Changes in the Group management and the Board of Directors ....................................... | |
BOARD OF DIRECTORS’ REPORT AND FINANCIAL STATEMENTS 2023 | 2 |
The major risks and uncertainties for the Group in the near-term ........................................... | |
BOARD OF DIRECTORS’ REPORT 2023 | 3 |
BOARD OF DIRECTORS’ REPORT 2023 | 4 |
BOARD OF DIRECTORS’ REPORT 2023 | 5 |
EURm | 1–12/2023 | 1–12/2022 | Change, % |
Profit before taxes (P&C Operations) | 1,481 | 1,924 | -23 |
If | 1,358 | 1,550 | -12 |
Topdanmark | 162 | 158 | 3 |
Hastings | 129 | 107 | 21 |
Holding | -160 | 146 | — |
Net profit for the equity holders | 1,323 | 2,107 | -37 |
Underwriting result | 1,164 | 1,031 | 13 |
Change | |||
Earnings per share (EUR) | 2.62 | 3.97 | -1.36 |
Operational result per share (EUR) | 2.07 | — | — |
Return on equity, % | 15.6 | 4.2 | 11.4 |
Profit before taxes (adjusted for IFRS 9), EURm* | 1,481 | 803 | 84% |
Target | 2023 | |
Group | Mid-single digit UW profit growth annually on average | 13% |
Group combined ratio: below 86% | 84.6% | |
Solvency ratio: 170-190% | 182% (pro forma of demerger- related transactions) | |
Financial leverage: below 30% | 25.3% | |
If | Combined ratio: below 85% | 83.1% |
Hastings | Operating ratio: below 88% | 89.8% |
BOARD OF DIRECTORS’ REPORT 2023 | 6 |
BOARD OF DIRECTORS’ REPORT 2023 | 7 |
BOARD OF DIRECTORS’ REPORT 2023 | 8 |
BOARD OF DIRECTORS’ REPORT 2023 | 9 |
EURm | 2023 | 2022 | Change, % |
Gross written premiums | 5,468 | 5,432 | 1 |
Insurance revenue, net | 4,996 | 5,024 | -1 |
Claims incurred, net | -3,093 | -3,267 | -5 |
Operating expenses and claims handling costs | -1,061 | -1,084 | -2 |
Insurance service result / underwriting result | 842 | 673 | 25 |
Net investment income | 871 | 278 | 214 |
Insurance finance income or expense, net | -331 | 610 | — |
Net financial result | 539 | 888 | -39 |
Other items | -24 | -11 | 122 |
Profit before taxes | 1,358 | 1,550 | -12 |
EURm | 2023 | 2022 | Change |
Combined ratio, % | 83.1 | 86.6 | -3.5 |
Cost ratio, % | 21.2 | 21.6 | -0.3 |
Risk ratio, % | 61.9 | 65.0 | -3.1 |
Large claims and severe weather, % | 4.7 | 1.3 | 3.4 |
Risk adjustment and other technical effects, current year % | 1.2 | 0.8 | 0.4 |
Prior year development, % | -5.3 | 0.6 | -6.0 |
Adjusted risk ratio, current year, % | 61.3 | 62.3 | -1.0 |
Discounting effect, current year, % | -3.4 | -2.9 | -0.5 |
Undiscounted adjusted risk ratio, current year, % | 64.7 | 65.2 | -0.5 |
Loss ratio, % | 67.6 | 70.7 | -3.1 |
Expense ratio, % | 15.6 | 15.9 | -0.4 |
BOARD OF DIRECTORS’ REPORT 2023 | 10 |
BOARD OF DIRECTORS’ REPORT 2023 | 11 |
Combined ratio, % | Risk ratio, % | |||||||
2023 | 2022 | Change, % | 2023 | 2022 | Change, % | |||
Private | 83.1 | 84.7 | -1.6 | 62.1 | 63.4 | -1.3 | ||
Commercial | 81.9 | 86.8 | -4.8 | 60.0 | 64.6 | -4.6 | ||
Industrial | 87.3 | 97.3 | -10.0 | 68.3 | 77.4 | -9.0 | ||
Baltic | 85.9 | 89.5 | -3.6 | 59.8 | 62.4 | -2.6 | ||
Sweden | 83.2 | 82.5 | 0.7 | 63.8 | 62.6 | 1.1 | ||
Norway | 87.2 | 88.4 | -1.2 | 66.8 | 67.3 | -0.5 | ||
Finland | 75.7 | 80.3 | -4.7 | 53.5 | 57.9 | -4.5 | ||
Denmark | 88.4 | 110.0 | -21.6 | 62.9 | 84.3 | -21.4 | ||
BOARD OF DIRECTORS’ REPORT 2023 | 12 |
EURm | 2023 | 2022 | Change, % |
Gross written premiums | 1,339 | 1,308 | 2 |
Insurance revenue, net | 1,288 | 1,255 | 3 |
Claims incurred and claims handling costs, net | -862 | -809 | 7 |
Operating expenses | -233 | -216 | 7 |
Insurance service result / underwriting result | 194 | 230 | -16 |
Net investment income | 107 | -142 | — |
Insurance finance income or expense, net | -79 | 115 | — |
Net financial result | 27 | -28 | — |
Other items | -59 | -45 | 32 |
Profit before taxes | 162 | 158 | 3 |
2023 | 2022 | Change | |
Combined ratio, % | 85.0 | 81.7 | 3.3 |
Loss ratio, % | 66.9 | 64.4 | 2.5 |
Expense ratio, % | 18.1 | 17.2 | 0.8 |
BOARD OF DIRECTORS’ REPORT 2023 | 13 |
EURm | 2023 | 2022 | Change, % |
Gross written premiums | 1,706 | 1,314 | 30 |
Brokerage revenue | 357 | 322 | 11 |
Insurance revenue, net (incl. brokerage) | 1,251 | 998 | 25 |
Claims incurred and claims handling costs, net | -714 | -509 | 40 |
Operating expenses | -409 | -361 | 13 |
Underwriting result | 128 | 128 | — |
Net investment income | 79 | 16 | 397 |
Insurance finance income or expense, net | -35 | 11 | — |
Net financial result | 44 | 27 | 61 |
Other items | -42 | -49 | -14 |
Profit before taxes | 129 | 107 | 21 |
Key figures | 2023 | 2022 | Change |
Operating ratio, % | 89.8 | 87.2 | 2.6 |
Loss ratio, % | 63.3 | 57.2 | 6.1 |
Live customer policies (millions) | 3.5 | 3.2 | 0.2 |
BOARD OF DIRECTORS’ REPORT 2023 | 14 |
EURm | 2023 | 2022 | Change, % |
Net investment income | -37 | 177 | — |
Other income | 1 | 132 | -99 |
Other expenses | -57 | -48 | 20 |
Finance expenses | -66 | -96 | -31 |
Share of associates' profit or loss | — | -19 | — |
Profit before taxes | -160 | 146 | — |
BOARD OF DIRECTORS’ REPORT 2023 | 15 |
EURm | Sampo plc | If | Topdanmark | Hastings | Eliminations | Group total |
Sub/hybrid | 1,490 | 135 | 148 | 0 | -127 | 1,645 |
Senior bonds | 959 | 0 | 0 | 0 | 0 | 959 |
Total | 2,449 | 135 | 148 | 0 | -127 | 2,604 |
BOARD OF DIRECTORS’ REPORT 2023 | 16 |
Rated company | Moody’s | Standard & Poor’s | ||
Rating | Outlook | Rating | Outlook | |
Sampo plc – Issuer Credit Rating | A3 | Positive | A | Stable |
If P&C Insurance Ltd – Insurance Financial Strength Rating | A1 | Positive | AA- | Stable |
If P&C Insurance Holding Ltd (publ) - Issuer Credit Rating | - | - | A | Stable |
BOARD OF DIRECTORS’ REPORT 2023 | 17 |
Key figures 1-9/2023 | Pro forma, including Mandatum* | Pro forma, excluding Mandatum** | |
Net profit for the equity holders of the parent | EURm | 941 | 801 |
Earnings per share | EUR | 1.86 | 1.58 |
Own funds | EURm | 8,918 | 6,589 |
Own funds, including dividend accrual | EURm | — | 6,026 |
Solvency capital requirement | EURm | 3,776 | 3,087 |
Solvency II ratio | % | 236 | 213 |
Solvency II ratio, including dividend accrual | % | — | 195 |
IFRS shareholders’ equity | EURm | 9,033 | 7,309 |
Financial debt | EURm | 2,860 | 2,610 |
Financial leverage | % | 24.0 | 26.3 |
BOARD OF DIRECTORS’ REPORT 2023 | 18 |
BOARD OF DIRECTORS’ REPORT 2023 | 19 |
Number of shares | Shareholders, number | Share- holders, % | Shares, number | Shares, % | Voting rights, number | Voting rights, % |
1–100 | 110,146 | 53.21 | 4,614,546 | 0.92 | 4,614,546 | 0.92 |
101–500 | 65,836 | 31.81 | 15,989,786 | 3.19 | 15,989,786 | 3.18 |
501–1,000 | 15,006 | 7.25 | 11,180,875 | 2.23 | 11,180,875 | 2.22 |
1,001–5,000 | 13,414 | 6.48 | 28,078,213 | 5.60 | 28,078,213 | 5.59 |
5,001–10,000 | 1,518 | 0.73 | 10,652,503 | 2.12 | 10,652,503 | 2.12 |
10,001–50,000 | 875 | 0.42 | 16,947,504 | 3.38 | 16,947,504 | 3.37 |
50,001–100,000 | 90 | 0.04 | 6,610,344 | 1.32 | 6,610,344 | 1.32 |
100,001–500,000 | 72 | 0.03 | 13,643,773 | 2.72 | 13,643,773 | 2.71 |
500,001– | 35 | 0.02 | 394,079,208 | 78.53 | 394,879,208 | 78.57 |
Total | 206,992 | 100 | 501,796,752 | 100 | 502,596,752 | 100 |
of which nominee registered | 11 | 301,533,372 | 60.09 | 301,533,372 | 60.00 |
BOARD OF DIRECTORS’ REPORT 2023 | 20 |
BOARD OF DIRECTORS’ REPORT 2023 | 21 |
BOARD OF DIRECTORS’ REPORT 2023 | 22 |
A and B shares | Number of shares | % of share capital | % of votes |
Solidium Oy | 33,278,580 | 6.63 | 6.62 |
Varma Mutual Pension Insurance Company | 22,248,420 | 4.43 | 4.43 |
Ilmarinen Mutual Pension Insurance Company | 6,037,057 | 1.20 | 1.20 |
Oy Lival AB | 4,020,000 | 0.80 | 0.80 |
Elo Mutual Pension Insurance Company | 3,968,000 | 0.79 | 0.79 |
The State Pension Fund | 2,900,000 | 0.58 | 0.58 |
OP Life Assurance Company Ltd | 1,834,542 | 0.37 | 0.37 |
Svenska litteratursällskapet i Finland r.f. | 1,469,150 | 0.29 | 0.29 |
Nordea Nordic Fund | 1,343,000 | 0.27 | 0.27 |
OP-Finland Fund | 1,331,025 | 0.27 | 0.26 |
Nordea Pro Finland Fund | 1,188,034 | 0.24 | 0.24 |
Evli Finland Select Fund | 1,185,000 | 0.24 | 0.24 |
OMX Helsinki 25 Exchange Traded Fund | 1,149,960 | 0.23 | 0.23 |
Åbo Akademi University Foundation | 1,063,872 | 0.21 | 0.21 |
Nordea Life Assurance Finland Ltd. | 904,380 | 0.18 | 0.18 |
Samfundet folkhälsan i Svenska Finland rf | 848,402 | 0.17 | 0.17 |
Nordea Suomi | 841,844 | 0.17 | 0.17 |
Keva | 814,100 | 0.16 | 0.16 |
OP Finland Index Fund | 808,173 | 0.16 | 0.16 |
Föreningen Konstsamfundet rf | 800,000 | 0.16 | 0.16 |
Foreign and nominee registered total | 302,593,499 | 60.30 | 60.21 |
Other total | 111,169,714 | 22.15 | 22.12 |
Total | 501,796,752 | 100 | 100 |
Sector | Number of shares | % |
Corporations | 20,004,337 | 3.99 |
Financial institutions and insurance corporations | 17,654,345 | 3.52 |
Public institutions | 70,733,556 | 14.10 |
Non-profit institutions | 13,830,150 | 2.76 |
Households | 76,980,865 | 15.34 |
Foreign ownership and nominee registered | 302,593,499 | 60.30 |
Total | 501,796,752 | 100 |
BOARD OF DIRECTORS’ REPORT 2023 | 23 |
Board of Directors | 31 Dec 2023 | 31 Dec 2022 |
Antti Mäkinen1 | 7,010 | — |
Jannica Fagerholm | 8,751 | 7,597 |
Christian Clausen | 38,479 | 37,819 |
Fiona Clutterbuck | 3,678 | 2,853 |
Georg Ehrnrooth | 129,532 | 128,681 |
Johanna Lamminen2 | — | 2,695 |
Steve Langan | 1,498 | 673 |
Risto Murto | 5,169 | 4,449 |
Markus Rauramo | 2,407 | 1,668 |
Björn Wahlroos3 | — | 9,229 |
Annica Witschard1 | 905 | — |
Total | 197,429 | 195,664 |
Board of Directors ownership of shares, % | 0.04 | 0.04 |
Board of Directors share of votes, % | 0.04 | 0.04 |
Group Executive Committee | 31 Dec 2023 | 31 Dec 2022 |
Torbjörn Magnusson | 46,268 | 46,480 |
Knut Arne Alsaker | 43,412 | 39,646 |
Ingrid Janbu Holthe | 5,588 | 1,875 |
Patrick Lapveteläinen4 | — | 276,423 |
Petri Niemisvirta4 | — | 93,470 |
Ville Talasmäki5 | 17,801 | — |
Morten Thorsrud | 65,788 | 61,344 |
Ricard Wennerklint | 48,464 | 45,200 |
Total | 227,321 | 564,438 |
Group Executive Committee's ownership of shares, % | 0.05 | 0.1 |
Group Executive Committee's share of votes, % | 0.05 | 0.1 |
BOARD OF DIRECTORS’ REPORT 2023 | 24 |
BOARD OF DIRECTORS’ REPORT 2023 | 25 |
BOARD OF DIRECTORS’ REPORT 2023 | 26 |
BOARD OF DIRECTORS’ REPORT 2023 | 27 |
BOARD OF DIRECTORS’ REPORT 2023 | 28 |
BOARD OF DIRECTORS’ REPORT 2023 | 29 |
BOARD OF DIRECTORS’ REPORT 2023 | 30 |
BOARD OF DIRECTORS’ REPORT 2023 | 31 |
Sampo Group personnel (P&C operations) | Average personnel (FTE) 2023 | % | Average personnel (FTE) 2022 | % |
By company | ||||
If | 7,858 | 59 | 7,496 | 58 |
Hastings | 3,200 | 24 | 3,021 | 23 |
Topdanmark | 2,160 | 16 | 2,381 | 18 |
Sampo plc* | 54 | 0.4 | 50 | 0.4 |
Total | 13,272 | 100 | 12,947 | 100 |
By country | ||||
United Kingdom | 3,176 | 24 | 3,000 | 23 |
Denmark | 2,756 | 21 | 2,969 | 23 |
Finland | 1,934 | 15 | 1,838 | 14 |
Sweden | 2,446 | 18 | 2,379 | 18 |
Norway | 1,613 | 12 | 1,580 | 12 |
Other countries | 1,346 | 10 | 1,181 | 9 |
Total | 13,272 | 100 | 12,947 | 100 |
BOARD OF DIRECTORS’ REPORT 2023 | 32 |
BOARD OF DIRECTORS’ REPORT 2023 | 33 |
BOARD OF DIRECTORS’ REPORT 2023 | 34 |
BOARD OF DIRECTORS’ REPORT 2023 | 35 |
Substantial contribution to climate change adaptation | DNSH (Do No Significant Harm) | ||||||||
Economic activities | Absolute premiums, 2023 | Proportion of premiums, 2023 | Proportion of premiums, 2022 | Climate change mitigation | Water and marine resources | Circular economy | Pollution | Biodiversity and ecosystems | Minimum safeguards |
(EURm) | % | % | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | |
A.1. Non-life insurance and reinsurance underwriting Taxonomy-aligned activities (environmentally sustainable) | 81 | 1.0 | N/A | Y | Y | Y | Y | Y | Y |
A.1.1 Of which reinsured | — | — | N/A | — | — | — | — | — | — |
A.1.2 Of which stemming from reinsurance activity | — | — | N/A | — | — | — | — | — | — |
A.1.2.1 Of which reinsured (retrocession) | — | — | N/A | — | — | — | — | — | — |
A.2 Non-life insurance and reinsurance underwriting Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) | 105 | 1.2 | N/A | ||||||
B. Non-life insurance and reinsurance underwriting Taxonomy-non-eligible activities | 8,266 | 97.8 | N/A | ||||||
Total (A.1 + A.2 + B) | 8,453 | 100.0 | 100.0 | ||||||
BOARD OF DIRECTORS’ REPORT 2023 | 36 |
BOARD OF DIRECTORS’ REPORT 2023 | 37 |
The weighted average value of all the investments of insurance or reinsurance undertakings that are directed at funding, or are associated with Taxonomy-aligned economic activities relative to the value of total assets covered by the KPI, with following weights for investments in undertakings per below: | The weighted average value of all the investments of insurance or reinsurance undertakings that are directed at funding, or are associated with Taxonomy-aligned economic activities, with following weights for investments in undertakings per below: | ||
Turnover-based: | 0.7% | Turnover-based: | 129 |
Capital expenditures-based: | 0.9% | Capital expenditures-based: | 184 |
The percentage of assets covered by the KPI relative to total investments of insurance or reinsurance undertakings (total AuM). Excluding investments in sovereign entities. | The monetary value of assets covered by the KPI. Excluding investments in sovereign entities. | ||
Coverage ratio: | 96.0% | Coverage: | 19,847 |
Additional, complementary disclosures: breakdown of denominator of the KPI | |||
The percentage of derivatives relative to total assets covered by the KPI. | The value in monetary amounts of derivatives. | ||
0.1% | 21 | ||
The proportion of exposures to financial and non-financial undertakings not subject to Articles 19a and 29a of Directive 2013/34/ EU over total assets covered by the KPI: | Value of exposures to financial and non- financial undertakings not subject to Articles 19a and 29a of Directive 2013/34/EU: | ||
For non-financial undertakings: | 19.9% | For non-financial undertakings: | 3,947 |
For financial undertakings: | 37.1% | For financial undertakings: | 7,362 |
The proportion of exposures to financial and non-financial undertakings from non-EU countries not subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI: | Value of exposures to financial and non- financial undertakings from non-EU countries not subject to Articles 19a and 29a of Directive 2013/34/EU: | ||
For non-financial undertakings: | 9.5% | For non-financial undertakings: | 1,877 |
For financial undertakings: | 8.8% | For financial undertakings: | 1,750 |
Additional, complementary disclosures: breakdown of denominator of the KPI | |||
The proportion of exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/ EU over total assets covered by the KPI: | Value of exposures to financial and non- financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU: | ||
For non-financial undertakings: | 9.7% | For non-financial undertakings: | 1,927 |
For financial undertakings: | 14.9% | For financial undertakings: | 2,955 |
The proportion of exposures to other counterparties and assets over total assets covered by the KPI: | Value of exposures to other counterparties and assets: | ||
18.3% | 3,636 | ||
The proportion of the insurance or reinsurance undertaking’s investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, Taxonomy-aligned economic activities1: | Value of insurance or reinsurance undertaking’s investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, Taxonomy- aligned economic activities1: | ||
