Notes to OP Financial Group Financial Statements

NOTES TO ASSETS

 

Note 24. Life Insurance assets

 

EUR million 31 Dec. 2014 31 Dec. 2013
Restated*
Investments    
  Loans and receivables 59 77
  Shares and participations 1,160 1,369
  Investment property 101 108
  Notes and bonds 2,209 1,815
  Derivative contracts 66 71
Total 3,594 3,440
Investments serving as cover for unit-linked policies    
  Shares, participations and other investments 7,492 6,300
Other assets    
  Prepayments and accrued income 49 47
  Other    
  Direct insurance operations 11 5
  Reinsurance operations 79 77
  Cash in hand and at bank 13 3
Total 153 132
Total Life Insurance assets 11,238 9,872

Life Insurance investments 31 Dec. 2014 31 Dec. 2013
Restated*
Loans and receivables    
  Loans 42 63
  Other receivables 17 14
Total 59 77
Financial assets recognised at fair value through profit or loss    
  Notes and bonds 7 16
  Shares and participations 0 0
  Derivative contracts 66 71
Total 73 87
Available-for-sale financial assets    
  Notes and bonds 2,202 1,799
  Shares and participations 1,160 1,369
Total 3,362 3,168
Investment property    
  Land and water areas 16 17
  Buildings 85 91
Total 101 108
Total investments 3,594 3,440
 
                               

Breakdown of Life Insurance notes and bonds recognised at fair value through profit or loss and shares and participations 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 - 66 16 - 71
Total 7 - 66 16 - 71

Available-for-sale financial assets of 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 605 - 605 - - -
  From others 1,597 - 1,597 1,160 1,160
Total 2,202 - 2,202 1,160 - 1,160
Impairment losses for the financial year -1 - -1 -12 - -12
 
Available-for-sale financial assets of 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 522 - 522 - - -
  From others 1,276 - 1,276 1,369 1,369
Total 1,799 - 1,799 1,369 - 1,369
Impairment losses for the financial year -9 - 0 -21 - -21

Changes in Life Insurance investment property 31 Dec. 2014 31 Dec. 2013
Restated*
Acquisition cost 1 January 90 133
  Increase 4 16
  Decrease -12 -59
  Transfers between items 0 -
Acquisition cost 31 December 82 90
Accumulated changes in fair value 1 January 18 23
  Changes in fair value during financial year 1 -5
Accumulated changes in fair value 31 December 19 18
Carrying amount 101 108
     
                               

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

The fair value of investment property holdings excludes the portion of debt. Constructions and repair obligations regarding investment property amounted to EUR 0 million (0).