Notes to the Group’s Financial Statements
Select note 1–41
| 3 Claims incurred | ||||||
| P&C insurance | ||||||
| 2015 | 2014 | |||||
| EURm | Gross | Ceded | Net | Gross | Ceded | Net |
| P&C insurance | ||||||
| Claims cost attributable to current-year operations | ||||||
| Claims paid | -1,607 | 17 | -1,590 | -1,643 | 14 | -1,629 |
| Change in provision for claims outstanding (incurred and reported losses) | -691 | 20 | -672 | -695 | 15 | -680 |
| Change in provision for claims outstanding (incurred but not reported losses, IBNR) | -574 | 12 | -562 | -594 | 11 | -583 |
| Claims-adjustment costs | -8 | - | -8 | -8 | - | -8 |
| Change in claims provision for annuities | -1 | - | -1 | -3 | - | -3 |
| Total claims cost attributable to current-year operations | -2,881 | 48 | -2,833 | -2,943 | 41 | -2,902 |
| Claims costs attributable to prior-year operations | ||||||
| Claims paid | -1,011 | 45 | -966 | -1,199 | 181 | -1,019 |
| Annuities paid | -204 | -0 | -204 | -261 | 0 | -260 |
| Change in provision for claims outstanding (incurred and reported losses) | 635 | -26 | 609 | 798 | -183 | 615 |
| Change in provision for claims outstanding (incurred but not reported losses, IBNR) | 516 | -16 | 500 | 687 | -21 | 666 |
| Total claims cost attributable to prior-year operations | -64 | 3 | -61 | 26 | -24 | 2 |
| Insurance claims paid | ||||||
| Claims paid | -2,618 | 61 | -2,557 | -2,843 | 195 | -2,648 |
| Annuities paid | -132 | - | -132 | -127 | - | -127 |
| Total claims paid | -2,750 | 61 | -2,689 | -2,969 | 195 | -2,774 |
| Change in provision for claims outstanding | ||||||
| Change in provision for claims outstanding (incurred and reported losses) | -56 | -6 | -62 | 103 | -168 | -65 |
| Change in provision for claims outstanding (incurred but not reported losses, IBNR) | -127 | -4 | -131 | -88 | -10 | -98 |
| Change in claims provision for annuities | -11 | -0 | -11 | 37 | 0 | 37 |
| Claims-adjustment costs | -1 | - | -1 | -3 | - | -3 |
| Total change in provision for claims outstanding | -195 | -10 | -205 | 50 | -178 | -128 |
| P&C insurance, total | -2,945 | 51 | -2,894 | -2,919 | 17 | -2,902 |
| The provision for annuities is valued in accordance with normal actuarial principles taking anticipated inflation and mortality into consideration, and discounted to take the anticipated future investment return into account. To cover costs for the costs for the upward adjustment of annuity provisions required for the gradual reversal of such discounting, an anticipated return is added to the annuity results. Provisions for incurred but not reported losses pertaining to annuities in Finland are discounted. The provisions in 2015 amounted to EURm 261 (257). The non-discounted value was EURm 351 (388). The exchange effect on the discounted provisions was a decrease of EURm 6. The real increase was EURm 8, explained by the decrease in the discount rate from 2.0 percent to 1.5 percent. | ||||||
| Interest rate used in calculating the technical provisions of annuities (%) | ||||||
| 2015 | 2014 | |||||
| Sweden | 2.01% | 1.75% | ||||
| Finland | 1.50% | 2.00% | ||||
| Denmark | 1.71% | 1.47% | ||||
| Life insurance | ||||||
| Claims paid | Change in provision for claims outstanding | Claims incurred | ||||
| EURm | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 |
| Insurance contracts | ||||||
| Life insurance | ||||||
| Contracts with discretionary participation feature (DPF) | -47 | -45 | 2 | 1 | -45 | -44 |
| Other contracts | -0 | -0 | -0 | -12 | -1 | -12 |
| Unit-linked contracts | -183 | -177 | 14 | 0 | -170 | -177 |
| Total | -231 | -223 | 16 | -11 | -215 | -233 |
| Pension insurance | ||||||
| Contracts with discretionary participation feature (DPF) | -397 | -350 | -19 | 35 | -417 | -316 |
| Unit-linked contracts | -15 | -13 | -21 | -23 | -36 | -36 |
| Total | -412 | -364 | -40 | 12 | -453 | -351 |
| Assumed reinsurance | -0 | -1 | -0 | 1 | -1 | 0 |
| Insurance contracts total, gross | -644 | -587 | -25 | 3 | -669 | -584 |
| Reinsurers´ share | 3 | 3 | 0 | -0 | 3 | 3 |
| Insurance contracts total, net | -641 | -585 | -25 | 3 | -666 | -582 |
| Investment contracts | ||||||
| Capital redemption policies | ||||||
| Contracts with discretionary participation feature (DPF) | -0 | -0 | - | - | -0 | -0 |
| Unit-linked contracts | -358 | -294 | - | - | -358 | -294 |
| Investment contracts, total | -358 | -294 | - | - | -358 | -294 |
| Life insurance, total | -999 | -879 | -25 | 3 | -1,023 | -876 |
| Claims paid by type of benefit | ||||||
| EURm | 2015 | 2014 | ||||
| Insurance contracts | ||||||
| Life insurance | ||||||
| Surrender benefits | -8 | -8 | ||||
| Death benefits | -19 | -21 | ||||
| Maturity benefits | -10 | -5 | ||||
| Loss adjustment expenses | 0 | -0 | ||||
| Other | -10 | -10 | ||||
| Total | -48 | -45 | ||||
| Life insurance, unit-linked | ||||||
| Surrender benefits | -132 | -114 | ||||
| Death benefits | -41 | -50 | ||||
| Maturity benefits | -10 | -13 | ||||
| Loss adjustment expenses | 0 | -0 | ||||
| Total | -183 | -177 | ||||
| Pension insurance | ||||||
| Pension payments | -386 | -319 | ||||
| Surrender benefits | -6 | -25 | ||||
| Death benefits | -5 | -6 | ||||
| Loss adjustment expenses | -0 | -0 | ||||
| Total | -397 | -350 | ||||
| Pension insurance, unit-linked | ||||||
| Pension payments | -1 | - | ||||
| Surrender benefits | -11 | -10 | ||||
| Death benefits | -3 | -3 | ||||
| Other | -0 | -0 | ||||
| Total | -15 | -13 | ||||
| Assumed reinsurance | -0 | -1 | ||||
| Insurance contracts total, gross | -644 | -587 | ||||
| Reinsurers' share | 3 | 3 | ||||
| Insurance contracts total, net | -641 | -585 | ||||
| Investment contracts | ||||||
| Capital redemption policy, with-profit | ||||||
| Surrender benefits | -375 | -316 | ||||
| Loss adjustment expenses | 17 | 22 | ||||
| Total | -358 | -295 | ||||
| Investment contracts total, gross | -358 | -295 | ||||
| Claims paid total, gross | -1,001 | -882 | ||||
| Claims paid total, net | -999 | -879 | ||||
| Elimination items between segments | - | 8 | ||||
| EURm | 2015 | 2014 | ||||
| Group, total | -3,917 | -3,771 | ||||