100.0% | 19,847 | ||
The value of all the investments that are funding economic activities that are not Taxonomy-eligible relative to the value of total assets covered by the KPI2: | Value of all the investments that are funding economic activities that are not Taxonomy- eligible2: | ||
95.9% | 19,025 | ||
The value of all the investments that are funding Taxonomy-eligible economic activities, but not Taxonomy-aligned relative to the value of total assets covered by the KPI3: | Value of all the investments that are funding Taxonomy-eligible economic activities, but not Taxonomy-aligned3: | ||
3.5% | 693 | ||
BOARD OF DIRECTORS’ REPORT 2023 | 38 |
Additional, complementary disclosures: breakdown of numerator of the KPI | |||
The proportion of Taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI: | Value of Taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU: | ||
For non-financial undertakings: | For non-financial undertakings: | ||
Turnover-based: | 0.6% | Turnover-based: | 124 |
Capital expenditures-based: % | 0.8% | Capital expenditures-based: | 166 |
For financial undertakings: | For financial undertakings: | ||
Turnover-based: | 0.0% | Turnover-based: | 6 |
Capital expenditures-based: | 0.1% | Capital expenditures-based: | 18 |
The proportion of the insurance or reinsurance undertaking’s investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, Taxonomy-aligned: | Value of insurance or reinsurance undertaking’s investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, Taxonomy- aligned: | ||
Turnover-based: | 0.7% | Turnover-based: | 129 |
Capital expenditures-based: | 0.9% | Capital expenditures-based: | 184 |
The proportion of Taxonomy-aligned exposures to other counterparties and assets in over total assets covered by the KPI: | Value of Taxonomy-aligned exposures to other counterparties and assets over total assets covered by the KPI: | ||
Turnover-based: | —% | Turnover-based: | — |
Capital expenditures-based: | —% | Capital expenditures-based: | — |
Breakdown of the numerator of the KPI per environmental objective | ||||
Taxonomy-aligned activities – provided ‘do-not-significant-harm’(DNSH) and social safeguards positive assessment: | ||||
(1) Climate change mitigation | Turnover: | 0.5% | Transitional activities: | Turnover: 0,1% ; CapEx: 0,1% |
CapEx: | 0.8% | Enabling activities: | Turnover: 0,2% ; CapEx: 0,4% | |
(2) Climate change adaptation | Turnover: | 0.0% | Enabling activities: | Turnover: 0,0% ; CapEx: 0,0% |
CapEx: | 0.0% | |||
(3) The sustainable use and protection of water and marine resources | Turnover: | —% | Enabling activities: | Turnover: -% ; CapEx: -% |
CapEx: | —% | |||
(4) The transition to a circular economy | Turnover: | —% | Enabling activities: | Turnover: -% ; CapEx: -% |
CapEx: | —% | |||
(5) Pollution prevention and control | Turnover: | —% | Enabling activities: | Turnover: -% ; CapEx: -% |
CapEx: | —% | |||
(6) The protection and restoration of biodiversity and ecosystems | Turnover: | —% | Enabling activities: | Turnover: -% ; CapEx: -% |
CapEx: | —% | |||
BOARD OF DIRECTORS’ REPORT 2023 | 39 |
BOARD OF DIRECTORS’ REPORT 2023 | 40 |
BOARD OF DIRECTORS’ REPORT 2023 | 41 |
Financial highlights | 2023 | 2022 (restated) | 2022 (published) | 2021 | 2020 | 2019 | |
Group | |||||||
Gross written premiums & brokerage income | EURm | 8,870 | 8,375 | — | — | — | — |
Insurance revenue, net | EURm | 7,412 | 7,168 | — | — | — | — |
Insurance service result, net | EURm | 1,193 | 1,062 | — | — | — | — |
Underwriting result | EURm | 1,164 | 1,031 | 1,314 | 1,282 | 967 | — |
Net financial result | EURm | 560 | 1,056 | — | — | — | — |
Profit before taxes (P&C operations) | EURm | 1,481 | 1,924 | 1,863 | 3,171 | 380 | 1,541 |
Net profit for the equity holders | EURm | 1,323 | 2,107 | 1,427 | 2,567 | 37 | 1,130 |
Combined ratio | % | 84.6 | 85.8 | 82.1 | 81.4 | 83.4 | — |
Solvency ratio1 3 | % | 182 | 210 | 210 | 185 | 176 | 174 |
Financial leverage | % | 25.3 | 24.4 | 25.6 | 23.8 | 28.6 | — |
Return on equity | % | 15.6 | 4.2 | -1.3 | 26.8 | 3.1 | 12.0 |
Average number of staff incl. Mandatum | 13,935 | 13,550 | 13,550 | 13,274 | 13,227 | 9,813 | |
If | 2023 | 2022 (restated) | 2022 (published) | 2021 | 2020 | 2019 | |
Gross written premiums | EURm | 5,468 | 5,432 | — | — | — | — |
Insurance revenue, net | EURm | 4,996 | 5,024 | — | — | — | — |
Insurance service result/underwriting result | EURm | 842 | 673 | 985 | 891 | 801 | 682 |
Net financial result | EURm | 539 | 888 | — | — | — | — |
Premiums written before reinsurers' share (IFRS 4) | EURm | — | — | 5,432 | 5,134 | 4,823 | 4,675 |
Premiums earned (IFRS 4) | EURm | — | — | 5,002 | 4,772 | 4,484 | 4,388 |
Profit before taxes | EURm | 1,358 | 1,550 | 1,217 | 1,077 | 901 | 884 |
Combined ratio | % | 83.1 | 86.6 | 80.3 | 81.3 | 82.1 | 84.5 |
Cost ratio | % | 21.2 | 21.6 | 21.1 | 21.4 | 21.5 | 21.8 |
Risk ratio | % | 61.9 | 65.0 | 59.2 | 59.9 | 60.7 | 62.7 |
Adjusted risk ratio, current year, %5 | % | 61.3 | 62.3 | — | — | — | — |
Undiscounted adjusted risk ratio, current year, %6 | % | 64.7 | 65.2 | — | — | — | — |
Loss ratio | % | 67.6 | 70.7 | 64.9 | 65.5 | 66.4 | 68.4 |
Expense ratio | % | 15.6 | 15.9 | 15.4 | 15.8 | 15.8 | 16.1 |
Return on equity | % | 31.3 | 13.2 | 6.1 | 37.0 | 33.3 | 34.5 |
Average number of staff | 7,858 | 7,496 | 7,496 | 7,223 | 7,182 | 6,603 | |
BOARD OF DIRECTORS’ REPORT 2023 | 42 |
Topdanmark | 2023 | 2022 (restated) | 2022 (published) | 2021 | 2020 | 2019 | |
Gross written premiums | EURm | 1,339 | 1,308 | — | — | — | — |
Insurance revenue, net | EURm | 1,288 | 1,255 | — | — | — | — |
Insurance service result/underwriting result | EURm | 194 | 230 | 224 | 227 | 182 | 210 |
Net financial result | EURm | 27 | -28 | — | — | — | — |
Premiums written before reinsurers' share, P&C insurance (IFRS 4) | EURm | — | — | 1,391 | 1,383 | 1,315 | 1,272 |
Premiums earned, P&C insurance (IFRS 4) | EURm | — | — | 1,326 | 1,285 | 1,227 | 1,178 |
Profit before taxes | EURm | 162 | 158 | 220 | 346 | 167 | 238 |
Combined ratio | % | 85.0 | 81.7 | 83.1 | 82.3 | 85.2 | 82.1 |
Loss ratio | % | 66.9 | 64.4 | 66.8 | 66.7 | 69.0 | 66.2 |
Expense ratio | % | 18.1 | 17.2 | 16.3 | 15.6 | 16.2 | 16.0 |
Average number of staff | 2,160 | 2,381 | 2,381 | 2,395 | 2,428 | 2,322 | |
Hastings | 2023 | 2022 (restated) | 2022 (published) | 2021 | 16.11.-31.12.2020 | 2019 | |
GWP & brokerage income | EURm | 2,063 | 1,636 | — | — | — | — |
Insurance revenue, net | EURm | 1,128 | 889 | — | — | — | — |
Insurance service result, net | EURm | 157 | 159 | — | — | — | — |
Underwriting result | EURm | 128 | 128 | 104 | 164 | — | — |
Net financial result | EURm | 44 | 27 | — | — | — | — |
Premiums written before reinsurers' share (IFRS 4) | EURm | — | — | 1,313 | 1,127 | 103 | — |
Net premiums written (IFRS 4) | EURm | — | — | 727 | 495 | 137 | — |
Premiums earned (IFRS 4) | EURm | — | — | 594 | 499 | 63 | — |
Profit before taxes | EURm | 129 | 107 | 73 | 127 | -16 | — |
Operating ratio | % | 89.8 | 87.2 | 89.7 | 80.3 | — | — |
Loss ratio | % | 63.3 | 57.2 | 83.7 | 62.2 | — | — |
Return on equity | % | 13.2 | -8.5 | — | — | — | — |
Average number of staff | 3,200 | 3,021 | 3,021 | 3,005 | 2,974 | — | |
Holding | 2023 | 2022 (restated) | 2022 (published) | 2021 | 2020 | 2019 | |
Profit before taxes | EURm | -160 | 146 | 146 | 1,331 | -826 | 139 |
Average number of staff | 54 | 50 | 50 | 63 | 67 | 63 | |
BOARD OF DIRECTORS’ REPORT 2023 | 43 |
Per share key figures | 2023 | 2022 (restated) | 2022 (published) | 2021 | 2020 | 2019 | |
Earnings per share | EUR | 2.62 | 3.97 | 2.69 | 4.63 | 0.07 | 2.04 |
Earnings per share, continuing operations2 | EUR | 2.12 | 2.88 | — | — | — | — |
Earning per share, discontinuing operations | EUR | 0.50 | 1.09 | — | — | — | — |
Operational result per share | EUR | 2.07 | — | — | — | — | — |
Equity per share | EUR | 14.47 | 18.70 | 17.44 | 23.39 | 20.56 | 21.44 |
Net asset value per share | EUR | 15.30 | 20.01 | 18.74 | 25.48 | 19.82 | 20.71 |
Market capitalisation4 | EURm | 19,876 | 25,112 | 25,112 | 24,093 | 19,199 | 21,609 |
Dividend per share | EUR | 1.80 | 2.60 | 2.60 | 4.10 | 1.70 | 1.50 |
Dividend payout ratio | % | 68.8 | 65.4 | 96.7 | 88.6 | 78.7 | 73.5 |
Effective dividend yield | % | 4.5 | 5.3 | 5.3 | 9.3 | 4.9 | 3.9 |
Price/earnings ratio | 15.1 | 12.3 | 18.1 | 9.5 | 16.0 | 19.1 | |
Number of shares at 31 Dec. | 1,000 | 501,797 | 514,369 | 514,369 | 546,812 | 555,352 | 555,352 |
Average number of shares | 1,000 | 505,939 | 530,296 | 530,296 | 554,317 | 555,352 | 555,352 |
Weighted average number of shares | 1,000 | 505,939 | 530,296 | 530,296 | 554,317 | 555,352 | 555,352 |
A shares | 2023 | 2022 | 2022 | 2021 | 2020 | 2019 | |
Number of shares at 31 Dec. | 1,000 | 501,597 | 514,169 | 514,169 | 545,612 | 554,152 | 554,152 |
Average number of shares | 1,000 | 505,739 | 530,096 | 530,096 | 553,117 | 554,152 | 554,152 |
Weighted average number of shares | 1,000 | 505,739 | 530,096 | 530,096 | 553,117 | 554,152 | 554,152 |
Weighted average share price | EUR | 39.36 | 44.25 | 44.25 | 40.50 | 32.35 | 39.15 |
Adjusted share price, high4 | EUR | 45.21 | 49.97 | 49.97 | 47.33 | 42.46 | 43.38 |
Adjusted share price, low4 | EUR | 34.53 | 35.85 | 35.85 | 33.82 | 21.34 | 34.45 |
Adjusted closing price | EUR | 39.61 | 48.82 | 48.82 | 44.06 | 34.57 | 38.91 |
Share trading volume during the financial year | 1,000 | 178,801 | 257,879 | 257,879 | 243,763 | 376,964 | 250,282 |
Relative share trading volume | % | 35.4 | 48.6 | 48.6 | 44.1 | 68.0 | 45.2 |
B shares | 2023 | 2022 | 2022 | 2021 | 2020 | 2019 | |
Number of shares at 31 Dec. | 1,000 | 200 | 200 | 200 | 1,200 | 1,200 | 1,200 |
Average number of shares | 1,000 | 200 | 200 | 200 | 1,200 | 1,200 | 1,200 |
BOARD OF DIRECTORS’ REPORT 2023 | 44 |
BOARD OF DIRECTORS’ REPORT 2023 | 45 |
Return on equity, % | ||
+ | total comprehensive income attributable to owners of the parent | x 100% |
+ | total equity attributable to owners of the parent | |
(average of values 1 Jan. and the end of reporting period) | ||
Equity/assets ratio, % | ||
+ | total equity attributable to owners of the parent | x 100% |
+ | balance sheet total | |
Financial leverage | ||
financial debt | x 100% | |
equity + financial debt | ||
Underwriting result | ||
+ | insurance revenue, net | |
+ | other income (Hastings) | |
- | claims incurred | |
- | operating expenses | |
underwriting result | ||
Operational result | ||
+ | P&C operations’ (incl. Sampo plc) profit after tax | |
- | non-controlling interest in P&C operations | |
- | unrealised gains/losses on investments in P&C operations | |
- | result effect from changes in discount rates in P&C operations | |
- | non-operational amortisations in P&C operations | |
- | non-recurring items | |
operational result | ||
Combined ratio for P&C insurance, % | ||
+ | claims incurred | |
+ | operating expenses | x 100% |
+ | insurance revenue, net | |
+ | other revenue (Hastings) | |
Risk ratio for P&C insurance, % | ||
+ | claims incurred | |
– | claims settlement expenses | x 100% |
insurance revenue, net | ||
Cost ratio for P&C insurance, % | ||
+ | operating expenses | |
+ | claims settlement expenses | x 100% |
insurance revenue, net | ||
Loss ratio for P&C insurance, % | ||
claims incurred | x 100% | |
insurance revenue, net | ||
Expense ratio for P&C insurance, % | ||
operating expenses | x 100% | |
insurance revenue, net | ||
BOARD OF DIRECTORS’ REPORT 2023 | 46 |
Operating ratio for Hastings, % | ||
+ | claims incurred | |
+ | acquisition costs | |
+ | other operating expenses | |
+ | operational depreciation and amortisation | x 100% |
+ | insurance revenue, net | |
+ | other revenue | |
Per share key figures | ||
Earnings per share | ||
profit for the financial period attributable to owners of the parent | ||
adjusted average number of shares | ||
Operational result per share | ||
operational result | ||
adjusted average number of shares | ||
Equity per share | ||
equity attributable to owners of the parent | ||
adjusted number of shares at the balance sheet date | ||
Net asset value per share | ||
+ | equity attributable to owners of the parent | |
± | valuation differences on listed Group companies | |
adjusted number of shares at balance sheet date | ||
Market capitalisation | ||
number of shares at the balance sheet date x closing share price at the balance sheet date | ||
Dividend payout ratio | ||
Dividend per share | x 100% | |
Earnings per share | ||
Effective dividend yield | ||
Dividend per share | x 100% | |
Adjusted closing price | ||
Price/earnings ratio | ||
Adjusted closing price | ||
Earnings per share | ||
Relative share trading volume | ||
Share trading volume during the financial year | x 100% | |
Average number of A shares | ||
1–12/2023 | 1–9/2023 | 1–6/2023 | 1–3/2023 | 1–12/2022 | |
EURSEK | |||||
Income statement (average) | 11.4745 | 11.4787 | 11.3310 | 11.2050 | 10.6286 |
11.0960 | 11.5325 | 11.8055 | 11.2805 | 11.1218 | |
DKKSEK | |||||
Income statement (average) | 1.5406 | 1.5411 | 1.5219 | 1.5052 | 1.4288 |
1.4888 | 1.5465 | 1.5852 | 1.5145 | 1.4956 | |
NOKSEK | |||||
Income statement (average) | 1.0048 | 1.0116 | 1.0013 | 1.0194 | 1.0522 |
0.9871 | 1.0248 | 1.0087 | 0.9900 | 1.0578 | |
EURDKK | |||||
Income statement (average) | 7.4510 | 7.4486 | 7.4464 | 7.4428 | 7.4396 |
7.4529 | 7.4571 | 7.4474 | 7.4485 | 7.4365 | |
EURGBP | |||||
Income statement (average) | 0.8697 | 0.8707 | 0.8764 | 0.8831 | 0.8527 |
0.8691 | 0.8646 | 0.8583 | 0.8792 | 0.8869 |
BOARD OF DIRECTORS’ REPORT 2023 | 47 |
FINANCIAL STATEMENTS 2023 | 48 |
EURm | Note | 1-12/2023 | 1-12/2022 |
Insurance revenue | |||
Insurance service expenses | - | - | |
Reinsurance result | - | - | |
Insurance service result | 1 | ||
Net investment income | 2 | ||
Net finance income or expense from insurance contracts | 3 | - | |
Insurance finance income or expense, gross | - | ||
Insurance finance income or expense, reinsurance | - | ||
Net financial result | |||
Other income | 4 | ||
Other expenses | 5 | - | - |
Finance expenses | 7 | - | - |
Share of associates' profit or loss | - | ||
Profit before taxes | |||
Income taxes | 17,18 | - | - |
Profit from the continuing operations | |||
Discontinued operations, net of tax | 32 | ||
Divested operations, net of tax | 33 | ||
Net profit | |||
EURm | Note | 1-12/2023 | 1-12/2022 |
Other comprehensive income | 8 | ||
Items reclassifiable to profit or loss | |||
Exchange differences | - | - | |
Available-for-sale financial assets | - | ||
Cash flow hedges | - | ||
Taxes | |||
Total items reclassifiable to profit or loss, net of tax | - | - | |
Items not reclassifiable to profit or loss | |||
Actuarial gains and losses from defined pension plans | - | ||
Taxes | - | ||
Total items not reclassifiable to profit or loss, net of tax | - | ||
Total other comprehensive income for the continuing operations, net of tax | - | - | |
Other comprehensive income for the discontinued operations, net of tax | - | ||
Other comprehensive income total, net of tax | - | - | |
Total comprehensive income | |||
