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
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| 14 Financial assets | ||||||
| Group's financial assets comprise investments in derivatives, financial assets designated as at fair value through p/l, loans and receivables, available-for-sale financial assets and investments in subsidiaries. The Holding segment includes also investments in subsidiaries. | ||||||
| The Group uses derivative instruments for trading and for hedging purposes. The derivatives used are foreign exchange, interest rate and equity derivatives. Fair value hedging has been applied during the financial year in Mandatum. | ||||||
| EURm | 2017 | 2016 | ||||
| If | ||||||
| Derivative financial instruments | 25 | 14 | ||||
| Loans and receivables | 83 | 84 | ||||
| Financial assets available-for-sale | 11,109 | 11,569 | ||||
| If, total | 11,217 | 11,667 | ||||
| Topdanmark | ||||||
| Derivative financial instruments | 16 | - | ||||
| Assets held for trading | 5,692 | |||||
| Loans and receivables | 458 | - | ||||
| Topdanmark, total | 6,166 | - | ||||
| Mandatum | ||||||
| Derivative financial instruments | 31 | 13 | ||||
| Financial assets designated as at fair value through p/l | - | 24 | ||||
| Loans and receivables | 0 | 20 | ||||
| Financial assets available-for-sale | 5,144 | 5,612 | ||||
| Total | 5,176 | 5,670 | ||||
| Assets held for sale | -198 | -210 | ||||
| Mandatum, total | 4,977 | 5,459 | ||||
| Holding | ||||||
| Derivative financial instruments | 13 | 18 | ||||
| Loans and receivables | 0 | 0 | ||||
| Financial assets available-for-sale | 729 | 814 | ||||
| Investments in subsidiaries | 3,767 | 2,370 | ||||
| Holding, total | 4,510 | 3,201 | ||||
| Elimination items between segments | -4,038 | -2,659 | ||||
| Group financial assets, total | 22,832 | 17,668 | ||||
| Derivative financial instruments | ||||||
| 2017 | 2016 | |||||
| Contract/ | Fair value | Contract/ | Fair value | |||
| EURm | notional amount | Assets | Liabilities | notional amount | Assets | Liabilities |
| Derivatives held for trading | ||||||
| Interest rate derivatives | ||||||
| OTC derivatives | ||||||
| Intrerest rate swaps | 2,836 | 6 | 77 | 735 | 12 | 4 |
| Foreign exchange derivatives | ||||||
| OTC derivatives | ||||||
| Currency forwards | 11,131 | 74 | 18 | 5,317 | 27 | 75 |
| Currency options, bought and sold | 188 | 2 | 1 | 92 | 0 | 0 |
| Total foreign exchange derivatives | 11,319 | 76 | 18 | 5,409 | 27 | 75 |
| Equity derivatives | ||||||
| OTC derivatives | ||||||
| Equity and equity index options | 0 | 0 | 0 | 9 | 3 | 3 |
| Equity futures | 44 | 0 | 0 | - | - | - |
| Total equity derivatives | 44 | 0 | 0 | 9 | 3 | 3 |
| Total derivatives held for trading | 14,199 | 82 | 96 | 6,153 | 43 | 81 |
| Derivatives held for hedging | ||||||
| Fair value hedges | ||||||
| Currency forwards | 364 | 3 | 0 | 534 | 2 | 0 |
| Total derivatives held for hedging | 364 | 3 | 0 | 534 | 2 | 0 |
| Group financial derivatives, total | 14,563 | 85 | 96 | 6,687 | 45 | 81 |
| Fair value hedges | ||||||
| Fair value hedging is used to hedge a proportion of foreign exchange and interest risk in available-for-sale financial assets. The interest elements of forward contracts have been excluded from hedging relationships in foreign exchange hedges. Net result from exchange derivatives designated as fair value hedges amounted to EURm -63 (19). Net result from hedged risks in fair value hedges of available for sale financial assets amounted to EURm 63 (-19). | ||||||
| Other financial assets | ||||||
| EURm | 2017 | 2016 | ||||
| Financial assets designated as at fair value through p/l | ||||||
| Debt securities | 4,628 | 22 | ||||
| Equty securities | 793 | 2 | ||||
| Total financial assets designated as at fair value through p/l | 5,422 | 24 | ||||
| Loans and receivables | 542 | 104 | ||||
| Financial assets available-for-sale | ||||||
| Debt securities | 13,081 | 13,503 | ||||
| Equity securities | 3,902 | 4,202 | ||||
| Total financial assets available-for-sale | 16,982 | 17,705 | ||||
| Financial assets available-for-sale include impairment losses EURm 288 (242). | ||||||
| Group other financial assets, total | 22,945 | 17,833 | ||||
| Mandatum's assets held for sale | -198 | -210 | ||||
| EURm | 2017 | 2016 | ||||
| Group financial assets, total | 22,832 | 17,668 | ||||