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.

Red Dot design award winner 2013

Notes to the Group’s financial statements

2 Net income from investments
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P&C insurance
           
EURm         2012         2011
Financial assets    
  Derivative financial instruments    
      Gains/losses -12 -18
           
  Financial assets designated as at fair value through p/l                          
    Debt securities    
      Interest income                                                                                              3 3
      Gains/losses 4 0
    Equity securities    
      Gains/losses 0 1
      Dividend income 0 1
      Total 7 4
           
  Loans and receivables    
      Interest income 18 21
           
  Financial assets available-for-sale    
    Debt securities    
      Interest income 379 381
      Impairment losses 3 3
      Gains/losses 11 32
    Equity securities    
      Gains/losses 12 87
      Impairment losses -27 -169
      Dividend income 40 30
    Total 418 363
           
Total from financial assets 430 370
           
Other assets    
    Investment properties    
      Gains/losses 1 1
      Other -1 -1
           
Total from other assets 0 0
           
Expense on other than financial liabilities -3 -7
           
Effect of discounting annuities -57 -56
           
Fee and commission expenses    
  Asset management -11 -9
           
P&C insurance, total 359 298
           
Included in gains/losses from financial assets available-for-sale is a net gain of EURm 28 (47) transferred from the fair value reserve.
           
Life insurance
           
EURm 2012 2011
Financial assets    
  Derivative financial instruments    
      Gains/losses 42 -14
           
  Financial assets designated as at fair value through p/l    
    Debt securities    
      Interest income 3 8
      Gains/losses -1 0
    Equity securities    
      Gains/losses 0 0
      Dividend income 0 0
    Total 3 8
           
  Investments related to unit-linked contracts    
    Debt securities    
      Interest income 34 23
      Gains/losses 37 -14
    Equity securities    
      Gains/losses 237 -296
      Dividend income 11 7
    Loans and receivables    
      Interest income 1 1
    Other financial assets    
      Gains/losses -26 -19
    Total 294 -296
           
  Loans and receivables    
      Interest income 1 4
      Gains/losses 1 0
    Total 1 4
           
  Financial assets available-for-sale    
    Debt securities    
      Interest income 144 154
      Gains/losses 13 5
    Equity securities    
      Gains/losses 37 91
      Impairment losses -37 -69
      Dividend income 67 61
    Total 224 242
           
Total financial assets 563 -56
           
Other assets    
    Investment properties    
      Gains/losses 0 0
      Impairment losses -2 -1
      Other 4 6
           
Total other assets 2 6
           
Net fee income    
      Asset management -13 -14
      Fee income 22 24
    Total 9 10
           
Life insurance, total 574 -41
           
Included in gains/losses from financial assets available-for-sale is a net gain of EURm -58 (25) transferred from the fair value reserve.
           
Holding
           
EURm 2012 2011
Financial assets    
  Derivative financial instruments    
      Gains/losses 23 2
           
  Loans and receivables    
      Interest Income 0 1
      Gains/losses 0 -3
    Total 0 -2
           
  Financial assets available-for-sale    
    Debt securities    
      Interest income 21 13
      Gains/losses 3 -
    Equity securities    
      Gains/losses 0 3
      Imparment losses -1 0
      Dividend income 5 2
    Total 28 18
           
Total financial assets 51 18
           
Other assets    
    Investment properties    
      Gains/losses 0 0
      Other 0 0
           
Total other assets 0 0
           
Net fee income 0 0
           
Holding, total 51 18
           
Included in gains/losses from financial assets available-for-sale is a net gain of EURm -2 (3) transferred from the fair value reserve.    
           
Elimination items between segments -18 -16
           
EURm 2012 2011
Group, total 967 260
           
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 changes in the fair value reserve are disclosed in the Statement of changes 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.