Profit attributable to | |||
Owners of the parent | |||
Non-controlling interests | |||
Total comprehensive income attributable to | |||
Owners of the parent | |||
Non-controlling interests | |||
Earnings per share (EPS), EUR | |||
Earnings per share, continuing operations, EUR |
FINANCIAL STATEMENTS 2023 | 49 |
EURm | Note | 12/2023 | 12/2022 | 1 Jan 2022 |
Assets | ||||
Property, plant and equipment | 10 | |||
Investment property | 12 | |||
Intangible assets | 11 | |||
Investments in associates | 13 | |||
Financial assets | 14,15,16 | |||
Financial assets related to unit-linked contracts | ||||
Deferred income tax | 17 | |||
Insurance contract assets | ||||
Reinsurance contract assets | 21 | |||
Other assets | 19 | |||
Cash and cash equivalents | ||||
Non-current assets held for sale* | 33 | |||
Total assets |
EURm | Note | 12/2023 | 12/2022 | 1 Jan 2022 |
Liabilities | ||||
Insurance contract liabilities | 20,21,22 ,23 | |||
Investment contract liabilities | ||||
Subordinated debts | 24 | |||
Other financial liabilities | 24 | |||
Deferred income tax | 17 | |||
Other liabilities | 25 | |||
Liabilities related to non-current assets held for sale* | 33 | |||
Total liabilities | ||||
Equity | 27 | |||
Share capital | ||||
Reserves | ||||
Retained earnings | ||||
Other components of equity | - | - | ||
Equity attributable to owners of the parent | ||||
Non-controlling interests | ||||
Total equity | ||||
Total equity and liabilities |
FINANCIAL STATEMENTS 2023 | 50 |
EURm | Share capital | Legal reserve | Invested unres- tricted equity | Retained earnings1 | Transla- tion of foreign operations2 | Available- for-sale financial assets3 | Cash flow hedges | Total | Non- controlling interest | Total |
Equity at 31 December 2021 (IFRS 4) | - | |||||||||
Impact of IFRS 17 transition 1 January 2022 | - | - | - | |||||||
Restated equity at 1 January 2022 (IFRS 17) | - | |||||||||
Changes in equity | ||||||||||
Acquired non-controlling interests | - | - | - | - | ||||||
Dividends4 | - | - | - | - | ||||||
Acquisition of own shares | - | - | - | |||||||
Changes in associate share holdings | - | - | - | |||||||
Other changes in equity | - | - | - | - | - | |||||
Profit for the reporting period | ||||||||||
Other comprehensive income for the period | - | - | - | - | ||||||
Total comprehensive income | - | - | ||||||||
Equity at 31 December 2022 | - | |||||||||
Equity at 31 December 2022 (IFRS 17, restated) | - | |||||||||
Impact of IFRS 9 transition 1 January 2023 | - | |||||||||
Restated equity at 1 January 2023 | - | |||||||||
Changes in equity | ||||||||||
Acquired non-controlling interests | - | - | - | - | ||||||
Dividends4 | - | - | - | - | ||||||
Transferred assets at fair value in the demerger | - | - | - | |||||||
Acquisition of own shares | - | - | - | |||||||
Other changes in equity | - | |||||||||
Profit for the reporting period | ||||||||||
Other comprehensive income for the period | - | - | - | - | - | |||||
Total comprehensive income | - | - | ||||||||
Equity at 31 December 2023 | - | - |
FINANCIAL STATEMENTS 2023 | 51 |
EURm | 1–12/2023 | 1–12/2022 |
Operating activities | ||
Profit before tax | ||
Adjustments | ||
Depreciation and amortisation | ||
Unrealised gains and losses arising from valuation | - | |
Realised gains and losses on investments | - | |
Change in liabilities for insurance and investment contracts | - | |
Other adjustments* | - | - |
Adjustments total | - | - |
Change (+/-) in assets of operating activities | ||
Investments** | - | |
Other assets | - | |
Total | - | |
Change (+/-) in liabilities of operating activities | ||
Financial liabilities | ||
Other liabilities | - | |
Paid taxes | - | - |
Paid interest | - | - |
Total | - | - |
Net cash from (or used in) operating activities | ||
Investing activities | ||
Investments in subsidiary shares | - | - |
Divestments in subsidiary shares | ||
Divestments in associate shares | ||
Dividends received from associates | ||
Net investment in equipment and intangible assets | ||
Net cash from (or used in) investing activities | - | |
EURm | 1–12/2023 | 1–12/2022 |
Financing activities | ||
Dividends paid | - | - |
Dividends paid to non-controlling interests | - | - |
Acquisition of non-controlling interests | - | - |
Acquisition of own shares | - | - |
Issue of debt securities | ||
Repayments of debt securities in issue | - | - |
Net cash used in (or from) financing activities | - | - |
Total cash flows | - | - |
Cash and cash equivalents at the beginning of reporting period | ||
Effects of exchange rate changes | - | |
Cash and cash equivalents at the end of reporting period | ||
Net change in cash and cash equivalents | - | - |
Additional information to the cash flow statement | 1–12/2023 | 1–12/2022 |
Interest income received | ||
Dividend income received (excl. profit sharing from funds) | ||
Total out-going cashflows from leases | - | - |
FINANCIAL STATEMENTS 2023 | 52 |
FINANCIAL STATEMENTS 2023 | 53 |
FINANCIAL STATEMENTS 2023 | 54 |
1 euro (EUR) = | Balance sheet date | Average exchange rate |
Swedish krona (SEK) | 11.0960 | 11.4745 |
Danish krona (DKK) | 7.4529 | 7.4510 |
Pound sterling (GBP) | 0.8691 | 0.8697 |
FINANCIAL STATEMENTS 2023 | 55 |
FINANCIAL STATEMENTS 2023 | 56 |
FINANCIAL STATEMENTS 2023 | 57 |
FINANCIAL STATEMENTS 2023 | 58 |
FINANCIAL STATEMENTS 2023 | 59 |
FINANCIAL STATEMENTS 2023 | 60 |
FINANCIAL STATEMENTS 2023 | 61 |
FINANCIAL STATEMENTS 2023 | 62 |
FINANCIAL STATEMENTS 2023 | 63 |
FINANCIAL STATEMENTS 2023 | 64 |
FINANCIAL STATEMENTS 2023 | 65 |
FINANCIAL STATEMENTS 2023 | 66 |
FINANCIAL STATEMENTS 2023 | 67 |
FINANCIAL STATEMENTS 2023 | 68 |
EURm | 1 Jan 2022 |
Assets | |
Property, plant and equipment | 373 |
Investment property | 236 |
Intangible assets | 3,660 |
Investments in associates | 475 |
Financial assets | 19,862 |
Financial assets related to unit-linked contracts | 10,546 |
Deferred income tax | 53 |
Insurance contract assets | 41 |
Reinsurance contract assets | 2,008 |
Other assets | 712 |
Cash and cash equivalents | 4,690 |
Non-current assets held for sale* | 16,029 |
Total assets | 58,684 |
Liabilities | |
Insurance contract liabilities | 18,266 |
Investment contract liabilities | 7,239 |
Subordinated debts | 2,016 |
Other financial liabilities | 2,315 |
Deferred income tax | 851 |
Other liabilities | 1,532 |
Liabilities related to non-current assets held for sale* | 13,010 |
Total liabilities | 45,228 |
Equity | |
Share capital | 98 |
Reserves | 1,530 |
Retained earnings | 9,945 |
Other components of equity | 1,231 |
Equity attributable to owners of the parent | 12,805 |
Non-controlling interests | 651 |
Total equity | 13,456 |
Total equity and liabilities | 58,684 |
FINANCIAL STATEMENTS 2023 | 69 |
EURm | Share capital | Reserves | Retained earnings | Other components of equity | Non-controlling interests | Total |
Equity 31 Dec 2021 | 98 | 1,530 | 9,952 | 1,208 | 676 | 13,464 |
IFRS 17 adjustments non-life companies | 9 | -32 | -23 | |||
IFRS 17 adjustments life company | -18 | -18 | ||||
Tax impact | 0 | 7 | 7 | |||
Other | 2 | 23 | 25 | |||
Equity 1 Jan 2022 | 98 | 1,530 | 9,945 | 1,231 | 651 | 13,456 |
FINANCIAL STATEMENTS 2023 | 70 |
Measurement category under IAS 39 | Measurement category under IFRS 9 | Carrying amount 31 Dec 2022 (IAS 39) | Transfer | Carrying amount 1 Jan 2023 (IFRS 9) |
EURm | EURm | |||
Derivative financial instruments | Derivative financial instruments | 79 | — | 79 |
Financial assets at fair value | Financial assets at fair value through profit or loss | 3,045 | — | 3,045 |
Financial assets available for sale | Financial assets at fair value through profit or loss | 16,048 | — | 16,048 |
Loans and receivables | Financial assets at amortised cost | 296 | — | 296 |
FINANCIAL STATEMENTS 2023 | 71 |
FINANCIAL STATEMENTS 2023 | 72 |
EURm | If | Topdan- mark | Hastings | Holding | Elim. | Sampo Group |
GWP & brokerage income | 5,468 | 1,339 | 2,063 | — | — | 8,870 |
Insurance revenue, net (incl. brokerage) | 4,996 | 1,288 | 1,251 | — | — | 7,535 |
Claims incurred, net | -3,377 | -862 | -714 | — | — | -4,953 |
Operating expenses | -777 | -233 | -409 | — | — | -1,419 |
Underwriting result | 842 | 194 | 128 | — | — | 1,164 |
Net investment income | 871 | 107 | 79 | -37 | -13 | 1,006 |
Insurance finance income or expense, net | -331 | -79 | -35 | — | — | -446 |
Net financial result | 539 | 27 | 44 | -37 | -13 | 560 |
Other items | -24 | -59 | -42 | -122 | 4 | -243 |
Profit before taxes | 1,358 | 162 | 129 | -160 | -9 | 1,481 |
Income taxes | -285 | -43 | -11 | 0 | — | -339 |
Profit from the continuing operations | 1,073 | 119 | 118 | -160 | -9 | 1,142 |
Discontinued operations, net of tax* | — | — | — | — | 9 | 251 |
Net profit | 1,393 | |||||
Other comprehensive income | ||||||
Items reclassifiable to profit or loss | ||||||
Exchange differences | -23 | -3 | 24 | — | — | -1 |
Cash flow hedges | — | — | -1 | — | — | -1 |
Total items reclassifiable to profit or loss, net of tax | -23 | -3 | 23 | — | — | -3 |
EURm | If | Topdan- mark | Hastings | Holding | Elim. | Sampo Group |
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 other comprehensive income for the continuing operations, net of tax | -28 | -3 | 23 | — | — | -8 |
Total comprehensive income | 1,045 | 117 | 141 | -160 | -9 | 1,386 |
Profit attributable to | ||||||
Owners of the parent | 1,323 | |||||
Non-controlling interests | 70 | |||||
Total comprehensive income attributable to | ||||||
Owners of the parent | 1,316 | |||||
Non-controlling interests | 70 |
FINANCIAL STATEMENTS 2023 | 73 |
EURm | If | Topdan- mark | Hastings | Holding | Elim. | Sampo Group |
GWP & brokerage income | 5,432 | 1,308 | 1,636 | — | — | 8,375 |
Insurance revenue, net (incl. brokerage) | 5,024 | 1,255 | 998 | — | — | 7,277 |
Claims incurred, net | -3,550 | -809 | -509 | — | — | -4,867 |
Operating expenses | -801 | -216 | -361 | — | — | -1,379 |
Underwriting result | 673 | 230 | 128 | — | — | 1,031 |
Net investment income | 278 | -142 | 16 | 177 | -8 | 320 |
Insurance finance income or expense, net | 610 | 115 | 11 | — | — | 736 |
Net financial result | 888 | -28 | 27 | 177 | -8 | 1,056 |
Other items | -11 | -45 | -49 | -31 | -28 | -163 |
Profit before taxes | 1,550 | 158 | 107 | 146 | -36 | 1,924 |
Income taxes | -325 | -40 | -8 | 8 | — | -366 |
Profit from the continuing operations | 1,225 | 117 | 98 | 153 | -36 | 1,559 |
Discontinued operations, net of tax | — | — | — | — | 36 | 579 |
Divested operations, net of tax | — | 102 | — | — | — | 102 |
Net profit | 2,240 | |||||
Other comprehensive income | ||||||
Items reclassifiable to profit or loss | ||||||
Exchange differences | -169 | -1 | -106 | 8 | — | -268 |
Available-for-sale financial assets | -823 | — | -58 | -240 | — | -1,121 |
Taxes | 169 | — | — | 40 | — | 209 |
Total items reclassifiable to profit or loss, net of tax | -823 | -1 | -164 | -192 | — | -1,180 |
EURm | If | Topdan- mark | Hastings | Holding | Elim. | Sampo Group |
Items not reclassifiable to profit or loss | ||||||
Actuarial gains and losses from defined pension plans | 32 | — | — | — | — | 32 |
Taxes | -7 | — | — | — | — | -7 |
Total items not reclassifiable to profit or loss, net of tax | 26 | — | — | — | — | 26 |
Total other comprehensive income for the continuing operations, net of tax | -797 | -1 | -164 | -192 | — | -1,154 |
-484 | ||||||
Other comprehensive income, total net of tax | -1,639 | |||||
Total comprehensive income | 428 | 117 | -66 | -39 | -36 | 601 |
Profit attributable to | ||||||
Owners of the parent | 2,107 | |||||
Non-controlling interests | 133 | |||||
Total comprehensive income attributable to | ||||||
Owners of the parent | 468 | |||||
Non-controlling interests | 133 |
FINANCIAL STATEMENTS 2023 | 74 |
EURm | If | Topdanmark | Hastings | Holding | Elim. | Sampo Group |
Assets | ||||||
Property, plant and equipment | 177 | 117 | 19 | 4 | — | 318 |
Intangible assets | 579 | 1,545 | 1,512 | 1 | — | 3,637 |
Investments in associates | 4 | 8 | — | — | — | 12 |
Financial assets | 10,838 | 2,060 | 1,407 | 7,564 | -6,112 | 15,757 |
Deferred income tax | 4 | 4 | — | — | -4 | 3 |
Reinsurance contract assets | 563 | 79 | 1,640 | — | — | 2,282 |
Other assets | 553 | 89 | 136 | 23 | — | 800 |
Cash and cash equivalents | 197 | 24 | 448 | 747 | — | 1,415 |
Total assets | 12,915 | 3,926 | 5,162 | 8,339 | -6,117 | 24,225 |
Liabilities | ||||||
Insurance contract liabilities | 7,134 | 1,855 | 2,726 | — | — | 11,716 |
Subordinated debts | 135 | 148 | — | 1,490 | -127 | 1,645 |
Other financial liabilities | 58 | 46 | 186 | 979 | — | 1,269 |
Deferred income tax | 352 | 139 | 76 | 0 | — | 567 |
Other liabilities | 1,011 | 162 | 112 | 58 | — | 1,342 |
Total liabilities | 8,689 | 2,350 | 3,100 | 2,527 | -128 | 16,538 |
Equity | ||||||
Share capital | 98 | |||||
Reserves | 1,530 | |||||
Retained earnings | 6,378 | |||||
Other components of equity | -743 | |||||
Equity attributable to owners of the parent | 7,263 | |||||
Non-controlling interests | 424 | |||||
Total equity | 7,687 | |||||
Total equity and liabilities | 24,225 |
FINANCIAL STATEMENTS 2023 | 75 |
EURm | If | Topdanmark | Hastings | Mandatum | Holding | Elim. | Sampo Group |
Assets | |||||||
Property, plant and equipment | 190 | 112 | 23 | 26 | 4 | — | 355 |
Investment property | 1 | — | — | 166 | — | — | 166 |
Intangible assets | 588 | 1,232 | 1,501 | 172 | 1 | — | 3,494 |
Investments in associates | 4 | 7 | — | 4 | — | — | 16 |
Financial assets | 10,451 | 2,584 | 1,149 | 3,776 | 8,250 | -6,644 | 19,565 |
Financial assets related to unit-linked contracts | — | — | — | 9,930 | — | — | 9,930 |
Deferred income tax | 9 | 7 | — | — | — | -4 | 11 |
Insurance contract assets | — | — | — | 6 | — | — | 6 |
Reinsurance contract assets | 264 | 79 | 1,477 | 1 | — | — | 1,821 |
Other assets | 394 | 66 | 127 | 162 | 60 | -34 | 775 |
Cash and cash equivalents | 296 | 8 | 246 | 761 | 1,762 | — | 3,073 |
Total assets | 12,197 | 4,094 | 4,521 | 15,004 | 10,077 | -6,682 | 39,212 |
Liabilities | |||||||
Insurance contract liabilities | 6,693 | 1,763 | 2,434 | 5,321 | — | — | 16,210 |
Investment contract liabilities | — | — | — | 7,103 | — | — | 7,103 |
Subordinated debts | 224 | 148 | — | 350 | 1,489 | -228 | 1,983 |
Other financial liabilities | 7 | 55 | 73 | 3 | 1,320 | — | 1,457 |
Deferred income tax | 306 | 120 | 79 | 160 | 0 | — | 666 |
Other liabilities | 1,079 | 166 | 118 | 224 | 64 | -34 | 1,617 |
Total liabilities | 8,309 | 2,252 | 2,704 | 13,159 | 2,873 | -262 | 29,035 |
Equity | |||||||
Share capital | 98 | ||||||
Reserves | 1,530 | ||||||
Retained earnings | 8,482 | ||||||
Other components of equity | -492 | ||||||
Equity attributable to owners of the parent | 9,618 | ||||||
Non-controlling interests | 560 | ||||||
Equity | 10,178 | ||||||
Total equity and liabilities | 39,212 |
FINANCIAL STATEMENTS 2023 | 76 |
EURm | |||||||
2023 | Finland | Sweden | Norway | Denmark | UK | Baltic | Total |
Revenue from external customers | 1,343 | 1,801 | 1,654 | 1,897 | 1,308 | 223 | 8,225 |
Non-current assets | 111 | 454 | 189 | 1,675 | 1,531 | 7 | 3,968 |
EURm | |||||||
2022 | Finland | Sweden | Norway | Denmark | UK | Baltic | Total |
Revenue from external customers | 1,682 | 1,840 | 1,730 | 1,848 | 1,030 | 189 | 8,319 |
