Notes to the Group’s Financial Statements

Select note 1–42
2 Net income from investments
P&C insurance
EURm 2016 2015
Financial assets
Derivative financial instruments
Gains/losses -7 -4
Loans and receivables
Interest income 9 18
Financial assets available-for-sale
Debt securities
Interest income 177 191
Impairment losses -15 10
Gains/losses -11 -5
Equity securities
Gains/losses 45 121
Impairment losses -16 -11
Dividend income 40 47
Total 221 353
Total from financial assets 223 366
Other assets
Investment properties
Gains/losses 0 -1
Other 1 0
Total from other assets 1 -1
Expense on other than financial liabilities -6 -4
Effect of discounting annuities -28 -38
Fee and commission expenses
Asset management -17 -19
P&C insurance, total 173 304
Included in gains/losses from financial assets available-for-sale is a net gain of EURm 12 (83) transferred from the fair value reserve.
Life insurance
Milj.e 2016 2015
Financial assets
Derivative financial instruments
Gains/losses -9 -90
Financial assets designated as at fair value through p/l
Debt securities
Interest income 1 1
Gains/losses -3 1
Total -3 2
Investments related to unit-linked contracts
Debt securities
Interest income 50 58
Gains/losses 4 -40
Equity securities
Gains/losses 198 219
Dividend income 32 22
Loans and receivables
Interest income 0 1
Other financial assets
Gains/losses -8 -21
Total 276 239
Loans and receivables
Interest income 4 3
Gains/losses 6 27
Total 10 30
Financial assets available-for-sale
Debt securities
Interest income 102 96
Gains/losses 30 48
Equity securities
Gains/losses 101 192
Impairment losses -15 -19
Dividend income 122 108
Total 340 423
Total financial assets 614 604
Other assets
Investment properties
Gains/losses 3 2
Other 6 13
Total other assets 9 15
Net fee income
Asset management -15 -17
Fee income 26 29
Total 11 13
Life insurance, total 634 632
Included in gains/losses from financial assets available-for-sale is a net gain of EURm 106 (259) transferred from the fair value reserve.
Holding
EURm 2016 2015
Financial assets
Derivative financial instruments
Gains/losses 12 7
Loans and receivables -5 9
Financial assets available-for-sale
Debt securities
Interest income 34 28
Gains/losses 10 15
Equity securities
Gains/losses -26 13
Impairment losses -1 0
Dividend income 12 5
Total 29 60
Holding, total 36 76
Included in gains/losses from financial assets available for-sale is a net gain of EURm -27 (12) transferred from the fair value reserve.
Elimination items between segments -16 -14
EURm 2016 2015
Group, total 827 998
The changes in the fair value reserve are disclosed in the Statement of changes in equity. 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 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.
The tables for the Financial Statements are also available in Excel format.