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

33 Contingent liabilities and commitments
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P&C insurance
               
EURm         2012 2011
Off-balance sheet items            
  Guarantees         37 43
  Other irrevocable commitments         6 11
  Total         43 54
               
Assets pledged as collateral for liabilities or contingent liabilities
        2012 2011
EURm     Assets pledged Liabilities/ commit- ments Assets pledged Liabilities/ commit- ments
  Assets pledged as collateral            
  Cash at balances at central banks     6 4 10 8
  Investments            
  - Investment securities     285 153 142 114
  Total     290 157 152 122
               
EURm         12/2012 12/2011
  Assets pledged as security for derivative contracts, carrying value            
  Investment securities         40 40
               
The pledged assets are included in the balance sheet item Other assets.
               
EURm         2012 2011
Commitments for non-cancellable operating leases            
  Minimum lease payments            
  not later than one year         37 41
  later than one year and not later than five years     110 105
  later than five years         101 120
  Total         248 266
               
  Lease and sublease payments recognised as an expense in the period      
  - minimum lease payments         -45 -36
  - sublease payments         - 0
  Total         -45 -36
               
The subsidiaries If P&C Insurance Ltd and If P&C Insurance Company Ltd provide insurance with mutual undertakings within the Nordic Nuclear Insurance Pool and If P&C Insurance Ltd within the Norwegian Natural Perils’ Pool and the Dutch Terror Pool.
               
In connection with the transfer of property and casualty insurance business from the Skandia group to the If Group as of March 1, 1999, If P&C Holding Ltd and If P&C Insurance Ltd issued a guarantee for the benefit of Försäkringsaktiebolaget Skandia (publ.) whereby the aforementioned companies in the If Group mutually guarantee that companies in the Skandia group will be indemnified against any claims or actions due to guarantees or similar commitments made by companies in the Skandia group within the property and casualty insurance business transferred to the If Group.
               
If P&C Insurance Holding Ltd and If P&C Insurance Ltd have separately entered into contracts with Försäkringsaktiebolaget Skandia (publ.) and Tryg-Baltica Forsikrings AS whereby Skandia and Tryg-Baltica will be indemnified against any claims attributable to guarantees issued by Försäkringsaktiebolaget Skandia (publ.) and Vesta Forsikring AS, on behalf of Skandia Marine Insurance Company (U.K.) Ltd. (now Marlon Insurance Company Ltd.) in favor of the Institute of London Underwriters. Marlon Insurance Company Ltd. was disposed during 2007, and the purchaser issued a guarantee in favour of If for the full amount that If may be required to pay under these guarantees.
               
Normal seller's guarantees have been given in connection the disposal of the subsidiary IPSC Region.
               
If P&C Insurance Company Ltd has outstanding commitments to private equity funds totalling EURm 6, which is the maximum amount that the company has committed to invest in the funds. Capital will be called to these funds over several years as the funds make investments.
               
With respect to certain IT systems If and Sampo use jointly, If P&C Insurance Holding Ltd has undertaken to indemnify Sampo for any costs caused by It that Sampo may incur in relation to the owners of the systems.
               
Life insurance
               
EURm         2012 2011
Off-balance sheet items            
  Investment commitments         367 309
  Acquisition of IT-software         1 1
  Total         368 310
               
EURm         12/2012 12/2011
  Assets pledged as security for derivative contracts, carrying value            
  Cash and cash equivalents         6 40
               
  The pledged assets are included in the balance sheet item Other assets.      
               
Lent securities            
Domestic shares            
          Remaining acquisition cost         67 86
          Fair value         53 73
               
Security lendings can be interrupted at any time and they are secured.
               
EURm         2012 2011
Commitments for non-cancellable operating leases            
  Minimum lease payments            
  not later than one year         2 2
  later than one year and not later than five years         3 5
  Total         5 7
               
  Total of sublease payments expected to be received under non-cancellable operating sub-leases at 31 Dec.   1 1
               
  Lease and sublease payments recognised as an expense in the period      
  - minimum lease payments         -3 -3
  - sublease paymentst         0 0
  Total         -3 -3
               
               
Holding
               
EURm         2012 2011
Off-balance sheet items            
  Investment commitments         1 1
               
EURm         2012 2011
Commitments for non-cancellable operating leases            
  Minimum lease payments            
  not later than one year         1 1
  later than one year and not later than five years         3 3
  later than five years         - 0
  Total         4 5
               
               
The Group had at the end of 2012 premises a total of 178,971 m2 (182,570) taken as a lessee. The contracts have been made mainly for 3 to 10 years.