Non-current assets | 481 | 457 | 208 | 1,354 | 1,523 | 7 | 4,030 |
FINANCIAL STATEMENTS 2023 | 77 |
EURm | 1-12/2023 | 1-12/2022 |
Insurance revenue | ||
Insurance contracts measured under PAA | ||
Gross written premiums | 8,513 | 8,053 |
Change in liability for remaining coverage | -329 | -204 |
Brokerage revenue | 233 | 213 |
Total insurance revenue from contracts measured under PAA | 8,417 | 8,062 |
Total insurance revenue | 8,417 | 8,062 |
Insurance service expenses | ||
Expenses related to claims incurred | ||
Claims paid and benefits | -5,292 | -4,844 |
Claims handling expenses | -468 | -481 |
Change in liability for incurred claims | -29 | -220 |
Change in risk adjustment | -9 | 13 |
Change in loss component | -12 | 12 |
Insurance service expenses related to claims incurred | -5,810 | -5,519 |
Operating expenses | -1,266 | -1,239 |
Total insurance service expenses | -7,076 | -6,759 |
Reinsurance result | ||
Premiums | -1,005 | -894 |
Claims recovered | 857 | 652 |
Total reinsurance result | -148 | -242 |
Total insurance service result | 1,193 | 1,062 |
FINANCIAL STATEMENTS 2023 | 78 |
EURm | 1-12/2023 | 1-12/2022 |
Derivative financial instruments | ||
Interest income | 6 | 1 |
Interest expense | -23 | -12 |
Net gains or losses | 5 | 136 |
Derivative financial instruments, total | -12 | 126 |
Financial assets at fair value through profit or loss | ||
Debt securities | ||
Interest income | 447 | 43 |
Net gains or losses | 364 | -147 |
Equity securities | ||
Dividend income | 59 | 32 |
Net gains or losses | 64 | -26 |
Funds | ||
Distributions | 5 | — |
Interest income | 11 | 2 |
Net gains or losses | 60 | -1 |
Financial assets at fair value through profit or loss, total | 1,010 | -97 |
Financial assets available-for-sale (IAS 39) | ||
Debt securities | n/a | 255 |
Equity securities | n/a | 45 |
Funds | n/a | 6 |
Financial assets available-for-sale, total | n/a | 305 |
Financial assets at amortised cost | 23 | n/a |
Loans and receivables | n/a | -4 |
Total income or expenses from financial assets | 1,021 | 330 |
EURm | 1-12/2023 | 1-12/2022 |
Other | ||
Dividend income from associates | — | 157 |
Expenses from asset management | -19 | -23 |
Other income | 34 | 16 |
Other expenses | -26 | -153 |
Fee expenses | -1 | 0 |
Expenses from investment property | -4 | -7 |
Total other | -15 | -10 |
Total net investment income | 1,006 | 320 |
FINANCIAL STATEMENTS 2023 | 79 |
EURm | 1-12/2023 | 1-12/2022 |
Insurance contracts | ||
Unwinding of discount rate | -322 | -132 |
Effect of changes in interest rates and other financial assumptions | -207 | 959 |
Total finance income or expenses from insurance contracts | -529 | 827 |
Reinsurance contracts | ||
Unwinding of discount rate | 74 | 39 |
Reinsurers' share of effect of changes in interest rates and other financial assumptions | 9 | -130 |
Total finance income or expenses from reinsurance contracts | 83 | -90 |
Net finance result insurance and reinsurance contracts | -446 | 736 |
EURm | 1-12/2023 | 1-12/2022 |
Other income | 265 | 345 |
Income related to broker activities | 12 | 6 |
Total other income | 277 | 350 |
EURm | 1-12/2023 | 1-12/2022 |
Other expenses | -300 | -127 |
Depreciation and amortisation | -99 | -117 |
Salaries and other staff costs | -57 | -192 |
Total other expenses | -457 | -436 |
FINANCIAL STATEMENTS 2023 | 80 |
EURm | 1-12/2023 | 1-12/2022 |
Staff costs | ||
Salaries and wages | -893 | -892 |
Cash-settled share-based payments | -4 | -34 |
Share-settled share-based payments | -2 | -2 |
Pension costs | ||
Pension expenses - defined contribution plans | -99 | -101 |
Pension expenses - defined benefit plans | -15 | -17 |
Other social security costs | -168 | -176 |
Depreciations | ||
Depreciation on plant and equipment | -15 | -8 |
Depreciation IFRS 16 | -33 | -34 |
Amortisations | ||
Amortisation on customer relations | -64 | -65 |
Amortisation on other intangibles | -46 | -62 |
Rental expenses | -34 | -36 |
IT costs | -244 | -250 |
Marketing expenses | -62 | -65 |
Other | -654 | -594 |
Total expenses split by nature | -2,335 | -2,337 |
EUR thousand | 1-12/2023 | 1-12/2022 |
Auditing fees | -4,666 | -4,300 |
Deloitte | -4,032 | -4,000 |
KPMG | -634 | -300 |
Other fees | -612 | -1,000 |
Deloitte | -460 | -700 |
KPMG | -152 | -300 |
Total | -5,278 | -5,300 |
EURm | 1-12/2023 | 1-12/2022 |
Interest expense on financial liabilities | -24 | -32 |
Interest expense on subordinated loans | -48 | -49 |
Other items | -22 | -17 |
Total finance expenses | -93 | -98 |
FINANCIAL STATEMENTS 2023 | 81 |
EURm | 1-12/2023 | 1-12/2022 |
Other comprehensive income | ||
Items reclassifiable to profit or loss | ||
Exchange differences | -1 | -268 |
Available-for-sale financial assets | ||
Gains/losses arising during the year | n/a | -1,102 |
Reclassification adjustments (IAS 1.93) | n/a | -19 |
Cashflow hedges | -1 | 0 |
Taxes | — | 209 |
Total items reclassifiable to profit or loss, net of tax | -3 | -1,180 |
Items not reclassifiable to profit or loss | ||
Actuarial gains and losses from defined pension plans | -6 | 32 |
Taxes | 1 | -7 |
Total items not reclassifiable to profit or loss, net of tax | -5 | 26 |
Total other comprehensive income for the continuing operations, net of tax | -8 | -1,154 |
Other comprehensive income for the discontinued operations, net of tax | n/a | -484 |
Other comprehensive income total, net of tax | -8 | -1,639 |
EURm | 1-12/2023 | 1-12/2022 |
Profit or loss attributable to the equity holders of the parent company | 1,323 | 2,107 |
Weighted average number of shares outstanding during the financial year* | 506 | 530 |
Earnings per share (EUR per share) | 2.62 | 3.97 |
Earnings per share, continuing operations | 2.12 | 2.88 |
Earning per share, discontinuing operations | 0.50 | 1.09 |
FINANCIAL STATEMENTS 2023 | 82 |
2023 | ||||
EURm | Right-of- use assets1 | Land and buildings | Plant and equipment2 | Total |
At 1 January | ||||
Cost | 289 | 119 | 162 | 570 |
Accumulated depreciation | -92 | -8 | -115 | -216 |
Net carrying amount at 1 January | 197 | 111 | 47 | 355 |
Carrying amount at 1 January | ||||
Business acquisitions | — | 1 | 0 | 1 |
Additions | 19 | 1 | 25 | 45 |
Disposals | -20 | -4 | -5 | -29 |
Depreciation | -32 | 0 | -14 | -46 |
Exchange differences | -4 | 0 | -1 | -4 |
Other changes | — | -3 | — | -3 |
Carrying amount at 31 December | 160 | 106 | 52 | 318 |
At 31 December | ||||
Cost | 286 | 114 | 182 | 582 |
Accumulated depreciation | -126 | -9 | -130 | -264 |
Net carrying amount at 31 December | 160 | 106 | 52 | 318 |
2022 | ||||
EURm | Right-of- use assets1 | Land and buildings | Plant and equipment2 | Total |
At 1 January | ||||
Cost | 276 | 127 | 162 | 566 |
Accumulated depreciation | -70 | -8 | -113 | -191 |
Net carrying amount at 1 January | 207 | 119 | 50 | 375 |
Carrying amount at 1 January | ||||
Additions | 33 | — | 18 | 50 |
Disposals | -3 | — | -13 | -17 |
Depreciation | -34 | -1 | -8 | -43 |
Exchange differences | -6 | -7 | 0 | -12 |
Carrying amount at 31 December | 197 | 111 | 47 | 355 |
At 31 December | ||||
Cost | 294 | 120 | 163 | 577 |
Accumulated depreciation | -97 | -9 | -116 | -222 |
Net carrying amount at 31 December | 197 | 111 | 47 | 355 |
FINANCIAL STATEMENTS 2023 | 83 |
2023 | ||||||
EURm | Goodwill | Customer relations | Trademark | Work in progress | Other intangible assets | Total |
At 1 January | ||||||
Cost | 2,385 | 679 | 224 | 72 | 625 | 3,985 |
Accumulated amortisation | — | -216 | — | — | -275 | -492 |
Net carrying amount at 1 January | 2,385 | 463 | 224 | 72 | 350 | 3,494 |
Net carrying amount at 1 January | ||||||
Business acquisitions | 238 | 72 | 7 | — | 8 | 325 |
Additions | — | — | — | 102 | 4 | 106 |
Disposals | -163 | -31 | — | -2 | -4 | -200 |
Amortisation | — | -65 | 0 | -1 | -44 | -109 |
Transfers from WIP | — | — | — | -81 | 81 | — |
Exchange differences | 10 | 3 | 3 | — | 5 | 21 |
Net carrying amount at 31 December | 2,469 | 443 | 233 | 90 | 401 | 3,637 |
At 31 December | ||||||
Cost | 2,469 | 726 | 233 | 91 | 722 | 4,241 |
Accumulated amortisation | — | -282 | 0 | -1 | -321 | -604 |
Net carrying amount at 31 December | 2,469 | 443 | 233 | 90 | 401 | 3,637 |
2022 | ||||||
EURm | Goodwill | Customer relations | Trademark | Work in progress | Other intangible assets | Total |
At 1 January | ||||||
Cost | 2,490 | 716 | 277 | 36 | 681 | 4,200 |
Accumulated amortisation | — | -157 | — | — | -249 | -406 |
Net carrying amount at 1 January | 2,490 | 560 | 277 | 36 | 432 | 3,794 |
Net carrying amount at 1 January | ||||||
Business acquisitions | — | 5 | — | 1 | 2 | 7 |
Additions | 3 | 1 | — | 102 | 7 | 114 |
Disposals | -12 | -28 | -43 | -6 | -72 | -162 |
Amortisation | — | -65 | — | — | -60 | -125 |
Transfers from WIP | — | — | — | -41 | 41 | — |
Other changes | -4 | 1 | — | -19 | 16 | -5 |
Exchange differences | -92 | -11 | -10 | -1 | -15 | -129 |
Net carrying amount at 31 December | 2,385 | 463 | 224 | 72 | 350 | 3,494 |
At 31 December | ||||||
Cost | 2,385 | 680 | 224 | 72 | 626 | 3,988 |
Accumulated amortisation | — | -218 | — | — | -276 | -494 |
Net carrying amount at 31 December | 2,385 | 463 | 224 | 72 | 350 | 3,494 |
Goodwill is split between the segments as follows: | 2023 | 2022 |
If | 556 | 562 |
Topdanmark | 1,038 | 802 |
Hastings | 876 | 858 |
Mandatum | — | 163 |
Total | 2,469 | 2,385 |
FINANCIAL STATEMENTS 2023 | 84 |
Impact on the present value from the following changes (EURbn) | 2023 |
If | |
Long-term Combined ratio +2.5 p.p. | -1.7 |
Long-term Combined ratio -2.5 p.p. | 1.7 |
Long-term growth rate -1 p.p. | -1.8 |
Long-term growth rate +1 p.p. | 2.6 |
Cost of equity +1 p.p. | -2.1 |
Cost of equity -1 p.p. | 3.0 |
Hastings | |
Long-term growth rate -1 p.p. | -0.3 |
Long-term growth rate +1 p.p. | 0.4 |
Cost of Equity +1 p.p. | -0.4 |
Cost of Equity -1 p.p. | 0.5 |
FINANCIAL STATEMENTS 2023 | 85 |
2023 | |
Assumptions | |
Earned premiums, CAGR, 0-10 years | 8.9% |
Earned premiums CAGR >10 years (terminal growth) | 3.0% |
Long-term combined ratio | 84.2% |
Sensitivities (EURm) | |
Earned premiums CAGR >10 years (terminal growth) -1pp | -25 |
Long-term combined ratio +1pp | -10 |
Post-tax discount rate +1pp | -41 |
EURm | 12/2023 | 12/2022 |
Net carrying amount at 1 January | 166 | 568 |
Additions | — | 17 |
Disposals | -166 | -375 |
Net gains and losses from fair value adjustments | — | 5 |
Other changes | 0 | -49 |
Exchange differences | 0 | 0 |
Net carrying amount at 31 December | 0 | 166 |
FINANCIAL STATEMENTS 2023 | 86 |
EURm Name | Domicile | Carrying amount | Interest held % |
Associates | |||
CAB Group AB | Sweden | 3 | 21.98 |
Rogaland Forsikring AS | Norway | 1 | 33.00 |
Bornholms Brandforsikring A/S | Denmark | 8 | 27.00 |
EURm Name | Domicile | Carrying amount | Interest held % |
Associates | |||
Precast Holding Oy | Finland | 4 | 24.43 |
CAB Group AB | Sweden | 3 | 21.98 |
Rogaland Forsikring AS | Norway | 1 | 33.00 |
Bornholms Brandforsikring A/S | Denmark | 7 | 27.00 |
EURm | 2023 | 2022 |
At 1 January | 16 | 777 |
Share of profit or loss | 1 | 22 |
Additions | — | 1 |
Disposals | -4 | -313 |
Changes in the equity of associates | — | -12 |
Exchange differences | — | -33 |
Reclassification as an investment at fair value through p/l | — | -425 |
At 31 December | 12 | 16 |
FINANCIAL STATEMENTS 2023 | 87 |
EURm | 12/2023 | 12/2022 |
Financial assets | ||
Derivative financial instruments | 38 | 101 |
Financial assets at fair value through profit or loss | ||
Debt securities | 12,925 | 1,941 |
Equity securities | 1,640 | 560 |
Funds | 662 | — |
Deposits and other | 40 | 544 |
Total financial assets at fair value through profit or loss | 15,267 | 3,045 |
Financial assets available-for-sale (IAS 39) | ||
Debt securities | n/a | 12,815 |
Equity securities | n/a | 1,581 |
Funds | n/a | 1,652 |
Total financial assets available-for-sale | n/a | 16,048 |
Financial assets measured at amortised cost | ||
Loans | 451 | n/a |
Other | 1 | n/a |
Total financial assets measured at amortised cost | 452 | n/a |
Loans and receivables (IAS 39) | n/a | 371 |
Total financial assets | 15,757 | 19,565 |
FINANCIAL STATEMENTS 2023 | 88 |
12/2023 | ||||
EURm | Stage 1 - 12-month ECL | Stage 2 - Lifetime ECL - not credit- impaired | Stage 3 - Lifetime ECL - credit- impaired | Total |
Financial assets at amortised cost | ||||
Loans | 451 | 8 | 7 | 466 |
Deposits | 1 | — | — | 1 |
Loss allowance | -9 | -1 | -5 | -16 |
Total | 442 | 6 | 2 | 451 |
FINANCIAL STATEMENTS 2023 | 89 |
2023 Fair value | 2022 Fair value | |||||
EURm | Contract/ Notional Amount | Assets | Liabilities | Contract/ Notional Amount | Assets | Liabilities |
Derivatives held for trading | ||||||
Interest rate derivatives | ||||||
OTC derivatives | ||||||
Interest rate swaps | 340 | 3 | 44 | 394 | 5 | 45 |
Inflation cover | 211 | 16 | 12 | 274 | 22 | 3 |
Total interest rate derivatives | 551 | 18 | 56 | 668 | 27 | 48 |
Foreign exchange derivatives | ||||||
OTC derivatives | ||||||
Currency forwards | 3,032 | 18 | 57 | 5,092 | 58 | 6 |
Currency options, bought and sold | 53 | 1 | 1 | 31 | 4 | 2 |
Total foreign exchange derivatives | 3,085 | 20 | 58 | 5,123 | 62 | 7 |
Total derivatives held for trading | 3,636 | 38 | 114 | 5,791 | 89 | 55 |
2023 Fair value | 2022 Fair value | |||||
EURm | Contract/ Notional Amount | Assets | Liabilities | Contract/ Notional Amount | Assets | Liabilities |
Derivatives held for hedging | ||||||
Fair value hedges | ||||||
Currency forwards | — | — | — | 328 | 12 | — |
Total derivatives held for fair value hedging | — | — | — | 328 | 12 | — |
Cash flow hedges | ||||||
Currency forwards | — | — | — | 6 | — | — |
Interest rate swaps | 228 | — | 2 | — | — | — |
Total cash flow hedges | 228 | — | 2 | 6 | — | — |
Total derivatives held for hedging | 228 | — | 2 | 334 | 12 | — |
Group financial derivatives, total | 3,864 | 38 | 116 | 6,124 | 101 | 55 |
FINANCIAL STATEMENTS 2023 | 90 |
FINANCIAL STATEMENTS 2023 | 91 |
EURm | |||||
31 December 2023 | Carrying amount | Level 1 | Level 2 | Level 3 | Total |
Financial assets at fair value | |||||
Derivative financial instruments | |||||
Interest rate swaps | 3 | — | 3 | — | 3 |
Foreign exchange derivatives | 20 | — | 20 | — | 20 |
Other derivatives | 16 | — | 16 | — | 16 |
Total | 38 | — | 38 | — | 38 |
Financial assets at fair value through profit or loss | |||||
Debt securities | 12,925 | 8,476 | 4,430 | 19 | 12,925 |
Equity securities | 1,640 | 886 | 24 | 730 | 1,640 |
Funds | 662 | 480 | 31 | 151 | 662 |
Deposits and other | 40 | — | 40 | — | 40 |
Total | 15,267 | 9,842 | 4,525 | 900 | 15,267 |
Total financial assets measured at fair value | 15,305 | 9,842 | 4,563 | 900 | 15,305 |
Financial assets measured at amortised cost | |||||
Loans | 451 | — | — | 451 | 451 |
Other | 1 | — | — | 1 | 1 |
Total | 452 | — | — | 452 | 452 |
Total financial assets | 15,757 | 9,842 | 4,563 | 1,352 | 15,756 |
EURm | |||||
31 December 2023 | Carrying amount | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities at fair value | |||||
Derivative financial instruments | |||||
Interest derivatives | 46 | 2 | 44 | — | 46 |
Foreign exchange derivatives | 58 | — | 58 | — | 58 |
Other derivatives | 12 | — | 12 | — | 12 |
Total financial liabilities at fair value | 116 | 2 | 114 | — | 116 |
