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Notes to the Group’s Financial Statements

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Select note 1–41
12 Investment property
P&C insurance
EURm 2015 2014
At 1 Jan.
Cost 29 29
Accumulated depreciation -8 -7
Accumulated impairment losses -1 -0
Net carrying amount 20 22
Opening net carrying amount 20 22
Additions -4 0
Disposals -1 -1
Depreciation -1 -1
Impairment losses - 0
Reversal of impairment losses -0 -1
Exchange differences - 0
Closing net carrying amount 15 20
At 31 Dec.
Cost 25 29
Accumulated depreciation -8 -8
Accumulated impairment losses -2 -1
Net carrying amount 15 20
Rental income from investment property 2 2
Property rented out under operating lease
Non-cancellable minimum rental
- not later than one year 1 1
- later than one year and not later than five years 1 1
- later than five years - 0
Total 2 2
Expenses arising from investment property
- direct operating expenses arising from investment property generating rental income during the period -1 -1
- direct operating expenses arising from investment property not generating rental income during the period -1 -1
Total -2 -2
Fair value of investment property at 31 Dec. 22 22
Life insurance
EURm 2015 2014
At 1 Jan.
Cost 247 172
Accumulated depreciation -51 -48
Accumulated impairment losses -17 -17
Net carrying amount 179 107
Opening net carrying amount 179 107
Additions 27 74
Disposals -17 -0
Depreciation -4 -3
Impairment losses -6 -0
Closing net carrying amount 180 179
At 31 Dec.
Cost 257 247
Accumulated depreciation -55 -51
Accumulated impairment losses -23 -17
Net carrying amount 180 179
Rental income from investment property 21 17
Property rented out under operating lease
Non-cancellable minimum rental
- not later than one year 9 10
- later than one year and not later than five years 6 6
- later than five years 0 0
Total 14 17
Expenses arising from investment property
- direct operating expenses arising from investment property generating rental income during the period -9 -8
- direct operating expenses arising from investment property not generating rental income during the period -1 -1
Total -10 -10
Fair value of investment property at 31 Dec. 203 196
Elimination items between segments -4 -4
EURm 2015 2014
Group, total 191 195
Fair values for the Group's investment property are entirely determined by the Group based on the market evidence. The determination and hierarchy of financial assets and liabilities at fair value is disclosed in note 17. Based on the principles of this determination, the investment property falls under level 2.
The premises in investment property for different segments are leased on market-based, irrevocable contracts. The lengths of the contracts vary from those for the time being to those for several years.