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Notes to the Accounts

Segment Information
               
           
The Group’s business segments comprise P&C insurance, Life insurance and Holding company.
 
Geographical information has been disclosed about income from external customers and non-current assets. The reported areas are Finland, Sweden, Norway, Denmark, the Baltic countries and other countries.
 
Segment information has been produced in accordance with the accounting policies adopted for preparing and presenting the consolidated financial statements.The segment revenue, expense, assets and liabilities, either directly attributable or reasonably allocable, have been allocated to the segments. Inter-segment pricing is based on market prices. The transactions, assets and liabilities between the segments are eliminated in the consolidated financial statements on a line-by-line basis.
 
Depreciation and amortisation by segment are disclosed in notes 11 - 13 and investments in associates in note 14.
               
               
Consolidated income statement by business segment for year ended 31 December 2010    
EURm P&C insurance Life insurance Holding Elimina-tion Group    
Insurance premius written 3,985 1,111 - - 5,096    
Net income from investments 487 645 60 -9 1,183    
Other operating income 25 0 16 -15 26    
               
Claims incurred -2,689 -844 - - -3,533    
Change in liabilities for insurance and investment contracts -91 -678 - - -769    
Staff costs -479 -35 -13 - -527    
Other operating expenses -501 -49 -11 15 -547    
               
Finance costs -29 -8 -100 6 -131    
Share of associates' profit/loss 0 0 523 - 523    
               
Profit before taxes 707 142 474 -3 1,320    
               
Taxes -189 -37 9 0 -217    
               
Profit for the year 518 105 483 -3 1,104    
               
Other comprehensive income for the year              
Exchange differences 214 0 - - 214    
Available-for-sale financial assets 286 315 4 1 605    
Cash flow hedges - -9 - - -9    
Share of associate's other comprehensive income - - 48 - 48    
Income tax relating to components of other comprehensive income -75 -80 -1 0 -156    
Other comprehensive income for the year, net of tax 425 226 51 1 703    
Total comprehensive income for the year 943 332 534 -2 1,807    
               
Profit attributable to              
Owners of the parent         1,104    
Non-controlling interests         0    
               
Total comprehensive income attributable to              
Owners of the parent         1,807    
Non-controlling interests         0    
               
               
Consolidated income statement by business segment for year ended 31 December 2009    
EURm P&C insurance Life insurance Holding Elimina-tion Group    
Insurance premius written 3,677 803 - - 4,479    
Net income from investments 394 629 109 24 1,155    
Other operating income 23 0 13 -16 20    
               
Claims incurred -2,477 -628 - - -3,105    
Change in liabilities for insurance and investment contracts -33 -600 - - -633    
Staff costs -470 -29 -11 - -510    
Other operating expenses -439 -46 -17 7 -495    
               
Finance costs -30 -8 -58 9 -87    
Share of associates' profit/loss 0 0 - - 1    
               
Profit before taxes 644 121 36 23 825    
               
Taxes -159 -28 9 -6 -184    
               
Profit for the year 485 93 45 17 641    
               
Other comprehensive income for the year              
Exchange differences 123 0 - - 123    
Available-for-sale financial assets 709 546 1,756 -23 2,989    
Cash flow hedges - -3 - - -3    
Income tax relating to components of other comprehensive income -191 -141 0 6 -326    
Other comprehensive income for the year, net of tax 641 402 1,756 -17 2,782    
Total comprehensive income for the year 1,127 495 1,801 0 3,423    
               
Profit attributable to              
Owners of the parent         641    
Non-controlling interests         0    
               
Total comprehensive income attributable to              
Owners of the parent         3,423    
Non-controlling interests         0    
               
Consolidated balance sheet by business segment at 31 December 2010    
EURm P&C insurance Life insurance Holding Elimina-tion Group    
Assets              
Property, plant and equipment 19 5 5 - 29    
Investment property 26 96 4 -4 122    
Intangible assets 577 165 1 - 743    
Investments in associates 11 0 5,688 - 5,699    
Financial assets 11,226 5,745 3,101 -2,563 17,508    
Investments related to unit-linked insurance contracts - 3,127 - - 3,127    
Tax assets 50 - 18 0 68    
Reinsurers' share of insurance liabilities 510 4 - - 514    
Other assets 1,363 106 66 -20 1,515    
Cash and cash equivalents 319 152 56 - 527    
Total assets 14,101 9,400 8,939 -2,587 29,852    
               