Financial liabilities measured at amortised cost | |||||
Subordinated debt securities | |||||
Subordinated loans | 1,645 | 1,448 | 148 | — | 1,596 |
Debt securities in issue | |||||
Bonds | 959 | 936 | — | — | 936 |
Amounts owed to credit institutions | 194 | — | 9 | 184 | 194 |
Financial liabilities measured at amortised cost total | 2,798 | 2,385 | 157 | 184 | 2,726 |
Group financial liabilities, total | 2,914 | 2,387 | 271 | 184 | 2,842 |
FINANCIAL STATEMENTS 2023 | 92 |
EURm | |||||
31 December 2022 | Carrying amount | Level 1 | Level 2 | Level 3 | Total |
Financial assets at fair value | |||||
Derivative financial instruments | |||||
Interest rate swaps | 5 | — | 5 | — | 5 |
Foreign exchange derivatives | 74 | — | 74 | — | 74 |
Other derivatives | 22 | — | 22 | — | 22 |
Total | 101 | — | 101 | — | 101 |
Financial assets at fair value through profit or loss | |||||
Equity securities | 560 | 111 | 24 | 425 | 560 |
Debt securities | 1,881 | 1,718 | 159 | 5 | 1,881 |
Total | 2,441 | 1,829 | 183 | 430 | 2,441 |
Financial assets designated as at fair value through profit or loss | |||||
Deposits | 544 | — | 544 | — | 544 |
Debt securities | 1 | — | 1 | — | 1 |
Debt securities (unit-trusts) | 60 | 43 | 16 | — | 60 |
Total | 604 | 43 | 561 | — | 604 |
EURm | |||||
31 December 2022 | Carrying amount | Level 1 | Level 2 | Level 3 | Total |
Financial assets related to unit- linked insurance | |||||
Equity securities | 676 | 643 | 2 | 31 | 676 |
Debt securities | 941 | 90 | 757 | 94 | 941 |
Funds | 7,883 | 4,880 | 676 | 2,327 | 7,883 |
Derivative financial instruments | 18 | — | 18 | — | 18 |
Other assets | 412 | — | 412 | — | 412 |
Total | 9,930 | 5,612 | 1,865 | 2,453 | 9,930 |
Financial assets available-for- sale | |||||
Equity securities | 1,581 | 1,224 | 2 | 354 | 1,581 |
Debt securities | 12,815 | 7,941 | 4,832 | 43 | 12,815 |
Other assets | 1,652 | 775 | 72 | 806 | 1,652 |
Total | 16,048 | 9,940 | 4,906 | 1,203 | 16,048 |
Total financial assets at fair value | 29,125 | 17,425 | 7,614 | 4,086 | 29,125 |
Other financial assets | |||||
Financial assets at amortised cost | |||||
Loans and receivables | 371 | — | — | 370 | 370 |
Total | 371 | — | — | 370 | 370 |
Group's financial assets, total | 29,495 | 17,425 | 7,614 | 4,456 | 29,495 |
FINANCIAL STATEMENTS 2023 | 93 |
EURm | |||||
31 December 2022 | Carrying amount | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities at fair value | |||||
Derivative financial instruments | |||||
Interest rate derivatives | 45 | — | 45 | — | 45 |
Foreign exchange derivatives | 7 | — | 7 | — | 7 |
Other derivatives | 3 | — | 3 | — | 3 |
Total | 55 | — | 55 | — | 55 |
Total financial liabilities at fair value | 55 | — | 55 | — | 55 |
Financial liabilities measured at amortised cost | |||||
Subordinated debt securities | |||||
Subordinated loans | 1,983 | 1,409 | 478 | — | 1,887 |
Debt securities in issue | |||||
Bonds | 1,306 | 1,126 | 110 | — | 1,236 |
Borrowings on Revolving Credit Facility | 73 | — | — | 73 | 73 |
Amounts owed to credit institutions | 23 | 23 | — | — | 23 |
Financial liabilities measured at amortised cost total | 3,384 | 2,558 | 588 | 73 | 3,219 |
Group financial liabilities, total | 3,439 | 2,558 | 643 | 73 | 3,274 |
EURm | 1-12/2023 | 1-12/2022 | ||
Transfers between levels 1 and 2 | Transfers from level 2 to level 1 | Transfers from level 1 to level 2 | Transfers from level 2 to level 1 | Transfers from level 1 to level 2 |
Financial assets at fair value through profit or loss | ||||
Debt securities | 378 | 334 | — | — |
Total | 378 | 334 | — | — |
Financial assets related to unit- linked insurance | ||||
Debt securities | — | — | 13 | 6 |
Total | 13 | 6 | ||
Financial assets available-for-sale | ||||
Debt securities | — | — | 632 | 500 |
Total | 632 | 500 | ||
FINANCIAL STATEMENTS 2023 | 94 |
12/2023 | 12/2022 | ||
EURm | Recognised in profit or loss | Recognised in profit or loss | Recognised in equity |
If | |||
10 percentage point depreciation of all other currencies against SEK | 4 | 13 | 2 |
Topdanmark | |||
10 percentage point depreciation of all other currencies against DKK | -1 | -11 | No impact |
Hastings | |||
10 percentage point depreciation of all other currencies against GBP | — | n/a | n/a |
Holding | |||
10 percentage point depreciation of all other currencies against EUR | -73 | No impact | -109 |
Interest rate | Interest rate | Equity | Other financial assets | |
EURm | 1% parallel shift down | 1% parallel shift up | 20% fall in prices | 20% fall in prices |
Effect in profit/loss | 358 | -340 | -266 | -166 |
Total effect | 358 | -340 | -266 | -166 |
FINANCIAL STATEMENTS 2023 | 95 |
EURm | |||||
Financial assets | At 1 Jan | Total gains/ losses in income statement | Purchases and re-classifi- cations | Sales | At 31 December 2023 |
Financial assets at fair value through profit or loss | |||||
Debt securities | 134 | 1 | 11 | -126 | 19 |
Equity securities | 763 | -14 | 9 | -28 | 730 |
Funds | 212 | -61 | — | — | 151 |
Total | 1,109 | -74 | 20 | -155 | 900 |
FINANCIAL STATEMENTS 2023 | 96 |
EURm | ||||||||||
Financial assets | At 1 Jan | Total gains/ losses in income statement | Total gains/ losses recorded in other compre- hensive income | Purchases and re- classifi- cations | Sales | Settlements | Transfers from level 1 and 2 | Transfers to levels 1 and 2 | At 31 Dec 2022 | Gains/ losses included in p/l for financial assets 1-12/2022 |
Financial assets at fair value through profit or loss | ||||||||||
Equity securities | — | — | — | 425 | — | — | — | — | 425 | — |
Debt securities | 11 | 0 | — | — | -6 | — | — | — | 5 | 1 |
Total | 11 | 0 | — | 425 | -6 | — | — | — | 430 | 1 |
Financial assets related to unit- linked insurance contracts | ||||||||||
Equity securities | 20 | 1 | — | 15 | -5 | — | — | — | 31 | 1 |
Debt securities | 61 | -8 | — | 108 | -81 | -23 | 40 | -3 | 94 | -8 |
Funds | 2,065 | -16 | — | 598 | -315 | — | — | -5 | 2,327 | -23 |
Total | 2,145 | -22 | — | 721 | -401 | -23 | 40 | -7 | 2,453 | -30 |
Financial assets available-for-sale | ||||||||||
Equity securities | 394 | 6 | -41 | 2 | -7 | — | — | — | 354 | -41 |
Debt securities | 73 | 0 | 0 | 17 | -18 | — | — | -30 | 43 | 2 |
Funds | 1,078 | 11 | -226 | 44 | -101 | — | — | — | 806 | -216 |
Total | 1,545 | 16 | -267 | 64 | -125 | — | — | -30 | 1,203 | -255 |
Total financial assets measured at fair value | 3,702 | -6 | -267 | 1,210 | -533 | -23 | 40 | -37 | 4,086 | -284 |
1–12/2022 | |||
EURm | Realised gains and losses | Fair value gains and losses | Total |
Total gains or losses included in profit or loss for the financial year | -6 | -267 | -273 |
Total gains or losses included in profit or loss for assets held at the end of the financial year | -17 | -267 | -284 |
FINANCIAL STATEMENTS 2023 | 97 |
12/2023 | 12/2022 | |||
EURm | Carrying amount | Effect of reasonably possible alternative assumptions (+/-) | Carrying amount | Effect of reasonably possible alternative assumptions (+/-) |
Financial assets at fair value through profit or loss (IFRS 9) | ||||
Debt securities | 19 | 0 | — | — |
Equity securities | 730 | -146 | — | — |
Funds | 151 | -30 | — | — |
Total | 900 | -176 | — | — |
Financial assets available-for-sale (IAS 39) | ||||
Debt securities | — | — | 43 | -1 |
Equity securities | — | — | 354 | -71 |
Funds | — | — | 806 | -161 |
Total | — | — | 1,203 | -233 |
FINANCIAL STATEMENTS 2023 | 98 |
EURm | 1 Jan | Business acquisitions/ disposals | Recognised in comprehensive income statement | Recognised in equity | Exchange differences | 31 Dec |
Deferred tax assets | ||||||
Tax losses carried forward | 2 | 0 | -1 | — | 0 | 1 |
Changes in fair values | 5 | — | -5 | — | 0 | 0 |
Other deductible temporary differences | 128 | -3 | -11 | 0 | 2 | 116 |
Total | 135 | -3 | -17 | — | 2 | 117 |
Netting of deferred taxes | -114 | |||||
Deferred tax assets in the balance sheet, total | 135 | -3 | -17 | 0 | 2 | 3 |
Deferred tax liabilities | ||||||
Depreciation differences and untaxed reserves | 209 | -2 | 21 | — | -4 | 224 |
Changes in fair values | 194 | -70 | 67 | 0 | 2 | 194 |
Pension assets | 7 | — | -1 | — | — | 7 |
Other taxable temporary differences | 379 | -93 | -32 | 0 | 1 | 255 |
Total | 790 | -164 | 56 | 0 | -1 | 680 |
Netting of deferred taxes | -114 | |||||
Deferred tax liabilities in the balance sheet, total | 790 | -164 | 56 | 0 | -1 | 567 |
FINANCIAL STATEMENTS 2023 | 99 |
EURm | 1 Jan | Business acquisitions/ disposals | Recognised in comprehensive income statement | Recognised in equity | Exchange differences | 31 Dec |
Deferred tax assets | ||||||
Tax losses carried forward | 2 | — | 0 | 0 | 0 | 2 |
Changes in fair values | 6 | — | 0 | — | 0 | 5 |
Other deductible temporary differences | 141 | 1 | -6 | 0 | -7 | 128 |
Total | 148 | 1 | -6 | 0 | -8 | 135 |
Netting of deferred taxes | -124 | |||||
Deferred tax assets in the balance sheet, total | 148 | 1 | -6 | 0 | -8 | 11 |
Deferred tax liabilities | ||||||
Depreciation differences and untaxed reserves | 219 | 0 | -7 | 7 | -10 | 209 |
Changes in fair values | 513 | 7 | -307 | — | -18 | 194 |
Pension assets | — | — | 7 | — | — | 7 |
Other taxable temporary differences | 226 | -19 | 175 | 1 | -4 | 379 |
Total | 957 | -12 | -131 | 9 | -33 | 790 |
Netting of deferred taxes | -124 | |||||
Deferred tax liabilities in the balance sheet, total | 957 | -12 | -131 | 9 | -33 | 666 |
FINANCIAL STATEMENTS 2023 | 100 |
EURm | ||||||||
Tax losses carried forward 2023 | Country | Tax losses carried forward in local currency | Tax losses carried forward | Of which no deferred tax asset has been recognised | Of which deferred tax asset has been recognised | Recognised deferred tax asset | Applicable tax rate | Potential deferred tax asset not recognised |
Sampo Plc | Finland | EURm 267 | 267 | 267 | — | — | 20.00% | 53 |
Norway | NOKm 83 | 7 | 7 | — | — | 22.00% | -* | |
If P&C Insurance Ltd (publ) | Germany | EURm 2 | 2 | 2 | — | — | 27.38% | -* |
If P&C Insurance Ltd (publ) | France | EURm 16 | 16 | 16 | — | — | 25.83% | -* |
If P&C Insurance Ltd (publ) | UK | GBPm 20 | 23 | 23 | — | — | 25.00% | -* |
If P&C Insurance AS | Latvia | — | — | — | — | — | 20.00% | - |
Insrt AB | Sweden | SEKm 6 | 1 | 1 | — | — | 20.60% | — |
Viking Sverige AB | Sweden | SEKm 42 | 4 | — | 4 | 1 | 20.60% | — |
Viking Assistance A/S | Denmark | DKKm 33 | 4 | 4 | — | — | 22.00% | 1 |
Viking Nordic Assistance S.L | Spain | — | — | — | — | — | 25.00% | — |
Hastings Group Finance plc | UK | GBPm 7 | 8 | 8 | — | — | 25.00% | 2 |
Total | 1 | 56 |
FINANCIAL STATEMENTS 2023 | 101 |
MEUR | ||||||||
Tax losses carried forward 2022 | Country | Tax losses carried forward in local currency | Tax losses carried forward | Of which no deferred tax asset has been recognised | Of which deferred tax asset has been recognised | Recognised deferred tax asset | Applicable tax rate | Potential deferred tax asset not recognised |
Sampo Plc | Finland | EURm 172 | 172 | 172 | — | — | 20.00% | 34 |
Norway | — | — | — | — | — | 22.00% | -* | |
If P&C Insurance Ltd (publ) | Germany | EURm 5 | 5 | 5 | — | — | 27.38% | -* |
If P&C Insurance Ltd (publ) | France | EURm 24 | 24 | 24 | — | — | 25.83% | -* |
If P&C Insurance Ltd (publ) | UK | GBPm 25 | 28 | 28 | — | — | 25.00% | -* |
If P&C Insurance AS | Latvia | EURm 3 | 3 | 3 | — | — | 20.00% | 1 |
Viking Sverige AB | Sweden | SEKm 22 | 2 | — | 2 | — | 20.60% | — |
Viking Assistance A/S | Denmark | DKKm 33 | 4 | 4 | — | — | 22.00% | 1 |
Viking Nordic Assistance S.L | Spain | EURm 0 | — | — | — | — | 25.00% | — |
Hastings Group Finance plc | UK | GBPm 7 | 8 | 8 | — | — | 25.00% | 2 |
Total | — | 38 |
FINANCIAL STATEMENTS 2023 | 102 |
EURm | 2023 | 2022 |
Profit before tax | 1,481 | 1,924 |
Tax calculated at parent company's tax rate | -296 | -385 |
Different tax rates in foreign jurisdictions | -40 | -153 |
Income from associates not subject to tax | 0 | 21 |
Income not subject to tax | 46 | 49 |
Non-deductible expenses | -40 | -17 |
Tax losses for which no deferred tax asset has been recognised | -36 | -28 |
Changes in tax rates | -8 | 2 |
Tax from previous years | 2 | 5 |
Total | -372 | -505 |
EURm | 12/2023 | 12/2022 |
Assets arising from direct insurance operations | 245 | 213 |
Assets arising from reinsurance operations | 92 | 22 |
Settlement receivables | 5 | 83 |
Accrued interest | 130 | 113 |
Net pension asset | 32 | 34 |
Other | 296 | 310 |
Total other asset | 800 | 775 |
FINANCIAL STATEMENTS 2023 | 103 |
EURm | 12/2023 | 12/2022 |
Insurance contract liability - contracts measured under PAA | ||
Liability for remaining coverage | 1,709 | 1,514 |
Liability for incurred claims | 10,007 | 9,376 |
Insurance contract liability - contracts measured under GMM and VFA | ||
Liability for remaining coverage | — | 5,299 |
Liability for incurred claims | — | 22 |
Total insurance contract liabilities | 11,716 | 16,210 |
Reinsurance contract assets | ||
Assets for remaining coverage | 258 | 221 |
Assets for incurred claims | 2,024 | 1,600 |
Reinsurance contract assets, total | 2,282 | 1,821 |
Total insurance contracts, net of reinsurance | 9,434 | 14,389 |
FINANCIAL STATEMENTS 2023 | 104 |
FINANCIAL STATEMENTS 2023 | 105 |
2023 | 2022 | |||||||||
Liabilities for remaining coverage | Liabilities for incurred claims | Liabilities for remaining coverage | Liabilities for incurred claims | |||||||
EURm | Excluding loss component | Loss component | Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Total | Excluding loss component | Loss component | Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Total |
Opening balance | 1,499 | 14 | 8,931 | 444 | 10,889 | 1,504 | 28 | 9,686 | 477 | 11,695 |
Changes in the statement of comprehensive income | ||||||||||
Insurance revenue | -8,417 | — | — | — | -8,417 | -8,062 | — | — | — | -8,062 |
Insurance service expenses | ||||||||||
Incurred claims and other insurance service expenses | — | — | 6,503 | 154 | 6,657 | — | — | 5,897 | 151 | 6,047 |
Amortisation of insurance acquisition cash flows | 223 | — | — | — | 223 | 213 | — | — | — | 213 |
Changes that relate to past service (LIC) | — | — | -395 | -145 | -540 | — | — | -71 | -163 | -234 |
Changes that relate to future service (LRC) | — | 12 | — | — | 12 | — | -12 | — | — | -12 |
Total insurance service expenses | 223 | 12 | 6,108 | 9 | 6,351 | 213 | -12 | 5,826 | -13 | 6,014 |
Insurance service result | -8,195 | 12 | 6,108 | 9 | -2,066 | -7,849 | -12 | 5,826 | -13 | -2,048 |
Insurance finance income or expense | — | — | 529 | — | 529 | -1 | — | -826 | — | -827 |
Other items (including FX effects) | -185 | — | 91 | 4 | -89 | 244 | -1 | -475 | -20 | -252 |
Total changes in the statement of comprehensive income | -8,379 | 12 | 6,728 | 13 | -1,626 | -7,606 | -14 | 4,525 | -32 | -3,127 |
Cash flows during the period | ||||||||||
Premiums received | 8,785 | — | — | — | 8,785 | 7,808 | — | — | — | 7,808 |
Claims and other insurance service expenses paid | — | — | -6,111 | — | -6,111 | — | — | -5,280 | — | -5,280 |
Insurance acquisition cash flows paid | -221 | — | — | — | -221 | -207 | — | — | — | -207 |
Total cash flows during the period | 8,564 | — | -6,111 | — | 2,453 | 7,601 | — | -5,280 | — | 2,321 |
Transfer to other items in the balance sheet | 17 | — | — | 1 | 18 | — | — | — | — | — |
