Notes to OP Financial Group Financial Statements

NOTES TO ASSETS

 

Note 23. Non-life Insurance assets

 

EUR million 31 Dec. 2014 31 Dec. 2013
Restated*
Investments    
  Loans and receivables 14 15
  Shares and participations 463 471
  Investment property 161 152
  Notes and bonds 2,297 2,014
  Derivative contracts 12 4
  Other 207 300
Total 3,154 2,956
Other assets    
  Prepayments and accrued income 33 40
  Other    
  From direct insurance 404 324
  From reinsurance 100 90
  Cash in hand and at bank 41 4
  Other receivables 66 64
Total 643 523
Total Non-life Insurance assets 3,797 3,479

Non-life Insurance investments 31 Dec. 2014 31 Dec. 2013
Restated*
Loans and receivables    
Loans 14 14
Deposits with ceding undertakings 1 1
Total 14 15

Financial assets recognised at fair value through profit or loss
   
Notes and bonds 7 6
Derivative contracts 12 4
Total 19 10
Available-for-sale financial assets    
Notes and bonds 2,290 2,007
Shares and participations 463 471
Other participations 207 300
Total 2,960 2,779
Investment property    
Land and water areas 23 22
Buildings 138 131
Total 161 152
Total Non-life Insurance investments 3,154 2,956
 
                               

Breakdown of Non-life Insurance notes and bonds recognised through profit or loss, shares and participations and derivatives by quotation and issuer.


  31 Dec. 2014 31 Dec. 2013
EUR million Notes
and
bonds
Shares
and parti-
cipations
Derivative contracts Notes
and
bonds
Shares
and parti-
cipations
Derivative contracts
Quoted            
  From others 7 - - 6 - -
Other            
  From others - - 12 - - 4
Total 7 - 12 6 - 4


Available-for-sale financial assets of Non-life Insurance, 31 December 2014
 
 
  Available-for-sale notes and bonds Available-for-sale shares and participations
EUR million At fair value At amortised cost Total At fair
value
At cost Total*
Quoted  
  From public corporations 503 - 503 - - -
  From others 1,787 - 1,787 412 - 412
Other  
  From others - - 0 258 - 258
Total 2,290 - 2,290 670 - 670
Impairment losses for the financial year 0 - 0 -2 - -2
 
                               

* Available-for-sale shares and participations include EUR 463 million (EUR 471 million) in equities and mutual funds with equity risk and EUR 207 million (EUR 300 million) in other participations. Other participations consist mainly of units in bond, money market, convertible bond, commodities, hedge funds and real estate funds.

 

The available-for-sale financial assets of Non-life Insurance include EUR 2 million (EUR 4 million) in pledged items. The items mainly consist of notes and bonds in collateral for derivatives trading.

 

Available-for-sale financial assets of Non-life Insurance, 31 December 2013 restated*  
 
  Available-for-sale notes and bonds Available-for-sale shares and participations
EUR million At fair value At amortised
cost
Total At fair
value
At cost Total
Quoted  
  From public corporations 465 - 465 - - -
  From others 1,527 - 1,527 581 - 581
Other  
  From others 14 - 14 191 - 191
Total 2,007 - 2,007 771 - 771
Impairment losses for the financial year -1 - -1 -5 - -5
 
 

Changes in Non-life Insurance investment property
2014 2013
Restated*
Acquisition cost 1 January 133 143
  Increase 11 18
  Decrease -5 -8
  Transfers between items 0 -20
Acquisition cost 31 December 138 133
Accumulated changes in fair value 1 January 19 17
  Changes in fair value during financial year 2 4
  Decrease 1 -2
Accumulated changes in fair value 31 December 22 19
Carrying amount 31 December 161 152
 
                               

* Comparative figures have been restated as a result of the adoption of IFRS 10 Consolidated Financial Statements.

Constructions and repair obligations regarding investment property in the accounting period amounted to EUR 2 million (2). The fair value of investment property holdings excludes the portion of debt.

 

A total of 86% of Non-life Insurance's investment property holdings, or EUR 90 million, was appraised by external property valuers, all of them being authorised property valuers (AKA). These valuers were Olli Kantanen and Antti Hänninen employed by Realia Group Oy.