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Segment information

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Segment information
The Group’s business segments comprise P&C insurance, Life insurance and Holding company.
Geographical information has been disclosed about income from external customers and non-current assets. The reported areas are Finland, Sweden, Norway, Denmark and the Baltic 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 11 - 13 and investments in associates in note 14.
Consolidated income statement by business segment for year ended 31 December 2013
EURm P&C
insurance		 Life insurance Holding Elimination Group
Insurance premius written 4,560 1,063 - -6 5,618
Net income from investments 368 569 26 -22 942
Other operating income 28 4 15 -16 31
Claims incurred -2,946 -731 - - -3,677
Change in liabilities for insurance and investment contracts -55 -648 - 6 -697
Staff costs -564 -46 -23 - -634
Other operating expenses -493 -54 -11 16 -543
Finance costs -18 -7 -51 18 -58
Share of associates' profit/loss 50 1 635 - 686
Profit before taxes 929 153 589 -3 1,668
Taxes -181 -33 -3 2 -216
Profit for the year 748 119 586 -1 1,452
Other comprehensive income for the period
Items reclassifiable to profit or loss
Exchange differences -153 0 - - -153
Available-for-sale financial assets 134 97 4 -2 233
Cash flow hedges - -0 - - -0
Share of associate's other comprehensive income - - -70 - -70
Taxes -25 4 -1 -0 -22
Total items reclassifiable to profit or loss, net of tax -45 101 -67 -2 -13
Items not reclassifiable to profit or loss -21 - - - -21
Actuarial gains and losses from defined pension plans 7 - - - 7
Taxes
Total items not reclassifiable to profit or loss, net of tax -14 - - - -14
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 689 220 520 -3 1,425
Profit attributable to
Owners of the parent 1,452
Non-controlling interests -
Total comprehensive income attributable to
Owners of the parent 1,425
Non-controlling interests -
Consolidated income statement by business segment for year ended 31 December 2012
EURm P&C
insurance		 Life insurance Holding Elimination Group
Insurance premius written 4,441 977 - -5 5,413
Net income from investments 359 574 51 -18 967
Other operating income 33 3 15 -16 35
Claims incurred -2,876 -669 - 4 -3,540
Change in liabilities for insurance and investment contracts -78 -642 - 1 -719
Staff costs -521 -42 -18 0 -582
Other operating expenses -521 -58 -13 16 -576
Finance costs -19 -7 -65 16 -75
Share of associates' profit/loss 46 0 653 0 700
Profit before taxes 864 136 623 -1 1,622
Taxes -188 -28 1 0 -214
Profit for the year 677 108 624 -1 1,408
Other comprehensive income for the period
Items reclassifiable to profit or loss
Exchange differences 46 0 - - 46
Available-for-sale financial assets 281 236 -2 -6 509
Cash flow hedges - -1 - - -1
Share of associate's other comprehensive income - - 9 - 9
Taxes -56 -58 0 -0 -114
Total items reclassifiable to profit or loss, net of tax 270 177 8 -6 449
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined pension plans 44 - - - 44
Taxes -13 - - - -13
Total items not reclassifiable to profit or loss, net of tax 31 - - - 31
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 947 286 631 -7 1,887
Profit attributable to
Owners of the parent 1,408
Non-controlling interests -
Total comprehensive income attributable to
Owners of the parent 1,887
Non-controlling interests -
Consolidated balance sheet by business segment at 31 December 2013
EURm P&C
insurance		 Life insurance Holding Elimination Group
Assets
Property, plant and equipment 16 5 4 - 25
Investment property 22 107 0 -4 125
Intangible assets 590 162 0 - 752
Investments in associates 374 1 6,906 - 7,282
Financial assets 11,265 5,122 3,148 -2,712 16,824
Investments related to unit-linked insurance contracts - 4,623 - -7 4,616
Tax assets 58 0 14 -4 68
Reinsurers' share of insurance liabilities 420 3 - - 422
Other assets 1,559 81 47 -10 1,676
Cash and cash equivalents 282 222 280 - 785
Total assets 14,586 10,327 10,399 -2,736 32,576
Liabilities
Liabilities for insurance and investment contracts 9,500 3,927 - - 13,427
Liabilities for unit-linked insurance and investment contracts - 4,617 - -7 4,610
Financial liabilities 373 111 2,045 -336 2,193
Tax liabilities 381 128 - -1 508
Provisions 58 - - - 58
Employee benefits 195 - - - 195
Other liabilities 694 129 129 -11 941
Total liabilities 11,202 8,912 2,174 -355 21,933
Equity
Share capital 98
Reserves 1,531
Retained earnings 8,175
Other components of equity 840
Equity attributable to parent company's equityholders 10,643
Non-controlling interests -
Total equity 10,643
Total equity and liabilities 32,576
Consolidated balance sheet by business segment at 31 December 2012
EURm P&C
insurance		 Life insurance Holding Elimination Group
Assets
Property, plant and equipment 16 5 4 - 26
Investment property 27 95 4 -4 122
Intangible assets 606 164 0 - 771
Investments in associates 362 0 6,687 - 7,049
Financial assets 11,200 5,269 3,028 -2,641 16,857
Investments related to unit-linked insurance - 3,834 - -1 3,833
Tax assets 65 0 18 -5 78
Reinsurers' share of insurance liabilities 577 3 - - 580
Other assets 1,592 109 41 -13 1,729
Cash and cash equivalents 407 154 473 - 1,034
Total assets 14,852 9,635 10,256 -2,663 32,079
Liabilities
Liabilities for insurance and investment contracts 9,854 4,071 - - 13,925
Liabilities for unit-linked insurance and investment contracts - 3,833 - -1 3,832
Financial liabilities 362 105 2,181 -270 2,378
Tax liabilities 389 153 - -0 542
Provisions 56 - - - 56
Employee benefits 203 - - - 203
Other liabilities 807 177 152 -13 1,123
Total liabilities 11,671 8,340 2,333 -284 22,059
Equity
Share capital 98
Reserves 1,531
Retained earnings 7,496
Other components of equity 896
Equity attributable to parent company's equityholders 10,020
Non-controlling interests 0
Total equity 10,020
Total equity and liabilities 32,079
Geographical information
EURm Finland Sweden Norway Denmark Baltic Total
At 31 Dec. 2013
Revenue from external customers
P&C insurance 1,005 1,371 1,616 399 114 4,505
Life insurance 1,031 - - - 32 1,063
Holding 41 - - - - 41
Total 2,077 1,371 1,616 399 146 5,608
Non-current assets
P&C insurance 109 515 22 350 6 1,002
Life insurance 274 - - - 1 275
Holding 4 6,906 - - - 6,910
Total 388 7,421 22 350 7 8,187
At 31 Dec. 2012
Revenue from external customers
P&C insurance 910 1,321 1,630 389 113 4,363
Life insurance 944 - - - 33 977
Holding 66 - - - - 66
Total 1,920 1,321 1,630 389 146 5,406
Non-current assets
P&C insurance 110 529 23 338 11 1,011
Life insurance 264 - - - 1 265
Holding 8 6,687 - - - 6,696
Total 382 7,217 23 338 12 7,972
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.
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