Closing balance - liabilities relating to insurance contracts | 1,701 | 27 | 9,547 | 459 | 11,734 | 1,499 | 14 | 8,931 | 444 | 10,889 |
Acquisition cash flow asset | -18 | — | ||||||||
Closing balance | 11,716 | 10,889 | ||||||||
FINANCIAL STATEMENTS 2023 | 106 |
2023 | 2022 | |||||||
Assets for remaining coverage | Assets for incurred claims | Assets for remaining coverage | Assets for incurred claims | |||||
EURm | Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Total | Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Total | ||
Opening assets | 221 | 1,384 | 215 | 1,820 | 251 | 1,523 | 232 | 2,007 |
Changes in the statement of comprehensive income | ||||||||
Allocation of reinsurance premiums paid | -1,005 | — | — | -1,005 | -894 | — | — | -894 |
Amounts recoverable from reinsurers | ||||||||
Recoveries of incurred claims and other insurance service expenses | — | 935 | 72 | 1,007 | — | 600 | 67 | 667 |
Adjustments to assets for incurred claims | — | -80 | -70 | -150 | — | 155 | -73 | 82 |
Effect of changes in non-performance risk of reinsurers | — | — | — | — | — | — | — | — |
Net expenses from reinsurance contracts | -1,005 | 855 | 2 | -148 | -894 | 756 | -6 | -144 |
Insurance finance income or expenses from reinsurance contracts | — | 83 | — | 83 | — | -90 | — | -90 |
Effect of movements in exchange rates | -8 | 31 | 4 | 26 | 22 | -85 | -11 | -75 |
Total changes in the statement of comprehensive income | -1,014 | 969 | 6 | -39 | -872 | 580 | -17 | -310 |
Cash flows | ||||||||
Premiums paid | 1,051 | — | — | 1,051 | 842 | — | — | 842 |
Amounts received | — | -550 | — | -550 | — | -719 | — | -719 |
Total cash flows | 1,051 | -550 | — | 501 | 842 | -719 | — | 123 |
Closing assets | 258 | 1,803 | 220 | 2,282 | 221 | 1,384 | 215 | 1,820 |
FINANCIAL STATEMENTS 2023 | 107 |
2023 | 2022 | |||||||||
Liabilities for remaining coverage | Liabilities for incurred claims | Liabilities for remaining coverage | Liabilities for incurred claims | |||||||
EURm | Excluding loss component | Loss component | Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Total | Excluding loss component | Loss component | Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Total |
Opening balance - liabilities relating to insurance contracts | 868 | 7 | 5,655 | 162 | 6,693 | 873 | 25 | 6,230 | 172 | 7,301 |
Changes in the statement of comprehensive income | ||||||||||
Insurance revenue | -5,330 | — | — | — | -5,330 | -5,322 | — | — | — | -5,322 |
Insurance service expenses | ||||||||||
Incurred claims and other insurance service expenses | — | — | 3,924 | 58 | 3,981 | — | — | 3,570 | 52 | 3,621 |
Amortisation of insurance acquisition cash flows | 100 | — | — | — | 100 | 102 | — | — | — | 102 |
Changes that relate to past service (LIC) | — | — | -184 | -43 | -228 | — | — | 118 | -56 | 62 |
Changes that relate to future service (LRC) | — | 10 | — | — | 10 | — | -17 | — | — | -17 |
Total insurance service expenses | 100 | 10 | 3,739 | 14 | 3,863 | 102 | -17 | 3,688 | -4 | 3,769 |
Insurance service result | -5,230 | 10 | 3,739 | 14 | -1,467 | -5,220 | -17 | 3,688 | -4 | -1,553 |
Insurance finance income or expense | — | — | 340 | — | 340 | — | — | -619 | — | -619 |
Other items (including FX effects) | -191 | — | 57 | -2 | -135 | 211 | -1 | -333 | -6 | -130 |
Total changes in the statement of comprehensive income | -5,420 | 10 | 4,136 | 13 | -1,261 | -5,009 | -18 | 2,735 | -10 | -2,302 |
Cash flows during the period | ||||||||||
Premiums received | 5,572 | — | — | — | 5,572 | 5,102 | — | — | — | 5,102 |
Claims and other insurance service expenses paid | — | — | -3,754 | — | -3,754 | — | — | -3,311 | — | -3,311 |
Insurance acquisition cash flows paid | -108 | — | — | — | -108 | -98 | — | — | — | -98 |
Total cash flows during the period | 5,463 | — | -3,754 | — | 1,710 | 5,004 | — | -3,311 | — | 1,693 |
Transfer to other items in the balance sheet | ||||||||||
Closing balance - liabilities relating to insurance contracts | 911 | 17 | 6,038 | 175 | 7,141 | 868 | 7 | 5,655 | 162 | 6,693 |
Acquisition cash flow asset | -7 | — | ||||||||
Closing balance - Insurance contract liabilities | 7,134 | 6,693 | ||||||||
FINANCIAL STATEMENTS 2023 | 108 |
2023 | 2022 | |||||||
Assets for remaining coverage | Assets for incurred claims | Assets for remaining coverage | Assets for incurred claims | |||||
EURm | Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Total | Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Total | ||
Opening assets | 28 | 226 | 10 | 264 | 23 | 242 | 11 | 276 |
Changes in the statement of comprehensive income | ||||||||
Allocation of reinsurance premiums paid | -334 | — | — | -334 | -299 | — | — | -298 |
Amounts recoverable from reinsurers | ||||||||
Recoveries of incurred claims and other insurance service expenses | — | 339 | 10 | 348 | — | 84 | 3 | 87 |
Adjustments to assets for incurred claims | — | 41 | -3 | 38 | — | 34 | -4 | 30 |
Effect of changes in non-performance risk of reinsurers | — | — | — | — | — | — | — | — |
Net expenses from reinsurance contracts | -334 | 380 | 7 | 52 | -299 | 118 | -1 | -181 |
Insurance finance income or expenses from reinsurance contracts | — | 8 | — | 8 | — | -9 | — | -9 |
Effect of movements in exchange rates | -12 | 8 | 0 | -4 | 13 | -2 | 0 | 11 |
Total changes in the statement of comprehensive income | -346 | 396 | 7 | 57 | -285 | 107 | -1 | -179 |
Cash flows | ||||||||
Premiums paid | 354 | — | — | 354 | 291 | — | — | 291 |
Amounts received | — | -112 | — | -112 | 0 | -123 | — | -123 |
Total cash flows | 354 | -112 | — | 242 | 291 | -123 | — | 167 |
Closing assets | 36 | 510 | 17 | 563 | 28 | 226 | 10 | 264 |
FINANCIAL STATEMENTS 2023 | 109 |
2023 | 2022 | |||||||||
Liabilities for remaining coverage | Liabilities for incurred claims | Liabilities for remaining coverage | Liabilities for incurred claims | |||||||
EURm | Excluding loss component | Loss component | Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Total | Excluding loss component | Loss component | Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Total |
Opening balance - liabilities relating to insurance contracts | 285 | 2 | 1,441 | 35 | 1,763 | 303 | 1 | 1,529 | 40 | 1,872 |
Changes in the statement of comprehensive income | ||||||||||
Insurance revenue | -1,369 | — | — | — | -1,369 | -1,330 | — | — | — | -1,330 |
Insurance service expenses | ||||||||||
Incurred claims and other insurance service expenses | — | — | 1,093 | 15 | 1,108 | — | — | 1,015 | 17 | 1,031 |
Amortisation of insurance acquisition cash flows | 31 | — | — | — | 31 | 33 | — | — | — | 33 |
Changes that relate to past service (LIC) | — | — | -27 | -16 | -43 | — | — | -25 | -21 | -46 |
Changes that relate to future service (LRC) | 0 | 1 | 0 | — | 1 | 0 | 1 | 0 | 0 | 1 |
Total insurance service expenses | 31 | 1 | 1,066 | -1 | 1,097 | 33 | 1 | 989 | -5 | 1,018 |
Insurance service result | -1,337 | 1 | 1,066 | -1 | -272 | -1,298 | 1 | 989 | -5 | -312 |
Insurance finance income or expense | — | — | 81 | — | 81 | -1 | — | -116 | — | -117 |
Other items (including FX effects) | — | — | -5 | 1 | -4 | -1 | — | — | — | — |
Total changes in the statement of comprehensive income | -1,337 | 1 | 1,142 | — | -194 | -1,299 | 1 | 874 | -5 | -429 |
Cash flows during the period | ||||||||||
Premiums received | 1,336 | — | — | — | 1,336 | 1,314 | — | — | — | 1,314 |
Claims and other insurance service expenses paid | — | — | -1,038 | — | -1,038 | — | — | -961 | — | -961 |
Insurance acquisition cash flows paid | -18 | — | — | — | -18 | -33 | — | — | — | -33 |
Total cash flows during the period | 1,318 | — | -1,038 | — | 280 | 1,281 | — | -961 | — | 320 |
Transfer to other items in the balance sheet | 17 | — | — | 1 | 18 | — | — | — | — | — |
Closing balance - liabilities relating to insurance contracts | 282 | 2 | 1,546 | 37 | 1,867 | 285 | 2 | 1,441 | 35 | 1,763 |
Acquisition cash flow asset | -12 | — | ||||||||
Closing balance - liabilities relating to insurance contracts | 1,855 | 1,763 | ||||||||
FINANCIAL STATEMENTS 2023 | 110 |
2023 | 2022 | |||||||
Assets for remaining coverage | Assets for incurred claims | Assets for remaining coverage | Assets for incurred claims | |||||
EURm | Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Total | Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Total | ||
Opening assets | -2 | 80 | 1 | 79 | 3 | 83 | 2 | 88 |
Changes in the statement of comprehensive income | ||||||||
Allocation of reinsurance premiums paid | -80 | — | — | -80 | -75 | — | — | -75 |
Amounts recoverable from reinsurers | ||||||||
Recoveries of incurred claims and other insurance service expenses | — | 49 | — | 49 | — | 44 | — | 44 |
Adjustments to assets for incurred claims | — | 1 | — | 1 | — | -5 | — | -5 |
Effect of changes in non-performance risk of reinsurers | — | — | — | — | — | — | — | — |
Net expenses from reinsurance contracts | -80 | 49 | — | -31 | -75 | 39 | — | -37 |
Insurance finance income or expenses from reinsurance contracts | — | 2 | — | 2 | 0 | -2 | — | -2 |
Effect of movements in exchange rates | — | — | — | 0 | 0 | 0 | — | 0 |
Total changes in the statement of comprehensive income | -80 | 51 | 0 | -29 | -75 | 37 | — | -39 |
Cash flows | ||||||||
Premiums paid | 82 | — | — | 82 | 70 | — | — | 70 |
Amounts received | 0 | -54 | 0 | -54 | 0 | -39 | — | -39 |
Total cash flows | 82 | -54 | 0 | 28 | 70 | -39 | — | 30 |
Closing assets | -1 | 78 | 1 | 79 | -2 | 80 | 1 | 79 |
FINANCIAL STATEMENTS 2023 | 111 |
2023 | 2022 | |||||||||
Liabilities for remaining coverage | Liabilities for incurred claims | Liabilities for remaining coverage | Liabilities for incurred claims | |||||||
EURm | Excluding loss componen t | Loss componen t | Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Total | Excluding loss componen t | Loss componen t | Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Total |
Opening balance - liabilities relating to insurance contracts | 347 | 5 | 1,835 | 247 | 2,434 | 328 | 3 | 1,927 | 265 | 2,522 |
Changes in the statement of profit or loss | ||||||||||
Insurance revenue | -1,719 | — | — | — | -1,719 | -1,409 | — | — | — | -1,409 |
Insurance service expenses | ||||||||||
Incurred claims and other insurance service expenses | — | — | 1,486 | 81 | 1,568 | — | — | 1,312 | 82 | 1,394 |
Amortisation of insurance acquisition cash flows | 92 | — | — | — | 92 | 79 | — | — | — | 79 |
Changes that relate to past service (LIC) | — | — | -184 | -86 | -269 | — | — | -163 | -86 | -250 |
Changes that relate to future service (LRC) | 0 | 2 | 0 | 0 | 2 | 0 | 3 | 0 | 0 | 3 |
Total insurance service expenses | 92 | 2 | 1,303 | -4 | 1,391 | 79 | 3 | 1,149 | -4 | 1,226 |
Insurance service result | -1,628 | 2 | 1,303 | -4 | -328 | -1,331 | 3 | 1,149 | -4 | -183 |
Insurance finance income or expense | — | — | 108 | — | 108 | — | — | -91 | — | -91 |
Other items (including FX effects) | 6 | — | 39 | 5 | 50 | 34 | — | -142 | -14 | -122 |
Total changes in the statement of profit or loss | -1,622 | 2 | 1,449 | 1 | -170 | -1,297 | 3 | 916 | -18 | -396 |
Cash flows during the period | ||||||||||
Premiums received | 1,877 | — | — | — | 1,877 | 1,393 | — | — | — | 1,393 |
Claims and other insurance service expenses paid | — | — | -1,320 | — | -1,320 | — | — | -1,008 | — | -1,008 |
Insurance acquisition cash flows paid | -95 | — | — | — | -95 | -77 | — | — | — | -77 |
Total cash flows during the period | 1,782 | — | -1,320 | 0 | 462 | 1,316 | — | -1,008 | — | 308 |
Transfer to other items in the balance sheet | — | — | — | — | — | — | — | — | — | — |
Closing balance - liabilities relating to insurance contracts | 508 | 7 | 1,964 | 247 | 2,726 | 347 | 5 | 1,835 | 247 | 2,434 |
Closing balance - liabilities relating to insurance contracts | 2,726 | 2,434 | ||||||||
FINANCIAL STATEMENTS 2023 | 112 |
2023 | 2022 | |||||||
Assets for remaining coverage | Assets for incurred claims | Assets for remaining coverage | Assets for incurred claims | |||||
EURm | Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Total | Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Total | ||
Opening assets | 195 | 1,078 | 203 | 1,477 | 225 | 1,198 | 219 | 1,643 |
Changes in the statement of comprehensive income | ||||||||
Allocation of reinsurance premiums paid | -591 | — | — | -591 | -520 | — | — | -520 |
Amounts recoverable from reinsurers | ||||||||
Recoveries of incurred claims and other insurance service expenses | — | 548 | 62 | 610 | — | 473 | 64 | 537 |
Adjustments to assets for incurred claims | — | -121 | -67 | -188 | — | 126 | -69 | 57 |
Effect of changes in non-performance risk of reinsurers | — | — | — | — | — | — | — | — |
Net expenses from reinsurance contracts | -591 | 426 | -5 | -170 | -520 | 599 | -5 | 73 |
Insurance finance income or expenses from reinsurance contracts | — | 73 | — | 73 | — | -80 | — | -80 |
Effect of movements in exchange rates | 4 | 22 | 4 | 30 | 8 | -83 | -11 | -86 |
Total changes in the statement of comprehensive income | -588 | 521 | -1 | -68 | -512 | 436 | -16 | -92 |
Cash flows | ||||||||
Premiums paid | 615 | — | — | 615 | 482 | — | — | 482 |
Amounts received | — | -384 | — | -384 | — | -556 | — | -556 |
Total cash flows | 615 | -384 | — | 231 | 482 | -556 | — | -74 |
Closing assets | 223 | 1,215 | 202 | 1,640 | 195 | 1,078 | 203 | 1,477 |
FINANCIAL STATEMENTS 2023 | 113 |
EURm | 2023 |
Reconciliation of acquisition cash flow asset | |
Opening balance | 10 |
Cash flows recognised as an asset | 36 |
Amounts transferred to liability for remaining coverage | -28 |
Closing balance | 18 |
2023 | Expected timing of derecognition | |||
EURm | 2024 | 2025-2026 | 2027-2028 | Total |
Acquisition cash flow asset | 12 | 4 | 2 | 18 |
FINANCIAL STATEMENTS 2023 | 114 |
FINANCIAL STATEMENTS 2023 | 115 |
EURm | |||||||||||
Claims expense, gross Accident year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Total |
Estimated claims expense | |||||||||||
at the close of the claims year | 3,838 | 3,928 | 4,072 | 4,192 | 4,424 | 4,667 | 4,748 | 4,914 | 5,451 | 6,412 | |
one year later | 3,837 | 3,995 | 4,131 | 4,188 | 4,508 | 4,683 | 4,692 | 5,006 | 5,480 | ||
two years later | 3,851 | 3,970 | 4,086 | 4,178 | 4,547 | 4,729 | 4,687 | 4,912 | |||
three years later | 3,857 | 3,937 | 4,052 | 4,177 | 4,583 | 4,717 | 4,615 | ||||
four years later | 3,868 | 3,899 | 3,950 | 4,152 | 4,562 | 4,674 | |||||
five years later | 3,793 | 3,858 | 3,992 | 4,127 | 4,505 | ||||||
six years later | 3,735 | 3,853 | 3,967 | 4,102 | |||||||
seven years later | 3,736 | 3,860 | 3,950 | ||||||||
eight years later | 3,732 | 3,827 | |||||||||
nine years later | 3,708 | ||||||||||
ten years later | |||||||||||
Current estimate of total claims expense | 3,708 | 3,827 | 3,950 | 4,102 | 4,505 | 4,674 | 4,615 | 4,912 | 5,480 | 6,412 | |
Total disbursed | 3,516 | 3,612 | 3,671 | 3,801 | 4,095 | 4,117 | 3,889 | 3,831 | 3,907 | 3,017 | |
Liability (gross) reported in the balance sheet | 192 | 215 | 279 | 301 | 410 | 558 | 725 | 1,081 | 1,572 | 3,394 | 8,727 |
Liability (gross) relating to 2013 and prior years | 2,933 | ||||||||||
Discounting effect, gross | -2,034 | ||||||||||
Liability for claims handling expenses and other items | 380 | ||||||||||
