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Notes to the Group’s Financial Statements

33 Contingent liabilities and commitments
P&C insurance
EURm 2013 2012
Off-balance sheet items
Guarantees 28 37
Other irrevocable commitments 14 6
Total 42 43
Assets pledged as collateral for liabilities or contingent liabilities
2013 2012
EURm Assets pledged Liabilities/ commitments Assets pledged Liabilities/ commitments
Assets pledged as collateral
Cash at balances at central banks 1 1 6 4
Investments
- Investment securities 270 131 285 153
Total 271 132 290 157
EURm 12/2013 12/2012
Assets pledged as security for derivative contracts, carrying value
Investment securities 39 40
The pledged assets are included in the balance sheet item Other assets.
EURm 2013 2012
Commitments for non-cancellable operating leases
Minimum lease payments
not later than one year 32 37
later than one year and not later than five years 99 110
later than five years 78 101
Total 209 248
Lease and sublease payments recognised as an expense in the period
- minimum lease payments 25 -45
- sublease payments 11 -
Total 36 -45
The subsidiaries If P&C Insurance Ltd and If P&C Insurance Company Ltd provide insurance with mutual undertakings within the Nordic Nuclear Insurance Pool and If P&C Insurance Ltd within the 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.
Normal seller's guarantees have been given in connection the disposal of the subsidiary IPSC Region.
If P&C Insurance Company Ltd has outstanding commitments to private equity funds totalling EURm 6, 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.
Life insurance
EURm 2013 2012
Off-balance sheet items
Investment commitments 391 367
Acquisition of IT-software 3 1
Total 394 368
EURm 12/2013 12/2012
Assets pledged as security for derivative contracts, carrying value
Cash and cash equivalents 6 6
The pledged assets are included in the balance sheet item Other assets.
Lended securities
Domestic shares
Remaining acquisition cost 14 67
Fair value 4 53
Security lendings can be interrupted at any time and they are secured.
EURm 2013 2012
Commitments for non-cancellable operating leases
Minimum lease payments
not later than one year 2 2
later than one year and not later than five years 8 3
later than five years 9 -
Total 19 5
Total of sublease payments expected to be received under non-cancellable operating sub-leases at 31 Dec. 1 1
Lease and sublease payments recognised as an expense in the period
- minimum lease payments -3 -3
- sublease payments 0 0
Total -3 -3
Holding
EURm 2013 2012
Off-balance sheet items
Investment commitments 1 1
EURm 2013 2012
Commitments for non-cancellable operating leases
Minimum lease payments
not later than one year 1 1
later than one year and not later than five years 2 3
Total 3 4
The Group had at the end of 2013 premises a total of 178,877 m2 (178,971) taken as a lessee. The contracts have been made mainly for 3 to 10 years.
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