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

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31 Contingent liabilities and commitments
EURm 2017 2016
Off-balance sheet items
Guarantees 992 4
Investment commitments 3 657
IT acquisitions 2 2
Other irrevocable commitments 106 15
Total 1,103 677
Assets pledged as collateral for liabilities or contingent liabilities
2017 2016
EURm Assets pledged Liabilities/ commitments Assets pledged Liabilities/ commitments
Assets pledged as collateral
- Investment securities 218 129 231 147
EURm 2017 2016
Assets pledged as security for derivative contracts, carrying value
Investment securities 15 34
Cash and cash equivalents 85 -
The pledged assets are included in the balance sheet item Other assets or Cash and cash equivalents.
EURm 2017 2016
Commitments for non-cancellable operating leases
Minimum lease payments
not later than one year 32 34
later than one year and not later than five years 105 114
later than five years 54 52
Total 191 200
Lease and sublease payments recognised as an expense in the period
- minimum lease payments -37 -37
- sublease payments 0 0
Total -37 -37
The contracts have been made mainly for 3 to 10 years.
EURm 2017 2016
Other contingent liabilities
Contract liabilities 82 -
Adjustments to VAT liabilities 11 -
Other liabilities 3 -
Other contingent liabilities belong to Topdanmark.
The subsidiary If P&C Insurance Ltd provides insurance with mutual undertakings within the Nordic Nuclear Insurance Pool, Norwegian Natural Perils’ Pool and the Dutch Terror Pool.
In connection with the transfer of property and casualty insurance business from the Skandia group to the If Group as of March 1, 1999, If P&C Holding Ltd and If P&C Insurance Ltd issued a guarantee for the benefit of Försäkringsaktiebolaget Skandia (publ.) whereby the aforementioned companies in the If Group mutually guarantee that companies in the Skandia group will be indemnified against any claims or actions due to guarantees or similar commitments made by companies in the Skandia group within the property and casualty insurance business transferred to the If Group.
If P&C Insurance Holding Ltd and If P&C Insurance Ltd have separately entered into contracts with Försäkringsaktiebolaget Skandia (publ.) and Tryg-Baltica Forsikrings AS whereby Skandia and Tryg-Baltica will be indemnified against any claims attributable to guarantees issued by Försäkringsaktiebolaget Skandia (publ.) and Vesta Forsikring AS, on behalf of Skandia Marine Insurance Company (U.K.) Ltd. (now Marlon Insurance Company Ltd.) in favor of the Institute of London Underwriters. Marlon Insurance Company Ltd. was disposed during 2007, and the purchaser issued a guarantee in favour of If for the full amount that If may be required to pay under these guarantees.
If P&C Insurance Company Ltd has outstanding commitments to private equity funds totalling EURm 11, which is the maximum amount that the company has committed to invest in the funds. Capital will be called to these funds over several years as the funds make investments.
With respect to certain IT systems If and Sampo use jointly, If P&C Insurance Holding Ltd has undertaken to indemnify Sampo for any costs caused by It that Sampo may incur in relation to the owners of the systems.
Sampo Group's Danish companies and Topdanmark Group's companies are jointly taxed, with Topdanmark A/S being the management company. Pursuant to the specific rules on corporation taxes etc. in the Danish Companies Act, the companies are liable for the jointly taxed companies and for any obligations to withhold tax from interests, royalties and dividend for companies concerned.
Topdanmark EDB II ApS has entered into a contract with Keylane A/S on procurement and implementation of a new administration system for Topdanmark Life insurance. In connection with the implementation, Topdanmark Livsforsikring A/S has undertaken to give support in fulfilling Topdanmark EDB II ApS' obligations in accordance with the contract with Keylane A/S.