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Notes to the Group’s Financial Statements

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Select note 1–41
2 Net income from investments
P&C insurance
EURm 2015 2014
Financial assets
Derivative financial instruments
Gains/losses -4 -28
Loans and receivables
Interest income 18 21
Financial assets available-for-sale
Debt securities
Interest income 191 247
Impairment losses 10 -14
Gains/losses -5 18
Equity securities
Gains/losses 121 134
Impairment losses -11 -5
Dividend income 47 44
Total 353 424
Total from financial assets 366 417
Other assets
Investment properties
Gains/losses -1 -0
Other -0 -0
Total from other assets -1 -1
Expense on other than financial liabilities -4 -4
Effect of discounting annuities -38 -45
Fee and commission expenses
Asset management -19 -14
P&C insurance, total 304 353
Included in gains/losses from financial assets available-for-sale is a net gain of EURm 83 (133) transferred from the fair value reserve.
Life insurance
EURm 2015 2014
Financial assets
Derivative financial instruments
Gains/losses -90 -97
Financial assets designated as at fair value through p/l
Debt securities
Interest income 1 1
Gains/losses 1 1
Total 2 2
Investments related to unit-linked contracts
Debt securities
Interest income 58 58
Gains/losses -40 -10
Equity securities
Gains/losses 219 213
Dividend income 22 19
Loans and receivables
Interest income 1 3
Other financial assets
Gains/losses -21 -16
Total 239 267
Loans and receivables
Interest income 3 2
Gains/losses 27 42
Total 30 44
Financial assets available-for-sale
Debt securities
Interest income 96 98
Gains/losses 48 49
Equity securities
Gains/losses 192 107
Impairment losses -19 -41
Dividend income 108 89
Total 423 302
Total financial assets 604 518
Other assets
Investment properties
Gains/losses 2 3
Other 13 5
Total other assets 15 8
Net fee income
Asset management -17 -14
Fee income 29 27
Total 13 13
Life insurance, total 632 540
Included in gains/losses from financial assets available-for-sale is a net gain of EURm 259 (10) transferred from the fair value reserve.
Holding
EURm 2015 2014
Financial assets
Derivative financial instruments
Gains/losses 7 1
Loans and receivables 9 -4
Financial assets available-for-sale
Debt securities
Interest income 28 22
Gains/losses 15 7
Equity securities
Gains/losses 13 2
Impairment losses -0 -1
Dividend income 5 2
Total 60 32
Holding, total 76 28
Included in gains/losses from financial assets available for-sale is a net gain of EURm 12 (2) transferred from the fair value reserve.
Elimination items between segments -14 -23
EURm 2015 2014
Group, total 998 898
The changes in the fair value reserve are disclosed in the Statement of changes in equity. Other income and expenses comprise rental income, maintenance expenses and depreciation of investment property. All the income and expenses arising from investments are included in Net income from investments. Gains/losses include realised gains/losses on sales, unrealised and realised changes in fair values and exchange differences. Unrealised fair value changes for financial assets available-for-sale are recorded in other comprehensive income and presented in the fair value reserve in equity. The effect of discounting annuities in P&C insurance is disclosed separately. The provision for annuities is calculated in accordance with actuarial principles taking anticipated inflation and mortality into consideration, and discounted to take the anticipated future return on investments into account. To cover the costs for upward adjustment of annuity provisions required for the gradual reversal of such discounting, an anticipated return on investments is added to annuity results.