220 77 0 - - 297
Other assets 1,601 211 103 33 -8 1,940
Cash and cash equivalents 437 72 1,025 1,200 - 2,734
Assets held for sale - - 3,374 - - 3,374
Total assets 14,069 12,293 13,703 13,326 -4,092 49,300
Liabilities
Liabilities for insurance and investment contracts 9,120 5,405 4,375 - - 18,900
Liabilities for unit-linked insurance and investment contracts - 4,036 3,965 - -42 7,959
Financial liabilities 322 303 106 3,187 -269 3,649
Tax liabilities 278 196 164 - - 638
Provisions 33 - - - - 33
Employee benefits 57 - - - - 57
Other liabilities 739 249 241 38 -9 1,258
Liabilities related to assets held for sale - - 3,299 - - 3,299
Total liabilities 10,549 10,189 12,150 3,224 -321 35,792
Equity
Share capital 98
Reserves 1,530
Retained earnings 10,692
Other components of equity 528
Equity attributable to parent company's equity holders 12,848
Non-controlling interests 660
Total equity 13,508
Total equity and liabilities 49,300
Consolidated balance sheet by business segment at 31 December 2016
EURm If Topdanmark Mandatum Holding Elimination Group
Assets
Property, plant and equipment 19 - 4 3 - 27
Investment property 14 - 201 - -4 211
Intangible assets 541 - 70 0 - 612
Investments in associates 13 539 0 7,554 - 8,107
Financial assets 11,667 - 5,459 3,201 -2,659 17,668
Investments related to unit-linked insurance - - 3,468 - -41 3,427
Tax assets 24 - - 7 -4 27
Reinsurers' share of insurance liabilities 236 - 3 - - 239
Other assets 1,593 - 162 15 -9 1,761
Cash and cash equivalents 463 - 682 1,439 - 2,585
Assets held for sale - - 3,291 - - 3,291
Total assets 14,571 539 13,341 12,220 -2,717 37,955
Liabilities
Liabilities for insurance and investment contracts 9,379 - 4,611 - - 13,990
Liabilities for unit-linked insurance and investment contracts - - 3,448 - -41 3,407
Financial liabilities 474 - 111 3,551 -289 3,847
Tax liabilities 346 - 181 - 0 527
Provisions 35 - - - - 35
Employee benefits 79 - - - - 79
Other liabilities 700 - 148 96 -10 933
Liabilities related to assets held for sale - - 3,202 - - 3,202
Total liabilities 11,013 0 11,701 3,647 -340 26,021
Equity
Share capital 98
Reserves 1,531
Retained earnings 9,700
Other components of equity 605
Total equity 11,934
Total equity and liabilities 37,955
Geographical information
EURm Finland Sweden Norway Denmark Baltic Total
2017
Revenue from external customers 1,914 1,496 1,316 993 158 5,877
Non-current assets 260 8,030 11 2,314 1 10,617
2016
Revenue from external customers 2,129 1,453 1,321 389 161 5,454
Non-current assets 379 8,014 14 552 1 8,961
The revenue includes insurance premiums according to the underwriting country, consisting of premiums earned for P&C insurance and premiums written for life insurance, and net investment income and other operating income in the holding segment.
Non-current assets comprise of intangible assets, investments in associates, property, plant and equipment, and investment property.