Total liability for incurred claims | 10,007 |
FINANCIAL STATEMENTS 2023 | 116 |
EURm | |||||||||||
Claims expense, net of reinsurance Accident year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Total |
Estimated claims expense | |||||||||||
at the close of the claims year | 3,509 | 3,544 | 3,515 | 3,597 | 3,805 | 4,002 | 3,999 | 4,089 | 4,657 | 5,287 | |
one year later | 3,508 | 3,571 | 3,527 | 3,620 | 3,866 | 3,998 | 3,916 | 4,094 | 4,675 | ||
two years later | 3,501 | 3,546 | 3,511 | 3,603 | 3,907 | 4,023 | 3,901 | 4,038 | |||
three years later | 3,509 | 3,532 | 3,474 | 3,617 | 3,950 | 4,053 | 3,875 | ||||
four years later | 3,494 | 3,485 | 3,445 | 3,601 | 3,948 | 4,033 | |||||
five years later | 3,434 | 3,472 | 3,462 | 3,610 | 3,911 | ||||||
six years later | 3,393 | 3,463 | 3,462 | 3,584 | |||||||
seven years later | 3,392 | 3,480 | 3,431 | ||||||||
eight years later | 3,396 | 3,453 | |||||||||
nine years later | 3,371 | ||||||||||
ten years later | |||||||||||
Current estimate of total claims expense | 3,371 | 3,453 | 3,431 | 3,584 | 3,911 | 4,033 | 3,875 | 4,038 | 4,675 | 5,287 | |
Total disbursed | 3,187 | 3,250 | 3,224 | 3,341 | 3,564 | 3,614 | 3,348 | 3,310 | 3,519 | 2,823 | |
Liability (net) reported in the balance sheet | 184 | 203 | 206 | 243 | 347 | 419 | 528 | 728 | 1,156 | 2,464 | 6,478 |
Liability (net) relating to 2013 and prior years | 2,768 | ||||||||||
Discounting effect, gross | -1,626 | ||||||||||
Liability for claims handling expenses | 349 | ||||||||||
Risk of non-performance by reinsurer | 15 | ||||||||||
Total liability for incurred claims | 7,983 |
FINANCIAL STATEMENTS 2023 | 117 |
EURm | |||||||||||
Claims expense, gross Accident year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Total |
Estimated claims expense | |||||||||||
at the close of the claims year | 2,580 | 2,583 | 2,534 | 2,608 | 2,743 | 2,869 | 3,005 | 2,991 | 3,293 | 3,945 | |
one year later | 2,568 | 2,597 | 2,565 | 2,645 | 2,836 | 2,912 | 3,043 | 3,128 | 3,383 | ||
two years later | 2,573 | 2,581 | 2,559 | 2,631 | 2,864 | 2,926 | 3,083 | 3,099 | |||
three years later | 2,585 | 2,555 | 2,515 | 2,634 | 2,881 | 2,969 | 3,048 | ||||
four years later | 2,588 | 2,523 | 2,502 | 2,605 | 2,897 | 2,959 | |||||
five years later | 2,552 | 2,517 | 2,511 | 2,613 | 2,865 | ||||||
six years later | 2,522 | 2,501 | 2,515 | 2,587 | |||||||
seven years later | 2,511 | 2,510 | 2,484 | ||||||||
eight years later | 2,508 | 2,490 | |||||||||
nine years later | 2,488 | ||||||||||
ten years later | |||||||||||
Current estimate of total claims expense | 2,488 | 2,490 | 2,484 | 2,587 | 2,865 | 2,959 | 3,048 | 3,099 | 3,383 | 3,945 | |
Total disbursed | 2,345 | 2,330 | 2,306 | 2,397 | 2,601 | 2,659 | 2,682 | 2,591 | 2,577 | 1,905 | |
Liability (gross) reported in the balance sheet | 144 | 160 | 178 | 190 | 264 | 300 | 367 | 508 | 807 | 2,040 | 4,958 |
Liability (gross) relating to 2013 and prior years | 2,474 | ||||||||||
Discounting effect, gross | -1,471 | ||||||||||
Liability for claims handling expenses | 252 | ||||||||||
Total liability for incurred claims | 6,213 |
FINANCIAL STATEMENTS 2023 | 118 |
EURm | |||||||||||
Claims expense, net of reinsurance Accident year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Total |
Estimated claims expense | |||||||||||
at the close of the claims year | 2,544 | 2,542 | 2,481 | 2,553 | 2,693 | 2,810 | 2,829 | 2,868 | 3,205 | 3,571 | |
one year later | 2,529 | 2,553 | 2,491 | 2,594 | 2,768 | 2,842 | 2,848 | 2,973 | 3,270 | ||
two years later | 2,520 | 2,534 | 2,484 | 2,576 | 2,796 | 2,853 | 2,889 | 2,926 | |||
three years later | 2,532 | 2,516 | 2,447 | 2,579 | 2,814 | 2,898 | 2,857 | ||||
four years later | 2,530 | 2,483 | 2,434 | 2,550 | 2,827 | 2,891 | |||||
five years later | 2,492 | 2,476 | 2,439 | 2,569 | 2,796 | ||||||
six years later | 2,462 | 2,461 | 2,443 | 2,543 | |||||||
seven years later | 2,451 | 2,471 | 2,412 | ||||||||
eight years later | 2,449 | 2,451 | |||||||||
nine years later | 2,429 | ||||||||||
ten years later | |||||||||||
Current estimate of total claims expense | 2,429 | 2,451 | 2,412 | 2,543 | 2,796 | 2,891 | 2,857 | 2,926 | 3,270 | 3,571 | |
Total disbursed | 2,287 | 2,294 | 2,253 | 2,360 | 2,537 | 2,599 | 2,501 | 2,453 | 2,527 | 1,916 | |
Liability (net) reported in the balance sheet | 141 | 157 | 159 | 183 | 259 | 291 | 356 | 473 | 743 | 1,655 | 4,417 |
Liability (net) relating to 2013 and prior years | 2,460 | ||||||||||
Discounting effect, gross | -1,445 | ||||||||||
Liability for claims handling expenses | 239 | ||||||||||
Risk of non-performance by reinsurer | 15 | ||||||||||
Total liability for incurred claims | 5,686 |
FINANCIAL STATEMENTS 2023 | 119 |
EURm | |||||||||||
Claims expense, gross Accident year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Total |
Estimated claims expense | |||||||||||
at the close of the claims year | 839 | 827 | 800 | 728 | 787 | 790 | 820 | 843 | 883 | 974 | |
one year later | 849 | 836 | 800 | 744 | 799 | 810 | 802 | 835 | 876 | ||
two years later | 841 | 821 | 786 | 735 | 807 | 816 | 780 | 844 | |||
three years later | 833 | 819 | 774 | 744 | 815 | 817 | 793 | ||||
four years later | 815 | 813 | 757 | 737 | 813 | 815 | |||||
five years later | 795 | 793 | 760 | 735 | 816 | ||||||
six years later | 783 | 788 | 755 | 741 | |||||||
seven years later | 782 | 795 | 757 | ||||||||
eight years later | 788 | 789 | |||||||||
nine years later | 784 | ||||||||||
ten years later | |||||||||||
Current estimate of total claims expense | 784 | 789 | 757 | 741 | 816 | 815 | 793 | 844 | 876 | 974 | |
Total disbursed | 743 | 746 | 717 | 686 | 738 | 725 | 681 | 681 | 638 | 484 | |
Liability (gross) reported in the balance sheet | 42 | 44 | 40 | 55 | 79 | 90 | 112 | 163 | 238 | 490 | 1,351 |
Liability (gross) relating to 2013 and prior years | 303 | ||||||||||
Discounting effect, gross | -119 | ||||||||||
Other items | 48 | ||||||||||
Total liability for incurred claims | 1,583 |
FINANCIAL STATEMENTS 2023 | 120 |
EURm | |||||||||||
Claims expense, net of reinsurance Accident year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Total |
Estimated claims expense | |||||||||||
at the close of the claims year | 791 | 776 | 742 | 703 | 735 | 757 | 782 | 785 | 837 | 923 | |
one year later | 798 | 784 | 746 | 716 | 746 | 774 | 764 | 777 | 830 | ||
two years later | 792 | 770 | 731 | 708 | 754 | 780 | 744 | 785 | |||
three years later | 784 | 768 | 720 | 717 | 762 | 781 | 758 | ||||
four years later | 766 | 756 | 702 | 711 | 759 | 779 | |||||
five years later | 745 | 747 | 701 | 708 | 763 | ||||||
six years later | 733 | 742 | 698 | 715 | |||||||
seven years later | 736 | 751 | 701 | ||||||||
eight years later | 742 | 745 | |||||||||
nine years later | 738 | ||||||||||
ten years later | |||||||||||
Current estimate of total claims expense | 738 | 745 | 701 | 715 | 763 | 779 | 758 | 785 | 830 | 923 | |
Total disbursed | 697 | 701 | 662 | 660 | 686 | 691 | 648 | 633 | 604 | 466 | |
Liability (net) reported in the balance sheet | 41 | 44 | 38 | 55 | 77 | 88 | 109 | 152 | 226 | 457 | 1,288 |
Liability (net) relating to 2013 and prior years | 301 | ||||||||||
Discounting effect, gross | -117 | ||||||||||
Liability for claims handling expenses | 30 | ||||||||||
Total liability for incurred claims | 1,503 |
FINANCIAL STATEMENTS 2023 | 121 |
EURm | |||||||||||
Claims expense, gross Accident year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Total |
Estimated claims expense | |||||||||||
at the close of the claims year | 419 | 518 | 738 | 857 | 893 | 1,008 | 923 | 1,079 | 1,275 | 1,493 | |
one year later | 420 | 562 | 765 | 800 | 873 | 962 | 847 | 1,043 | 1,221 | ||
two years later | 437 | 568 | 741 | 812 | 876 | 988 | 825 | 969 | |||
three years later | 439 | 563 | 763 | 799 | 887 | 931 | 773 | ||||
four years later | 465 | 562 | 691 | 810 | 852 | 900 | |||||
five years later | 445 | 548 | 721 | 780 | 824 | ||||||
six years later | 430 | 564 | 697 | 774 | |||||||
seven years later | 443 | 555 | 710 | ||||||||
eight years later | 436 | 547 | |||||||||
nine years later | 435 | ||||||||||
ten years later | |||||||||||
Current estimate of total claims expense | 435 | 547 | 710 | 774 | 824 | 900 | 773 | 969 | 1,221 | 1,493 | |
Total disbursed | 428 | 536 | 649 | 717 | 757 | 732 | 526 | 559 | 693 | 629 | |
Liability (gross) reported in the balance sheet | 7 | 11 | 61 | 56 | 67 | 167 | 247 | 410 | 528 | 864 | 2,418 |
Liability (gross) relating to 2013 and prior years | 156 | ||||||||||
Discounting effect, gross | -443 | ||||||||||
Liability for claims handling expenses | 80 | ||||||||||
Total liability for incurred claims | 2,211 |
FINANCIAL STATEMENTS 2023 | 122 |
EURm | |||||||||||
Claims expense, net of reinsurance Accident year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Total |
Estimated claims expense | |||||||||||
at the close of the claims year | 175 | 225 | 292 | 341 | 377 | 436 | 388 | 436 | 614 | 794 | |
one year later | 181 | 234 | 290 | 310 | 351 | 382 | 303 | 345 | 575 | ||
two years later | 189 | 241 | 296 | 320 | 357 | 391 | 267 | 327 | |||
three years later | 193 | 248 | 307 | 321 | 374 | 374 | 260 | ||||
four years later | 197 | 247 | 309 | 339 | 362 | 364 | |||||
five years later | 197 | 250 | 323 | 333 | 353 | ||||||
six years later | 197 | 261 | 321 | 327 | |||||||
seven years later | 205 | 259 | 318 | ||||||||
eight years later | 205 | 258 | |||||||||
nine years later | 204 | ||||||||||
ten years later | |||||||||||
Current estimate of total claims expense | 204 | 258 | 318 | 327 | 353 | 364 | 260 | 327 | 575 | 794 | |
Total disbursed | 203 | 256 | 309 | 322 | 342 | 324 | 198 | 224 | 388 | 441 | |
Liability (net) reported in the balance sheet | 1 | 2 | 9 | 5 | 11 | 39 | 62 | 103 | 187 | 353 | 772 |
Liability (net) relating to 2013 and prior years | 6 | ||||||||||
Discounting effect, gross | -64 | ||||||||||
Liability for claims handling expenses | 80 | ||||||||||
Total liability for incurred claims | 794 |
FINANCIAL STATEMENTS 2023 | 123 |
EURm | 12/2023 | 12/2022 |
Subordinated debt liabilities | ||
Subordinated loans | 1,645 | 1,983 |
Total subordinated debt liabilities | 1,645 | 1,983 |
Other financial liabilities | ||
Derivative financial instruments | 116 | 55 |
Financial liabilities measured at amortised cost | ||
Debt securities in issue | 959 | 1,306 |
Amounts owed to credit institutions | 194 | 96 |
Total financial liabilities measured at amortised cost | 1,153 | 1,402 |
Total other financial liabilities | 1,269 | 1,457 |
Total financial liabilities | 2,914 | 3,439 |
EURm | 12/2023 | 12/2022 | ||
Subordinated debt securities | ||||
Subordinated loans | Maturity | Interest | ||
Subordinated loan, 2021 (nominal value SEKm 1,500) | 30 years | 135 | 134 | |
Subordinated loan, 2018 (nominal value SEKm 1,000) | perpetual | - | 90 | |
Total subordinated debt securities | 135 | 224 | ||
Other financial liabilities | ||||
Derivative financial instruments | 58 | 7 | ||
Total financial liabilities | 193 | 231 |
FINANCIAL STATEMENTS 2023 | 124 |
EURm | 12/2023 | 12/2022 | ||
Subordinated debt securities | ||||
Subordinated loans | Maturity | Interest | ||
Subordinated loan tier 1, 2022 (nominal value DKKm 400) | perpetual | 54 | 54 | |
Subordinated loan, 2021 (nominal value DKKm 700) | 12/2031 | 94 | 94 | |
Total subordinated debt securities | 148 | 148 | ||
Other financial liabilities | ||||
Derivative financial instruments | 36 | 32 | ||
Amounts owed to credit institutions | 9 | 23 | ||
Total financial liabilities | 193 | 203 |
EURm | 12/2023 | 12/2022 | ||
Other financial liabilities | ||||
Amounts owed to credit institutions | 184 | 73 | ||
Total financial liabilities | 186 | 73 |
EURm | 12/2022 | |||
Subordinated debt securities | ||||
Subordinated loans | Maturity | Interest | ||
Subordinated loan, 2019 (nominal value EURm 250) | 30 years | 250 | ||
Subordinated loan, 2002 (nominal value EURm 100) | perpetual | — | 100 | |
Total subordinated debt securities | 350 | |||
Other financial liabilities | ||||
Derivative financial instruments | 3 | |||
Total financial liabilities | 352 |
FINANCIAL STATEMENTS 2023 | 125 |
EURm | 12/2023 | 12/2022 | ||
Subordinated debt securities | ||||
Subordinated loans | Maturity | Interest | ||
Subordinated loan, 2020 (nominal value EURm 1,000) | 32 years | 2.50 % | 993 | 993 |
Subordinated loan, 2019 (nominal value EURm 500) | 30 years | 3.38 % | 496 | 496 |
Total subordinated debt securities | 1,490 | 1,489 | ||
Other financial liabilities | ||||
Derivative financial instruments | 20 | 14 | ||
Debt securities in issue | Maturity | Interest | ||
Bond 2016, (nominal value EURm 750) | 7 years | 1.00 % | — | 318 |
Bond 2017, (nominal value EURm 500) | 8 years | 1.25 % | 162 | 161 |
Bond 2018, (nominal value EURm 500) | 10 years | 1.625 % | 311 | 311 |
Bond 2018, (nominal value EURm 500) | 12 years | 2.25 % | 395 | 400 |
Bond 2018, (nominal value NOKm 1,000) | 10 years | 3.10 % | 89 | 95 |
Other | 2 | 21 | ||
Total bonds | 959 | 1,306 | ||
Total financial liabilities | 2,469 | 2,808 |
EURm | 12/2023 | 12/2022 |
Eliminations between segments | -127 | -228 |
Group financial liabilities total | 2,914 | 3,439 |
EURm | 1 January 2023 | Incoming cash flows | Outgoing cash flows | Exchange differences | Other | 31 December 2023 |
Subordinated debt | 1,983 | — | -87 | -3 | -248 | 1,645 |
Bonds | 1,306 | — | -340 | -7 | — | 959 |
Other loans | 96 | 143 | -46 | 2 | — | 194 |
Total | 3,384 | 143 | -473 | -8 | -248 | 2,798 |
EURm | 1 January 2022 | Incoming cash flows | Outgoing cash flows | Exchange differences | Other | 31 December 2022 |
Subordinated debt | 2,016 | 54 | -69 | -19 | 2 | 1,983 |
Bonds | 2,200 | — | -859 | -10 | -25 | 1,306 |
Other loans | 43 | 69 | -13 | -3 | — | 96 |
Total | 4,259 | 122 | -942 | -32 | -24 | 3,384 |
FINANCIAL STATEMENTS 2023 | 126 |
EURm | 12/2023 | 12/2022 |
Liabilities arising out of direct insurance operations | 227 | 252 |
Liabilities arising out of reinsurance operations | 69 | 10 |
Settlement liabilities | 5 | 61 |
Provisions | 6 | 6 |
Interests | 29 | 9 |
Tax liabilities | 2 | 20 |
Lease liabilities | 160 | 197 |
Employee benefit liability | 21 | — |
Prepayments and accrued income | 241 | 287 |
Other | 581 | 776 |
Total other liabilities | 1,342 | 1,617 |
EURm | 1-12/2023 | 1-12/2022 |
Items recognised in the p/l from lease liabilities | ||
Interest expenses | -2 | -3 |
Expenses from short-term and low-value lease liabilities | -4 | -7 |
FINANCIAL STATEMENTS 2023 | 127 |
EURm | 2023 | 2022 |
Defined benefit pension obligations, including social costs | 209 | 210 |
Fair value of plan assets | 220 | 220 |
Net liability (asset) recognised in the balance sheet | -11 | -9 |
of which recognised as Net pension assets in Other assets | 32 | 34 |
of which recognised as Net pension liabilities in Other liabilities | 21 | 25 |
FINANCIAL STATEMENTS 2023 | 128 |
FINANCIAL STATEMENTS 2023 | 129 |
2023 | 2022 | |||||
EURm | Sweden | Norway | Total | Sweden | Norway | Total |
Recognised in income statement and other comprehensive income | ||||||
Current service cost | 3 | 0 | 3 | 4 | 0 | 4 |
Past service cost and settlements | — | — | — | 0 | 1 | 1 |
Total defined benefit pensions costs in insurance service result | 3 | 0 | 3 | 4 | 1 | 5 |
