Notes to the Group’s Financial Statements
Select note 1–41
| 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. Fair value hedging has been applied during the financial year both in P&C and Life insurance. | ||||||
| EURm | 2015 | 2014 | ||||
| P&C insurance | ||||||
| Derivative financial instruments | 21 | 42 | ||||
| Loans and receivables | 108 | 238 | ||||
| Financial assets available-for-sale | 10,437 | 10,741 | ||||
| P&C insurance, total | 10,566 | 11,021 | ||||
| Life insurance | ||||||
| Derivative financial instruments | 11 | 3 | ||||
| Financial assets designated as at fair value through p/l | 48 | 48 | ||||
| Loans and receivables | 24 | 27 | ||||
| Financial assets available-for-sale | 5,956 | 5,587 | ||||
| Life insurance, total | 6,039 | 5,665 | ||||
| Holding | ||||||
| Derivative financial instruments | 21 | 34 | ||||
| Loans and receivables | 1 | 1 | ||||
| Financial assets available-for-sale | 852 | 555 | ||||
| Investments in subsidiaries | 2,370 | 2,370 | ||||
| Holding, total | 3,243 | 2,959 | ||||
| Elimination items between segments | -2,659 | -2,715 | ||||
| Group, total | 17,189 | 16,930 | ||||
| P&C insurance | ||||||
| Derivative financial instruments | ||||||
| 2015 | 2014 | |||||
| Contract/ | Fair value | Contract/ | Fair value | |||
| EURm | notional amount | Assets | Liabilities | notional amount | Assets | Liabilities |
| Derivatives held for trading | ||||||
| Interest rate derivatives | ||||||
| OTC derivatives | ||||||
| Intrerest rate swaps | 2,069 | 0 | 2 | 68 | - | -2 |
| Exchange traded derivatives | ||||||
| Interest rate futures | - | - | - | 85 | - | -1 |
| Total interest rate derivatives | 2,069 | 0 | 2 | 153 | 0 | -3 |
| Foreign exchange derivatives | ||||||
| OTC derivatives | ||||||
| Currency forwards | 2,777 | 19 | 15 | 2,714 | 41 | 20 |
| Currency options, bought and sold | 101 | 1 | 0 | 294 | 2 | 1 |
| Total foreign exchange derivatives | 2,878 | 21 | 15 | 3,008 | 42 | 21 |
| Total derivatives held for trading | 4,948 | 21 | 17 | 3,162 | 42 | 18 |
| Other financial assets | ||||||
| EURm | 2015 | 2014 | ||||
| Loans and receivables | ||||||
| Deposits with ceding undertakings | 1 | 1 | ||||
| Other | 108 | 237 | ||||
| Total loans and receivables | 108 | 238 | ||||
| Financial assets available-for-sale | ||||||
| Debt securities | ||||||
| Issued by public bodies | 1,392 | 1,606 | ||||
| Certificates of deposit issued by banks | 3,120 | 3,031 | ||||
| Other debt securities | 4,404 | 4,551 | ||||
| Total debt securities | 8,916 | 9,188 | ||||
| Equity securities | ||||||
| Listed | 1,497 | 1,365 | ||||
| Unlisted | 25 | 188 | ||||
| Total | 1,522 | 1,553 | ||||
| Total financial assets available-for-sale | 10,437 | 10,741 | ||||
| Financial assets available-for-sale for P&C insurance include impairment losses EURm 197 (243). | ||||||
| P&C insurance, total financial assets | 10,566 | 11,021 | ||||
| Life insurance | ||||||
| Derivative financial instruments | ||||||
| 2015 | 2014 | |||||
| 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 | 4,618 | 0 | 1 | 1,443 | - | 19 |
| Credit risk swaps | 643 | - | 0 | 577 | - | 1 |
| Total | 5,261 | - | 2 | 2,019 | 0 | 20 |
| Foreign exchange derivatives | ||||||
| OTC derivatives | ||||||
| Currency forwards | 1,633 | 8 | 22 | 1,184 | 1 | 14 |
| Currency options, bought and sold | 156 | 1 | 1 | 193 | 2 | 1 |
| Total foreign exchange derivatives | 1,789 | 9 | 22 | 1,377 | 3 | 15 |
| Equity derivatives | ||||||
| OTC derivatives | ||||||
