| 15 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. In P&C insurance business, fair value hedging has been applied during the financial year. In Life insurance, both fair value and cash flow hedging have been applied. | ||||||
| EURm | 2013 | 2012 | ||||
| P&C insurance | ||||||
| Derivative financial instruments | 5 | 49 | ||||
| Financial assets designated as at fair value through p/l | 2 | 22 | ||||
| Loans and receivables | 246 | 85 | ||||
| Financial assets available-for-sale | 11,012 | 11,045 | ||||
| P&C insurance, total | 11,265 | 11,200 | ||||
| Life insurance | ||||||
| Derivative financial instruments | 33 | 60 | ||||
| Financial assets designated as at fair value through p/l | 48 | 48 | ||||
| Loans and receivables | 19 | 23 | ||||
| Financial assets available-for-sale | 5,023 | 5,138 | ||||
| Life insurance, total | 5,122 | 5,269 | ||||
| Holding | ||||||
| Derivative financial instruments | 41 | 59 | ||||
| Loans and receivables | 1 | 1 | ||||
| Financial assets available-for-sale | 737 | 599 | ||||
| Investments in subsidiaries | 2,370 | 2,370 | ||||
| Holding, total | 3,148 | 3,028 | ||||
| Elimination items between segments | -2,712 | -2,641 | ||||
| Group, total | 16,824 | 16,857 | ||||
| P&C insurance | ||||||
| Derivative financial instruments | ||||||
| 2013 | 2012 | |||||
| Contract/ | Fair value | Contract/ | Fair value | |||
| EURm | notional amount | Assets | Liabilities | notional amount | Assets | Liabilities |
| Derivatives held for trading | ||||||
| Interest rate derivatives | ||||||
| OTC derivatives | ||||||
| Interest rate swaps | 1,165 | - | 4 | 50 | 0 | 1 |
| Exchange traded derivatives | ||||||
| Interest rate futures | 85 | 1 | 1 | 163 | 2 | - |
| Total interest rate derivatives | 1,250 | 1 | 5 | 213 | 2 | 1 |
| Foreign exchange derivatives | ||||||
| OTC derivatives | ||||||
| Currency forwards | 2,147 | 4 | 20 | 2,173 | 37 | 36 |
| Currency options, bought and sold | 42 | 0 | - | - | - | - |
| Total foreign exchange derivatives | 2,189 | 4 | 20 | 2,173 | 37 | 36 |
| Equity derivatives | ||||||
| OTC derivatives | ||||||
| Equity and equity index options | 0 | 0 | - | 0 | 0 | - |
| Total derivatives held for trading | 3,439 | 5 | 25 | 2,386 | 40 | 37 |
| Derivatives held for hedging | ||||||
| Fair value hedges | ||||||
| Currency forwards | - | - | - | 372 | 9 | 1 |
| Total derivatives | 3,439 | 5 | 25 | 2,759 | 49 | 38 |
| Other financial assets | ||||||
| EURm | 2013 | 2012 | ||||
| Financial assets designated as at fair value through p/l | ||||||
| Debt securities | ||||||
| Issued by public bodies | - | 3 | ||||
| Certificates of deposit issued by banks | - | 16 | ||||
| Other debt securities | 0 | 1 | ||||
| Total debt securities | 0 | 19 | ||||
| Equity securities | ||||||
| Other than listed | 2 | 2 | ||||
| Total financial assets designated as at fair value through p/l | 2 | 22 | ||||
| Loans and receivables | ||||||
| Deposits with ceding undertakings | 1 | 1 | ||||
| Other | 245 | 83 | ||||
| Total loans and receivables | 246 | 85 | ||||
| Financial assets available-for-sale | ||||||
| Debt securities | ||||||
| Issued by public bodies | 1,327 | 152 | ||||
| Certificates of deposit issued by banks | 2,741 | 3,729 | ||||
| Other debt securities | 5,462 | 5,794 | ||||
| Total debt securities | 9,531 | 9,675 | ||||
| Equity securities | ||||||
| Listed | 1,277 | 1,240 | ||||
| Unlisted | 205 | 130 | ||||
| Total | 1,481 | 1,370 | ||||
| Total financial assets available-for-sale | 11,012 | 11,045 | ||||
| Financial assets available-for-sale for P&C insurance include impairment losses EURm 242 (323). | ||||||
| P&C insurance, total financial assets | 11,265 | 11,200 | ||||
| Life insurance | ||||||
| Derivative financial instruments | ||||||
| 2013 | 2012 | |||||
| Contract/ | Fair value | Contract/ | Fair value | |||
| EURm | notional amount | Assets | Liabilities | notional amount | Assets | Liabilities |
| Derivatives held for trading | ||||||
| Interest rate derivatives | ||||||
| OTC derivatives | ||||||
| Interest rate swaps | 5,978 | 25 | 7 | 778 | 19 | 2 |
| Credit risk swaps | 508 | 0 | 2 | 531 | 0 | 2 |
| Total | 6,486 | 25 | 10 | 1,309 | 19 | 3 |
| Foreign exchange derivatives | ||||||
| OTC derivatives | ||||||
| Currency forwards | 955 | 7 | 1 | 1,149 | 17 | 2 |
| Currency options, bought and sold | 0 | 0 | 0 | 99 | 1 | 0 |
