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Notes to the Accounts

29 Financial Liabilities
               
           
Financial liabilities in the segments include liabilities from derivatives, debt securities in issue and other financial liabilities.  
               
P&C insurance            
               
EURm         2010 2009
Derivative financial instruments (note 15)         75 89
             
Subordinated debt securities            
Subordinated loans            
Euro-denominated loans            
Preferred capital note, 2001         217 216
Preferred capital note, 2002         71 70
Preferred capital note, 2005         149 149
Total subordinated debt securities         437 435
             
P&C insurance, total financial liabilities         512 524
               
If P&C Insurance Ltd issued in 2001 EURm 200 preferred capital note. The loan pays fixed interest rate for the first ten years and floating rate interest after that. The loan falls due at the latest March 2021. The loan is listed on the Luxembourg Exchange.  
   
If P&C Insurance Company Ltd issued in 2002 EURm 65 preferred capital note. The loan was wholly subscribed by If Group's owners of that moment. The loan has a maturity of 20 years. It pays fixed interest rate for the first 10 years and the last 10 years floating rate interest. The loan is not listed.  
   
If P&C Insurance issued in June 2005 EURm 150 preferred capital note. The loan is perpetual and pays fixed interest rate for the first ten years. The loan is listed on the Luxembourg Exchange.  
               
Life insurance            
               
EURm         2010 2009
Derivative financial instruments (note 15)         26 32
             
Subordinated debt securities            
Subordinated loans         100 100
             
Life insurance, total         126 132
               
Mandatum Life issued in 2002 EURm 100 Capital Notes. The loan is perpetual and pays floating rate interest. The interest is payable only from distributable capital. The loan is repayable only with the consent of the Insurance Supervisory Authority and at the earliest on 2012 or any interest payment date after that. The loans is wholly subscribed by Sampo Plc.  
               
Holding            
               
EURm         2010 2009
Derivative financial instruments (note 15)         10 7
             
Debt securities in issue            
Commercial papers         575 466
Bonds         1,026 962
Total         1,601 1,429
             
Subordinated debt securities            
Debentures         - 37
             
Other financial liabilities            
Pension loans         130 130
Other liabilities         - 6
Total         130 136
             
Holding, total         1,741 1,609
             
Elimination items between segments         -191 -166
             
Group, total         2,187 2,098
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