| Equity and equity index options | - | - | - | 1 | 0 | 0 |
| Total derivatives held for trading | 7,050 | 9 | 24 | 3,398 | 3 | 35 |
| Derivatives held for hedging | ||||||
| Fair value hedges | ||||||
| Currency forwards | 602 | 2 | 9 | 583 | 0 | 50 |
| Interest rate swaps | - | - | - | |||
| Total | 602 | 2 | 9 | 583 | 0 | 50 |
| Total derivatives held for hedging | 602 | 2 | 9 | 583 | 0 | 50 |
| Total derivatives | 7,651 | 11 | 33 | 3,981 | 3 | 86 |
| 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 -69 (-74). Net result from hedged risks in fair value hedges of available for sale financial assets amounted to EURm 68 (74). | ||||||
| Other financial assets | ||||||
| EURm | 2015 | 2014 | ||||
| Financial assets designated as at fair value through p/l | ||||||
| Debt securities | ||||||
| Issued by public bodies | 13 | 1 | ||||
| Issued by banks | 10 | 4 | ||||
| Other debt securities | 23 | 43 | ||||
| Total debt securities | 47 | 47 | ||||
| Listed equity securities | 2 | 2 | ||||
| Total financial assets designated as at fair value through p/l | 48 | 48 | ||||
| Loans and receivables | ||||||
| Loans | 24 | 27 | ||||
| Financial assets available-for-sale | ||||||
| Debt securities | ||||||
| Issued by public bodies | 30 | 388 | ||||
| Issued by banks | 488 | 889 | ||||
| Other debt securities | 2,896 | 1,619 | ||||
| Total debt securities | 3,414 | 2,895 | ||||
| Equity securities | ||||||
| Listed | 1,669 | 1,852 | ||||
| Unlisted | 873 | 839 | ||||
| Total | 2,542 | 2,691 | ||||
| Total financial assets available-for-sale | 5,956 | 5,587 | ||||
| Financial assets available-for-sale for life insurance include impairment losses EURm 19 (41). | ||||||
| Life insurance, total financial assets | 6,039 | 5,695 | ||||
| Financial assets available for sale / debt securities: Debt securities available for sale include EURm 3,334 (1,963) investments in bonds and EURm 95 (932) investments in money market instruments. | ||||||
| Financial assets available for sale / shares and participations: Listed equity securities include EURm 831 (632) listed equities. Unlisted equity securities include EURm 768 (708) investments in capital trusts. | ||||||
| Holding | ||||||
| Derivative financial instruments | ||||||
| 2015 | 2014 | |||||
| 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 | 10 | - | 800 | 23 | - |
| Foreign exchange derivatives | ||||||
| OTC-derivatives | ||||||
| Currency forwards | 74 | 1 | 2 | 3 | 1 | 0 |
| Equity derivatives | ||||||
| Exchange traded derivatives | ||||||
| Equity and equity index options | 60 | 10 | 10 | 69 | 10 | 11 |
| Total derivatives | 933 | 21 | 12 | 872 | 34 | 11 |
| Other financial assets | ||||||
| EURm | 2015 | 2014 | ||||
| Loans and receivables | ||||||
| Deposits | 1 | 1 | ||||
| Financial assets available-for-sale | ||||||
| Debt securities | ||||||
| Certificates of deposit issued by banks | 196 | 110 | ||||
| Other debt securities | 407 | 360 | ||||
| Total debt securities | 603 | 470 | ||||
| Equity securities | ||||||
| Listed | 228 | 41 | ||||
| Unlisted | 20 | 45 | ||||
| Total | 248 | 85 | ||||
| Total financial assets available-for-sale | 852 | 555 | ||||
| Financial assets available-for-sale for Holding business do not include impairment losses. | ||||||
| Investments in subsidiaries | 2,370 | 2,370 | ||||
| Holding, total financial assets | 3,243 | 2,959 | ||||
| Elimination items between segments | -2,659 | -2,715 | ||||
| EURm | 2015 | 2014 | ||||
| Group, total | 17,188 | 16,960 | ||||