Segment Information

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 2016
EURm P&C insurance Life insurance Holding Elimination Group
Insurance premius written 4,292 1,116 - -32 5,375
Net income from investments 173 634 36 -16 827
Other operating income 26 23 17 -16 50
Claims incurred -2,670 -967 - 10 -3,627
Change in liabilities for insurance and investment contracts -6 -465 - 24 -448
Staff costs -512 -46 -16 - -574
Other operating expenses -472 -78 -18 16 -551
Finance costs -13 -7 -14 15 -18
Share of associates' profit/loss 65 0 773 - 837
Profit before taxes 883 210 778 0 1,871
Taxes -178 -41 -2 - -221
Profit for the year 705 168 777 0 1,650
Other comprehensive income for the period
Items reclassifiable to profit or loss
Exchange differences -80 - - - -80
Available-for-sale financial assets 118 82 24 - 225
Share of associate's other comprehensive income - - 19 - 19
Taxes -25 -19 -5 - -49
Total items reclassifiable to profit or loss, net of tax 13 64 38 0 115
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined pension plans -6 - - - -6
Taxes 1 - - - 1
Total items not reclassifiable to profit or loss, net of tax -5 - - - -5
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 714 232 815 0 1,760
Consolidated income statement by business segment for year ended 31 December 2015
EURm P&C insurance Life insurance Holding Elimination Group
Insurance premius written 4,378 1,144 - - 5,522
Net income from investments 304 632 76 -14 998
Other operating income 28 18 18 -17 46
Claims incurred -2,894 -1,023 - - -3,917
Change in liabilities for insurance and investment contracts -34 -462 - -5 -502
Staff costs -371 -47 -20 - -438
Other operating expenses -477 -74 -12 17 -545
Finance costs -16 -6 -63 18 -68
Share of associates' profit/loss 42 0 751 - 793
Profit before taxes 960 181 749 -2 1,888
Taxes -195 -36 -1 0 -232
Profit for the year 765 144 749 -1 1,656
Other comprehensive income for the period
Items reclassifiable to profit or loss
Exchange differences -35 - - - -35
Available-for-sale financial assets -148 32 2 8 -106
Share of associate's other comprehensive income - - 16 - 16
Taxes 32 -9 0 -2 21
Total items reclassifiable to profit or loss, net of tax -151 24 18 6 -103
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined pension plans 14 - - - 14
Taxes -3 - - - -3
Total items not reclassifiable to profit or loss, net of tax 11 - - - 11
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 624 168 766 5 1,564
Consolidated balance sheet by business segment at 31 December 2016
EURm P&C insurance Life insurance Holding Elimination Group
Assets
Property, plant and equipment 19 4 3 - 27
Investment property 14 201 - -4 211
Intangible assets 541 70 0 - 612
Investments in associates 553 0 7,554 - 8,107
Financial assets 11,667 5,459 3,201 -2,659 17,668
Investments related to unit-linked insurance contracts - 3,468 - -41 3,427
Tax assets 24 - 7 -4 27
Reinsurers' share of insurance liabilities 236 3 - - 239
Other assets 1,593 162 15 -9 1,761
Cash and cash equivalents 463 682 1439 - 2,585
Assets held for sale - 3,291 - - 3,291
Total assets 15,111 13,341 12,220 -2,717 37,955
Liabilities
Liabilities for insurance and investment contracts 9,379 4,611 - - 13,990
Liabilities for unit-linked insurance and investment contracts - 3,448 - -41 3,407
Financial liabilities 474 111 3,551 -289 3,847
Tax liabilities 346 181 - 0 527
Provisions 35 - - - 35
Employee benefits 79 - - - 79
Other liabilities 700 148 96 -10 933
Liabilities related to assets held for sale - 3,202 - - 3,202
Total liabilities 11,013 11,701 3,647 -340 26,021
Equity
Share capital 98
Reserves 1,531
Retained earnings 9,700
Other components of equity 605
Total equity 11,934
Total equity and liabilities 37,955
Consolidated balance sheet by business segment at 31 December 2015
EURm P&C insurance Life insurance Holding Elimina-tion Group
Assets
Property, plant and equipment 19 5 3 - 26
Investment property 15 180 - -4 191
Intangible assets 564 160 0 - 724
Investments in associates 374 0 7,305 - 7,679
Financial assets 10,566 6,039 3,243 -2,659 17,189
Investments related to unit-linked insurance - 5,865 - -18 5,847
Tax assets 27 - 12 -4 36
Reinsurers' share of insurance liabilities 239 3 - - 242
Other assets 1,541 127 51 -10 1,708
Cash and cash equivalents 775 482 739 - 1,997
Total assets 14,119 12,860 11,354 -2,695 35,639
Liabilities
Liabilities for insurance and investment contracts 9,433 5,014 - - 14,447
Liabilities for unit-linked insurance and investment contracts - 5,858 - -18 5,841
Financial liabilities 216 133 2,314 -289 2,375
Tax liabilities 314 154 - 0 468
Provisions 51 - - - 51
Employee benefits 90 - - - 90
Other liabilities 669 167 133 -11 957
Total liabilities 10,772 11,327 2,447 -318 24,228
Equity
Share capital 98
Reserves 1,531
Retained earnings 9,325
Other components of equity 457
Total equity 11,411
Total equity and liabilities 35,639
Geographical information
EURm Finland Sweden Norway Denmark Baltic Total
2016
Revenue from external customers
P&C insurance 990 1,453 1,321 389 132 4,286
Life insurance 1,087 - - - 29 1,116
Holding 52 - - - - 52
Total 2,129 1,453 1,321 389 161 5,454
Non-current assets
P&C insurance 101 460 14 552 1 1,127
Life insurance 275 - - - 1 276
Holding 3 7,554 - - - 7,558
Total 379 8,014 14 552 1 8,961
2015
Revenue from external customers
P&C insurance 1,021 1,403 1,408 384 128 4,344
Life insurance 1,110 - - - 34 1,144
Holding 93 - - - - 93
Total 2,225 1,403 1,408 384 162 5,581
Non-current assets
P&C insurance 103 498 19 349 1 971
Life insurance 344 - - - 1 345
Holding 3 7,305 - - - 7,309
Total 451 7,804 19 349 2 8,625
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.
The tables for the Financial Statements are also available in Excel format.