| Total foreign exchange derivatives | 955 | 7 | 1 | 1,248 | 17 | 2 |
| Equity derivatives | ||||||
| OTC derivatives | ||||||
| Equity and equity index options | 1 | 0 | 0 | - | - | - |
| Total derivatives held for trading | 7,441 | 32 | 11 | 2,556 | 37 | 5 |
| Derivatives held for hedging | ||||||
| Fair value hedges | ||||||
| Currency forwards | 501 | 1 | 0 | 575 | 23 | - |
| Interest rate swaps | 0 | 0 | 0 | - | - | - |
| Total | 501 | 1 | - | 575 | 23 | 0 |
| Cash flow hedges | ||||||
| Interest rate swaps | 0 | - | - | 9 | 0 | - |
| Total derivatives held for hedging | 501 | 1 | - | 584 | 23 | 0 |
| Total derivatives | 7,943 | 33 | 11 | 3,141 | 60 | 5 |
| 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 18 (12). Net result from hedged risks in fair value hedges of available for sale financial assets amounted to EURm -18 (-11). | ||||||
| Cash flow hedges | ||||||
| The interest rate derivatives hedging cash flows fell due during the financial year and no new cash flow hedges were started. | ||||||
| Other financial assets | ||||||
| EURm | 2013 | 2012 | ||||
| Financial assets designated as at fair value through p/l | ||||||
| Debt securities | ||||||
| Issued by public bodies | 11 | 12 | ||||
| Certificates of deposit issued by banks | 35 | 35 | ||||
| Total debt securities | 46 | 47 | ||||
| Listed equity securities | 2 | 1 | ||||
| Total financial assets designated as at fair value through p/l | 48 | 48 | ||||
| Loans and receivables | ||||||
| Deposits with ceding undertakings | 1 | 1 | ||||
| Loans | 18 | 22 | ||||
| Total loans and receivables | 19 | 23 | ||||
| Financial assets available-for-sale | ||||||
| Debt securities | ||||||
| Issued by public bodies | 727 | 12 | ||||
| Issued by banks | 632 | 1,066 | ||||
| Other debt securities | 1,548 | 1,708 | ||||
| Total debt securities | 2,907 | 2,786 | ||||
| Equity securities | ||||||
| Listed | 1,379 | 1,561 | ||||
| Unlisted | 737 | 792 | ||||
| Total | 2,116 | 2,353 | ||||
| Total financial assets available-for-sale | 5,023 | 5,138 | ||||
| Financial assets available-for-sale for life insurance include impairment losses EURm 33 (29). | ||||||
| Life insurance, total financial assets | 5,122 | 5,269 | ||||
| Financial assets available for sale / debt securities: Debt securities available for sale include EURm 2,553 (2,381) investments in bonds and EURm 354 (405) investments in money market instruments. | ||||||
| Financial assets available for sale /shares and participations: Listed equity securities include EURm 641 (589) listed equities. Unlisted equity securities include EURm 640 (752) investments in capital trusts. | ||||||
| Holding | ||||||
| Derivative financial instruments | ||||||
| 2013 | 2012 | |||||
| Contract/ | Fair value | Contract/ | Fair value | |||
| EURm | notional amount | Assets | Liabilities | notional amount | Assets | Liabilities |
| Derivatives held for trading | ||||||
| Interest derivatives | ||||||
| OTC-derivatives | ||||||
| Interest rate swaps | 800 | 26 | - | 800 | 42 | - |
| Credit risk swaps | 20 | 0 | - | 20 | 1 | - |
| Total interest derivatives | 820 | 26 | 0 | 820 | 43 | - |
| Foreign exchange derivatives | ||||||
| OTC-derivatives | ||||||
| Currency forwards | 21 | 0 | 1 | 284 | 0 | 0 |
| Equity derivatives | ||||||
| Exchange traded derivatives | ||||||
| Equity and euqity index options | 88 | 14 | 16 | 90 | 16 | 19 |
| Total derivatives | 930 | 41 | 18 | 1,194 | 59 | 19 |
| Other financial assets | ||||||
| EURm | 2013 | 2012 | ||||
| Loans and receivables | ||||||
| Deposits | 0 | 1 | ||||
| Financial assets available-for-sale | ||||||
| Debt securities | ||||||
| Certificates of deposit issued by banks | 350 | 100 | ||||
| Other debt securities | 360 | 475 | ||||
| Total debt securities | 709 | 575 | ||||
| Equity securities | ||||||
| Listed | 7 | 1 | ||||
| Unlisted | 21 | 24 | ||||
| Total | 28 | 24 | ||||
| Total financial assets available-for-sale | 737 | 599 | ||||
| Financial assets available-for-sale for Holding business include impairment losses EURm 0 (0). | ||||||
| Investments in subsidiaries | 2,370 | 2,370 | ||||
| Holding, total financial assets | 3,148 | 3,028 | ||||
| Elimination items between segments | -2,712 | -2,641 | ||||
| EURm | 2013 | 2012 | ||||
| Group, total | 16,824 | 16,856 | ||||
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