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Notes to the Group’s Financial Statements

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Select note 1–41
29 Financial liabilities
The segment financial liabilities include derivatives, debt securities and other financial liabilities.
P&C insurance
EURm 2015 2014
Derivative financial instruments (note 15) 17 24
Subordinated debt securities
Subordinated loans
Euro-denominated loans Maturity Interest
Preferred capital note, 2005 (nominal value EURm 150) perpetual 4.94% - 150
Preferred capital note, 2011 (nominal value EURm 110) 30 years 6.00% 109 109
Preferred capital note, 2013 (nominal value EURm 90) perpetual 4.70% 90 90
Total subordinated debt securities 199 349
P&C insurance, total financial liabilities 216 373
The loan 2005 was repaid in June 2015.
The loan 2011 was issued with fixed interest rates for the first ten years, after which it becomes subject to variable interest rates. The subordinated loan issued in 2013 has a fixed interest rate for the first 5.5 years afther which it becomes subject to variable interest rates. At the point of change, there is the possibility of redemption for all the loans. All loans and their terms are approved by supervisory authorities and the loans are utilised for solvency purposes.
The loan issued in 2011 is listed on the Luxembourg Exchange.
Life insurance
EURm 2015 2014
Derivative financial instruments (note 15) 33 86
Subordinated debt securities
Subordinated loans 100 100
Life insurance, total 133 186
Mandatum Life issued in 2002 EURm 100 Capital Notes. The loan is perpetual and pays floating rate interest. The interest is payable only from distributable capital. The loan is repayable only with the consent of the Insurance Supervisory Authority and at the earliest on 2012 or any interest payment date after that. The loans is wholly subscribed by Sampo Plc.
Holding
EURm 2015 2014
Derivative financial instruments (note 15) 12 11
Debt securities in issue
Commercial papers 305 305
Bonds *) 1,997 1,888
Total 2,302 2,192
Holding, total 2,314 2,203
*) 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 bonds of the Holding Company fall under level 2.
Elimination items between segments -289 -339
EURm 2015 2014
Group, total 2,375 2,423