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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, the Baltic countries and other 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 2015
EURm P&C insurance Life insurance Holding Elimination Group
Insurance premiums written 4,378 1,144 - - 5,522
Net income from investments 304 632 76 -14 998
Other operating income 28 18 18 -17 46
Claims incurred -2,894 -1,023 - - -3,917
Change in liabilities for insurance and investment contracts -34 -462 - -5 -502
Staff costs -371 -47 -20 - -438
Other operating expenses -477 -74 -12 17 -545
Finance costs -16 -6 -63 18 -68
Share of associates' profit/loss 42 -0 751 - 793
Profit before taxes 960 181 749 -2 1,888
Taxes -195 -36 -1 0 -232
Profit for the year 765 144 749 -1 1,656
Other comprehensive income for the period
Items reclassifiable to profit or loss
Exchange differences -35 - - - -35
Available-for-sale financial assets -148 32 2 8 -106
Share of associate's other comprehensive income - - 16 - 16
Taxes 32 -9 -0 -2 21
Total items reclassifiable to profit or loss, net of tax -151 24 18 6 -103
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined pension plans 14 - - - 14
Taxes -3 - - - -3
Total items not reclassifiable to profit or loss, net of tax 11 - - - 11
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 624 168 766 5 1,564
Consolidated income statement by business segment for year ended 31 December 2014
EURm P&C insurance Life insurance Holding Elimination Group
Insurance premiums written 4,464 1,105 - -24 5,544
Net income from investments 353 540 29 -23 898
Other operating income 27 5 15 -16 32
Claims incurred -2,902 -876 - 8 -3,771
Change in liabilities for insurance and investment contracts -6 -499 - 16 -489
Staff costs -537 -46 -20 - -603
Other operating expenses -502 -60 -12 16 -558
Finance costs -20 -7 -23 20 -29
Share of associates' profit/loss 54 0 680 - 735
Profit before taxes 931 163 669 -3 1,759
Taxes -190 -29 -0 1 -220
Profit for the year 740 133 669 -2 1,540
Other comprehensive income for the period
Items reclassifiable to profit or loss
Exchange differences -174 -0 - - -174
Available-for-sale financial assets 45 20 4 2 72
Share of associate's other comprehensive income - - -168 - -168
Taxes -10 -4 -1 -0 -15
Total items reclassifiable to profit or loss, net of tax -138 16 -165 2 -285
Items not reclassifiable to profit or loss -101 - - - -101
Actuarial gains and losses from defined pension plans 26 - - - 26
Taxes
Total items not reclassifiable to profit or loss, net of tax -76 - - - -76
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 526 149 504 -0 1,179
Consolidated balance sheet by business segment at 31 December 2015
EURm P&C insurance Life insurance Holding Elimination Group
Assets
Property, plant and equipment 19 5 3 - 26
Investment property 15 180 - -4 191
Intangible assets 564 160 0 - 724
Investments in associates 374 0 7,305 - 7,679
Financial assets 10,566 6,039 3,243 -2,659 17,189
Investments related to unit-linked insurance contracts - 5,865 - -18 5,847
Tax assets 27 - 12 -4 36
Reinsurers' share of insurance liabilities 239 3 - - 242
Other assets 1,541 127 51 -10 1,708
Cash and cash equivalents 775 482 739 - 1,997
Total assets 14,119 12,860 11,354 -2,695 35,639
Liabilities
Liabilities for insurance and investment contracts 9,433 5,014 - - 14,447
Liabilities for unit-linked insurance and investment contracts - 5,858 - -18 5,841
Financial liabilities 216 133 2,314 -289 2,375
Tax liabilities 314 154 - -0 468
Provisions 51 - - - 51
Employee benefits 90 - - - 90
Other liabilities 669 167 133 -11 957
Total liabilities 10,772 11,327 2,447 -318 24,228
Equity
Share capital 98
Reserves 1,531
Retained earnings 9,325
Other components of equity 457
Total equity 11,411
Total equity and liabilities 35,639
Consolidated balance sheet by business segment at 31 December 2014
EURm P&C insurance Life insurance Holding Elimination Group
Assets
Property, plant and equipment 16 5 3 - 24
Investment property 20 179 - -4 195
Intangible assets 555 160 0 - 715
Investments in associates 381 0 7,065 - 7,447
Financial assets 11,021 5,665 2,959 -2,715 16,930
Investments related to unit-linked insurance - 5,282 - -23 5,259
Tax assets 76 - 13 -4 86
Reinsurers' share of insurance liabilities 237 3 - - 240
Other assets 1,533 208 50 -11 1,781
Cash and cash equivalents 448 858 768 - 2,074
Total assets 14,288 12,359 10,859 -2,756 34,750
Liabilities
Liabilities for insurance and investment contracts 9,183 5,065 - - 14,248
Liabilities for unit-linked insurance and investment contracts - 5,312 - -23 5,289
Financial liabilities 373 186 2,203 -339 2,423
Tax liabilities 382 123 - -1 504
Provisions 63 - - - 63
Employee benefits 265 - - - 265
Other liabilities 702 209 134 -11 1,035
Total liabilities 10,969 10,895 2,337 -374 23,827
Equity
Share capital 98
Reserves 1,531
Retained earnings 8,655
Other components of equity 639
Total equity 10,924
Total equity and liabilities 34,750
Geographical information
EURm Finland Sweden Norway Denmark Baltic Total
At 31 Dec. 2015
Revenue from external customers
P&C insurance 1,021 1,403 1,408 384 128 4,344
Life insurance 1,110 - - - 34 1,144
Holding 93 - - - - 93
Total 2,225 1,403 1,408 384 162 5,581
Non-current assets
P&C insurance 103 498 19 349 1 971
Life insurance 344 - - - 1 345
Holding 4 7,305 - - - 7,309
Total 451 7,804 19 349 2 8,625
At 31 Dec. 2014
Revenue from external customers
P&C insurance 1,041 1,372 1,524 402 118 4,457
Life insurance 1,065 - - - 40 1,105
Holding 43 - - - - 43
Total 2,149 1,372 1,524 402 158 5,606
Non-current assets
P&C insurance 106 488 19 358 1 972
Life insurance 343 - - - 1 344
Holding 4 7,133 - - - 7,136
Total 453 7,621 19 358 1 8,452
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.
Business combinations
Year 2014
According to the plan published during the spring and authorised by the Financial Supervision Authority, Suomi Mutual assigned its guaranteed interest group pension portfolio to Mandatum Life Insurance Company Ltd on the 30 December 2014. The porfolio comprised approximately 2,300 policies and 34,000 insured members.
The assets transferred from Suomi Mutual equalled the share of the group pension portfolio of the total assets of Suomi Mutual.
The cost of the portfolio transfer EURm 1.4 was included in the income statement in Other operating expenses.
The effect of the portfolio transfer on life insurance balance sheet on 30 December 2014 was as follows:
Assets
Investment property 49
Financial assets 1,188
Other assets 1
Cash and cash equivalents 100
1,337
Liabilities
Liabilities for insurance and investment contracts 1,337