Sampo Group’s Online Annual Report 2012 and Sampo’s video ‘25 Years as a Listed Company’ have been granted the international Red Dot Communication Design 2013 Awards.

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Notes to the Group’s financial statements

12 Investment property
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P&C insurance
         
EURm   2012 2011
  At 1 Jan.      
  Cost   34 34
  Accumulated depreciation   -6 -6
  Accumulated impairment losses   -2 -2
  Net carrying amount   26 26
         
  Opening net carrying amount   26 26
  Additions   0 0
  Disposals   -1 -1
  Depreciation   -1 0
  Impairment losses   2 1
  Reversal of impairment losses   0 1
  Exchange differences   1 -
  Closing net carrying amount   27 26
         
  At 31 Dec.      
  Cost   34 34
  Accumulated depreciation   -7 -6
  Accumulated impairment losses   0 -2
  Net carrying amount   27 26
         
  Rental income from investment property   3 3
         
Property rented out under operating lease    
  Non-cancellable minimum rental      
  - not later than one year   2 1
  - later than one year and not later than five years   1 1
  - later than five years   0 -
  Total   3 1
         
  Expenses arising from investment property      
  - direct operating expenses arising from investment property generating rental income during the period   -2 -2
  - direct operating expenses arising from investment property not generating rental income during the period   -1 -1
  Total   -3 -3
         
  Fair value of investment property at 31 Dec. 30 23
         
         
Life insurance
         
EURm   2012 2011
  At 1 Jan.      
  Cost   150 152
  Accumulated depreciation   -42 -39
  Accumulated impairment losses   -16 -16
  Net carrying amount   92 96
         
  Opening net carrying amount   92 96
  Additions   8 2
  Disposals   0 -4
  Depreciation   -3 -3
  Impairment losses   -2 0
  Closing net carrying amount   95 92
         
  At 31 Dec.      
  Cost   158 150
  Accumulated depreciation   -45 -42
  Accumulated impairment losses   -17 -16
  Net carrying amount   95 92
         
  Rental income from investment property   15 15
         
Property rented out under operating lease    
  Non-cancellable minimum rental      
  - not later than one year   6 7
  - later than one year and not later than five years   11 10
  - later than five years   3 5
  Total   20 22
         
  Total rental recognised as income during the financial period   0 0
         
  Expenses arising from investment property      
  - direct operating expenses arising from investment property generating rental income during the period   -8 -8
  - direct operating expenses arising from investment property not generating rental income during the period   -1 -1
  Total   -8 -9
         
  Fair value of investment property at 31 Dec. 112 105
         
         
Holding
         
EURm   2012 2011
  At 1 Jan.      
  Cost   4 4
  Accumulated depreciation   0 0
  Accumulated impairment losses   0 0
  Net carrying amount   4 4
         
  Opening net carrying amount   4 4
  Disposals   0 -
  Closing net carrying amount   4 4
         
  At 31 Dec.      
  Cost   4 4
  Accumulated depreciation   0 0
  Accumulated impairment losses   0 0
  Net carrying amount   4 4
         
  Rental income from investment property   0 0
         
  Fair value of investment property at 31 Dec. 4 4.31
         
  Elimination items   -4 -4
         
EURm   2012 2011
Group, total   122 118
         
Fair values for the Group's investment property are entirely determined by the Group based on the market evidence.
         
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.