Liabilities              
Liabilities for insurance and investment contracts 9,340 4,410 - - 13,749    
Liabilities for unit-linked insurance and investment contracts - 3,124 - - 3,124    
Financial liabilities 512 126 1,741 -191 2,187    
Tax liabilities 464 176 - - 640    
Provisions 36 - - - 36    
Employee benefits 105 - - - 105    
Other liabilities 690 339 117 -22 1,124    
Total liabilities 11,146 8,174 1,857 -213 20,965    
               
Equity              
Share capital         98    
Reserves         1,530    
Retained earnings         6,459    
Other components of equity         799    
Equity attributable to parent company's equityholders         8,886    
               
Non-controlling interests         0    
Total equity         8,886    
               
Total equity and liabilities         29,851    
               
               
Consolidated balance sheet by business segment at 31 December 2009    
EURm Vahinko- vakuutus Henki- vakuutus Omistus-yhteisö Elimi-noinnit Konserni    
Assets              
Property, plant and equipment 23 5 5 - 34    
Investment property 28 87 10 - 124    
Intangible assets 521 167 0 - 688    
Investments in associates 3 0 5,168 - 5,172    
Financial assets 10,248 5,216 2,554 -2,538 15,479    
Investments related to unit-linked insurance contracts - 2,366 - - 2,366    
Tax assets 71 - 11 0 81    
Reinsurers' share of insurance liabilities 477 4 - - 481    
Other assets 1,265 133 76 -36 1,439    
Cash and cash equivalents 292 68 412 - 771    
Total assets 12,927 8,047 8,235 -2,574 26,635    
               
Liabilities              
Liabilities for insurance and investment contracts 8,583 4,431 - - 13,014    
Liabilities for unit-linked insurance and investment contracts - 2,359 - - 2,359    
Financial liabilities 524 132 1609 -166 2,098    
Tax liabilities 403 97 - - 500    
Provisions 35 - - - 35    
Employee benefits 104 - - - 104    
Other liabilities 719 134 95 -36 912    
Total liabilities 10,367 7,153 1,703 -202 19,022    
               
Equity              
Share capital         98    
Reserves         1,530    
Retained earnings         5,889    
Other components of equity         96    
Equity attributable to parent company's equityholders         7,613    
               
Non-controlling interests         0    
Total equity         7,613    
               
Total equity and liabilities         26,635    
               
Geographical information              
               
EURm Finland Sweden Norway Denmark Baltic Other Total
At 31 Dec. 2010              
Revenue from external customers              
P&C insurance 827 1,167 1,451 323 125 0 3,894
Life insurance 1,051 - - - 60 - 1,111
Holding 76 - - - - - 76
Total 1,954 1,167 1,451 323 185 0 5,081
               
Non-current assets              
P&C insurance 108 494 13 3 14 0 632
Life insurance 266 - - - 1 - 267
Holding 9 5,688 - - - - 5,697
Total 383 6,183 13 3 15 - 6,596
               
At 31 Dec. 2009              
Revenue from external customers              
P&C insurance 811 1,051 1,329 298 154 0 3,643
Life insurance 760 - - - 42 - 803
Holding 42 80 - - - - 122
Total 1,614 1,130 1,329 298 197 0 4,568
               
Non-current assets              
P&C insurance 102 432 10 3 27 - 575
Life insurance 259 - - - 1 - 260
Holding 15 5,168 - - - - 5,183
Total 376 5,600 10 3 28 0 6,017
               
               
The revenue includes insurance premiums according to the underwriting country, consisting of premiums earned for P&C insurance and premiums written for Life insurance, and net investment income and other operating income in the Holding segment.
               
Non-current assets comprise of intangible assets, investments in associates, property, plant and equipment, and investment property.
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