Interest expense on net pension liability | -1 | 1 | -1 | 0 | 0 | 0 |
Remeasurement of the net pension liability | 6 | 0 | 6 | -31 | -2 | -32 |
Total net cost (income) in comprehensive income statement | 8 | 1 | 8 | -26 | 0 | -27 |
Recognised in balance sheet | ||||||
Defined benefit pension obligations, including social costs | 186 | 23 | 209 | 184 | 27 | 210 |
Fair value of plan assets | 218 | 2 | 220 | 218 | 2 | 220 |
Net liability (net assets) recognised in balance sheet | -32 | 21 | -11 | -34 | 25 | -9 |
Distribution by asset class | ||||||
Bonds | 42% | — | 42% | — | ||
Equities | 20% | — | 20% | — | ||
Properties | 10% | — | 10% | — | ||
Other | 28% | — | 28% | — | ||
Sweden | Sweden | Norway | Norway | |
31 Dec 2023 | 31 Dec 2022 | 31 Dec 2023 | 31 Dec 2022 | |
Discount rate | 3.50% | 3.50% | 3.75% | 3.25% |
Future salary increases | 3.00% | 2.75% | 3.25% | 3.00% |
Price inflation | 2.00% | 2.00% | 2.25% | 2.00% |
Mortality table | DUS23 | DUS21 | K2013 | K2013 |
Average duration of pension liabilities | 17 years | 18 years | 11 years | 10 years |
Expected contributions to the defined benefit plans during 2023 and 2022 | 6 | 6 | - | - |
FINANCIAL STATEMENTS 2023 | 130 |
2023 | 2022 | |||||
Sensitivity analysis of effect of reasonably possible changes | Sweden | Norway | Total | Sweden | Norway | Total |
Discount rate, +0.50% | -15 | -1 | -15 | -15 | -1 | -16 |
Discount rate, -0.50% | 16 | 1 | 17 | 17 | 1 | 18 |
Future salary increases, +0.25% | 4 | 0 | 4 | 4 | 0 | 4 |
Future salary increases, -0.25% | -3 | 0 | -3 | -3 | 0 | -3 |
Expected longevity, +1 year | 6 | 1 | 6 | 6 | 1 | 7 |
2023 | 2022 | |||||
EURm | Funded plans | Unfunded plans | Total | Funded plans | Unfunded plans | Total |
Distribution of obligations on funded and unfunded plans | ||||||
Defined benefit pension obligations, including social costs | 188 | 20 | 209 | 186 | 24 | 210 |
Fair value of plan assets | 220 | — | 220 | 220 | — | 220 |
Net pension liability (net assets) recognised in the balance sheet | -31 | 20 | -11 | -34 | 24 | -9 |
FINANCIAL STATEMENTS 2023 | 131 |
EURm | 2023 | 2022 |
Pension liabilities | ||
At the beginning of the year | 204 | 288 |
Current cost | 3 | 4 |
Interest cost | 7 | 5 |
Actuarial gains (-) / losses (+) on financial assumptions | — | -66 |
Actuarial gains (-) / losses (+) on demographic assumptions | 0 | -6 |
Actuarial gains (-) / losses (+), experience adjustments | -3 | 25 |
Exchange differences on foreign plans | -1 | -19 |
Benefits paid | -7 | -20 |
Settlements | — | -7 |
Defined benefit pension obligations on Dec 31, excl. social security costs | 203 | 204 |
Social security costs | 6 | 7 |
Defined benefit plans on Dec 31, incl. social security costs | 209 | 210 |
Reconciliation of plan assets | ||
At the beginning of the year | 220 | 268 |
Interest income | 7 | 5 |
Difference between actual return and calculated interest income | -9 | -16 |
Contributions paid | 5 | 10 |
Exchange differences on foreign plans | 0 | -19 |
Benefits paid | -4 | -20 |
Settlements | — | -7 |
Plan assets at 31 December | 220 | 220 |
FINANCIAL STATEMENTS 2023 | 132 |
12/2023 | 12/2022 | |
Equity (1,000 shares) | 501,797 | 514,369 |
12/2023 | 12/2022 | |
Own shares held by Sampo plc (1,000 shares) | — | 2,141 |
FINANCIAL STATEMENTS 2023 | 133 |
2017:I/2 | 2020:I | 2020:I/2 | 2020:I/3 | ||
Terms approved* | 14 Sep 2017 | 5 Aug 2020 | 5 Aug 2020 | 5 Aug 2020 | |
Granted (1,000) 31 Dec 2020 | 85 | 3,877 | — | — | |
Granted (1,000) 31 Dec 2021 | 60 | 3,815 | 220 | — | |
Granted (1,000) 31 Dec 2022 | 30 | 3,805 | 220 | 208 | |
Granted (1,000) 31 Dec 2023** | — | 2,124 | 170 | 158 | |
End of performance period I 30% | Q2-2021 | Q2-2023 | Q2-2024 | Q2-2025 | |
End of performance period II 35% | Q2-2022 | Q2-2024 | Q2-2025 | Q2-2026 | |
End of performance period III 35% | Q2-2023 | Q2-2025 | Q2-2026 | Q2-2027 | |
Payment I 30% | 09/2021 | 09/2023 | 09/2024 | 09/2025 | |
Payment II 35% | 09/2022 | 09/2024 | 09/2025 | 09/2026 | |
Payment III 35% | 09/2023 | 09/2025 | 09/2026 | 09/2027 | |
Price of Sampo A at terms approval date EUR* | 44.02 | 30.30 | 30.30 | 30.30 | |
Starting price EUR*** | 44.10 | 32.94 | 43.49 | 44.74 | |
Dividend-adjusted starting price EUR at 31 December 2023 | — | 24.54 | 36.79 | 42.14 | |
Sampo A closing price EUR at 31 December 2023 | 39.61 | ||||
Mandatum closing price EUR at 31 December 2023 | 4.07 | ||||
Total intrinsic value, EURm | 31 | 1 | — | ||
Total debt | 32 | ||||
Total cost for the financial period, EURm (incl. social cost) | 10 |
FINANCIAL STATEMENTS 2023 | 134 |
Strike price | Executive board | Senior executives | Resigned | Total | |
Total number of options (1,000) | |||||
At 1 January 2023 | 38 | 85 | 425 | 470 | 981 |
Granted | 54 | 25 | 101 | — | 126 |
Transferred | — | — | -56 | 56 | — |
Exercised | 30 | -12 | -73 | -131 | -216 |
Forfeited | 46 | — | — | -16 | -16 |
At 31 December 2023 | 167 | 98 | 397 | 379 | 874 |
At 1 January 2022 | 36 | 108 | 765 | 249 | 1,121 |
Granted | 54 | 38 | 180 | — | 218 |
Transferred | — | -53 | -414 | 467 | — |
Exercised | 28 | -8 | -105 | -239 | -352 |
Forfeited | 37 | — | — | -7 | -7 |
At 31 December 2022 | 155 | 85 | 425 | 470 | 981 |
Per granting | |||||
2019, exercise period January 2022–2024 | 30 | 6 | 31 | 72 | 108 |
2020, exercise period January 2023–2025 | 36 | 17 | 72 | 103 | 192 |
2021, exercise period January 2024–2026 | 28 | 23 | 100 | 122 | 245 |
2022, exercise period January 2025–2027 | 45 | 27 | 104 | 75 | 206 |
2023, exercise period January 2026–2028 | 50 | 25 | 90 | 7 | 122 |
Executive board | Senior executives | Resigned | Total | |
Average market price on date of exercise 2023 | 47 | |||
Fair value of granting 2023 | — | 1 | — | 1 |
Fair value at 31 December 2023 | 1 | 3 | 4 | 8 |
FINANCIAL STATEMENTS 2023 | 135 |
FINANCIAL STATEMENTS 2023 | 136 |
Name | Group holding % | Carrying amount |
If P&C Insurance Holding Ltd | 100 | 1,886 |
If P&C Insurance Ltd | 100 | 1,488 |
If P&C Insurance AS | 100 | 40 |
Vertikal Helseassistanse AS | 100 | 31 |
Viking Assistance Group AS | 100 | 83 |
Topdanmark A/S* | 49.6 | 1,488 |
Topdanmark Forsikring A/S | 49.6 | 559 |
Topdanmark EDB A/S | 49.6 | 40 |
Topdanmark BidCo A/S** | 48.4 | 265 |
Oona Health A/S | 48.4 | 31 |
Forsikringsselskabet Dansk Sundhedssikring A/S | 48.4 | 38 |
Daytona Midco Ltd** | 48.4 | 249 |
Daytona Acquisitions Ltd | 48.4 | 249 |
Hastings Group (Consolidated) Ltd | 100 | 2,611 |
Hastings Group Holdings Limited | 100 | 1,961 |
Hastings Group (Finance) plc | 100 | 1,058 |
Hastings Group Limited | 100 | 348 |
Advantage Global Holdings Limited | 100 | 270 |
Hastings (Holdings) Limited | 100 | 23 |
FINANCIAL STATEMENTS 2023 | 137 |
Equity interest held by non-controlling interests | |||
Subsidiary | Country | 2023 | 2022 |
Topdanmark A/S | Denmark | 50.4 | 50.7 |
Accumulated balances of material non- controlling interests | |||
Topdanmark A/S | 424 | 560 | |
EURm | 2023 | 2022 |
Insurance revenue | 690 | 674 |
Insurance service expenses | -577 | -541 |
Reinsurance result | -15 | -19 |
Insurance service result | 98 | 114 |
Net investment result | 54 | -72 |
Net finance income or expense from insurance contracts | -40 | 58 |
Net financial result | 14 | -14 |
Other income | 1 | 11 |
Other expenses | -12 | -4 |
Finance expenses | -6 | -3 |
Profit before taxes | 95 | 104 |
Income taxes | -25 | -23 |
Share of discontinued operations | - | 52 |
Net profit attributable to the non-controlling interests | 70 | 133 |
EURm | 2023 | 2022 |
Assets | ||
Property, plant and equipment | 59 | 57 |
Intangible assets | 406 | 249 |
Investments in associates | 4 | 4 |
Financial assets | 1,038 | 1,309 |
Deferred income tax | 2 | 3 |
Reinsurance contract assets | 40 | 40 |
Other assets | 45 | 33 |
Cash and cash equivalents | 12 | 4 |
Total assets | 1,608 | 1,700 |
Liabilities | ||
Insurance contract liabilities | 935 | 893 |
Subordinated debts | 74 | 75 |
Other financial liabilities | 23 | 28 |
Deferred income tax | 70 | 61 |
Other liabilities | 82 | 84 |
Total liabilities | 1,184 | 1,141 |
Total equity attributable to non-controlling interests | 424 | 560 |
EURm | 2023 | 2022 |
Dividends paid to non-controlling interests | 187 | 207 |
Cash flows allocated to non-controlling interests | 4 | -73 |
FINANCIAL STATEMENTS 2023 | 138 |
EURm | 2023 | 2022 |
Short-term employee benefits | -8 | -10 |
Post employment benefits | -3 | -3 |
Other long-term benefits | -6 | -6 |
Total | -17 | -19 |
FINANCIAL STATEMENTS 2023 | 139 |
FINANCIAL STATEMENTS 2023 | 140 |
EURm | 1-9/2023 | 1-12/2022 |
Insurance revenue | 255 | 328 |
Insurance service expenses | -213 | -292 |
Reinsurance result | -1 | -2 |
Insurance service result | 41 | 34 |
Net investment result | 658 | -829 |
Net finance income or expense from insurance contracts | -161 | 920 |
Net result from investment contracts | -369 | 577 |
Net financial result | 127 | 668 |
Other income | 22 | 80 |
Other expenses | -12 | -59 |
Finance expenses | -4 | -6 |
Share of associates' profit or loss | -1 | 0 |
Profit before taxes | 173 | 718 |
Income taxes | -33 | -139 |
Discontinued operations, net of tax | 140 | 579 |
Other comprehensive income from discontinued operations, net of tax | — | -484 |
Total comprehensive income from discontinued operations | 140 | 94 |
EURm | 9/2023 |
Assets | |
Property, plant and equipment | 24 |
Investment property | 132 |
Intangible assets | 172 |
Investments in associates | 3 |
Financial assets | 3,555 |
Financial assets related to unit-linked contracts | 10,979 |
Insurance contract assets | 9 |
Reinsurance contract assets | 1 |
Other assets | 188 |
Cash and cash equivalents | 673 |
Assets | 15,736 |
Liabilities | |
Insurance contract liabilities | 5,290 |
Investment contract liabilities | 7,972 |
Subordinated debts | 250 |
Other financial liabilities | 22 |
Deferred income tax | 133 |
Other liabilities | 244 |
Liabilities | 13,910 |
EURm | 1-9/2023 | 1-9/2022 |
Net cash flows from operating activities | 173 | -129 |
Net cash flows from investing activities | 20 | -8 |
Net cash flows from financing activities | -280 | -166 |
Total cash flows | -88 | -303 |
FINANCIAL STATEMENTS 2023 | 141 |
EURm | 1-11/2022 |
Insurance revenue | 244 |
Insurance service expenses | -194 |
Reinsurance result | 2 |
Insurance service result | 52 |
Net investment result | -1,114 |
Net finance income or expense from insurance contracts | 1,106 |
Net financial result | -9 |
Other income | 3 |
Other expenses | -13 |
Profit before taxes | 32 |
Income taxes | -2 |
Divested operations, net of tax | 31 |
Sales gain | 117 |
Net profit from the divested operations | 148 |
FINANCIAL STATEMENTS 2023 | 142 |
EURm | 1 Dec 2023 |
Cash | 257 |
Contingent consideration | 12 |
Total purchase price | 269 |
Acquisition related costs | 5 |
Identified assets acquired and liabilities assumed | |
Financial assets | 39 |
Cash and cash equivalents | 8 |
Intangible asset | 87 |
Other assets | 11 |
Total assets | 146 |
Insurance contract liabilities | 18 |
Other liabilities | 96 |
Total liabilities | 114 |
Total identifiable net assets | 31 |
Goodwill | 237 |
Purchase price | 269 |
EURm | 12/2023 |
Assets and liabilities | |
Tangible and intangible assets | 326 |
Financial assets | 39 |
Other assets | 9 |
Cash and cash equivalents | 8 |
Total assets | 383 |
Insurance contract liabilities | 18 |
Other liabilities | 108 |
Total liabilities | 126 |
Total consideration paid in cash | 257 |
FINANCIAL STATEMENTS 2023 | 143 |
EURm | 12/2023 | 12/2022 |
Off-balance sheet items | ||
Guarantees | 9 | 9 |
Investment commitments | 15 | 2,069 |
IT acquisitions | 1 | 11 |
Other | 2 | 2 |
Total | 27 | 2,091 |
12/2023 | 12/2022 | |||
EURm | Assets pledged | Liabilities/ commitments | Assets pledged | Liabilities/ commitments |
Assets pledged as collateral | ||||
Investment securities | 408 | 293 | 362 | 169 |
Subsidiary shares | 91 | 27 | 94 | 28 |
Cash and cash equivalents | 63 | 36 | 19 | 32 |
Total | 561 | 356 | 476 | 230 |
Assets pledged as security for derivative contracts | ||||
Investment securities | 9 | 8 | ||
Cash and cash equivalents | 42 | 60 | ||
Assets pledged as security for insurance undertakings | ||||
Investment securities | 399 | 354 | ||
Assets pledged as security for loans | ||||
Shares in subsidiaries | 91 | 94 | ||
EURm | 2023 | 2022 |
Assets covered by policyholders' beneficiary rights | 10,034 | 9,644 |
Technical provisions, net | -6,171 | -6,082 |
Surplus of registered securities | 3,863 | 3,562 |
FINANCIAL STATEMENTS 2023 | 144 |
FINANCIAL STATEMENTS 2023 | 145 |
FINANCIAL STATEMENTS 2023 | 146 |
FINANCIAL STATEMENTS 2023 | 147 |
FINANCIAL STATEMENTS 2023 | 148 |
FINANCIAL STATEMENTS 2023 | 149 |
FINANCIAL STATEMENTS 2023 | 150 |
EURm | Shock | 2023 |
UW profit | Discount rate +100 bps | 45 |
UW profit | Discount rate -100 bps | -50 |
Insurance finance income and expense, net | Discount rate +100 bps | 315 |
Insurance finance income and expense, net | Discount rate -100 bps | -360 |
Net investment income | Interest rates +100 bps | -335 |
Net investment income | Interest rates -100 bps | 355 |
Net investment income | Spreads +100 bps | -330 |
Net investment income | Equities -10% | -220 |
FINANCIAL STATEMENTS 2023 | 151 |
Level 2023 | Change in current level | Effect on result before tax (Gross) | Effect on result before tax (Net) | ||||
(Gross) | (Net) | 2023 | 2022 | 2023 | 2022 | ||
Combined ratio, business area Private | 83.5% | 83.1% | +/- 1 percentage point | +/ 28.7 | +/ 29.5 | +/ 28.4 | +/ 29.3 |
Combined ratio, business area Commercial | 82.1% | 81.9% | +/- 1 percentage point | +/ 13.2 | +/ 13.4 | +/ 13.1 | +/ 13.2 |
Combined ratio, business area Industrial | 96.5% | 87.3% | +/- 1 percentage point | +/ 9.2 | +/ 8.5 | +/ 6.3 | +/ 5.9 |
Combined ratio, business area Baltics | 85.6% | 85.9% | +/- 1 percentage point | +/ 2.3 | +/ 1.9 | +/ 2.2 | +/ 1.9 |
Insurance revenue (net of reinsurance premium expenses EURm) | 5,330 | 4,996 | +/- 1 per cent | +/ 53.3 | +/ 53.3 | +/ 49.9 | +/ 50.2 |
Claims incurred (EURm) | 3,763 | 3,377 | +/- 1 per cent | +/ 37.6 | +/ 36.7 | +/ 33.7 | +/ 35.5 |
FINANCIAL STATEMENTS 2023 | 152 |
Sweden | Norway | Finland | Denmark | Baltics | Total | |||||||
EURm | Duration | EURm | Duration | EURm | Duration | EURm | Duration | EURm | Duration | EURm | Duration | |
Motor other and MTPL | 868 | 9.2 | 226 | 1.7 | 669 | 10.8 | 103 | 3.0 | 107 | 4.0 | 1,972 | 8.2 |
- whereof MTPL | 774 | 10.2 | 159 | 2.3 | 647 | 11.1 | 89 | 3.1 | 93 | 4.5 | 1,762 | 9.2 |
Workers' compensation | 0 | 0.0 | 116 | 2.9 | 805 | 10.4 | 300 | 8.2 | 0 | 0.0 | 1,220 | 9.1 |
Liability | 249 | 4.0 | 120 | 1.5 | 117 | 3.3 | 74 | 2.9 | 20 | 2.0 | 580 | 3.1 |
Accident | 283 | 6.4 | 319 | 6.1 | 163 | 7.0 | 80 | 1.7 | 3 | 0.3 | 847 | 5.9 |
Property | 330 | 1.0 | 364 | 0.8 | 175 | 0.7 | 101 | 0.4 | 26 | 0.6 | 996 | 0.8 |
Marine, aviation, transport | 17 | 0.7 | 16 | 0.7 | 9 | 1.1 | 26 | 0.6 | 3 | 0.7 | 70 | 0.7 |
Total | 1,747 | 6.3 | 1,162 | 2.7 | 1,938 | 8.9 | 681 | 4.7 | 158 | 3.1 | 5,686 | 6.2 |
FINANCIAL STATEMENTS 2023 | 153 |
Sweden | Norway | Finland | Denmark | Baltics | Total | |||||||
EURm | Duration | EURm | Duration | EURm | Duration | EURm | Duration | EURm | Duration | EURm | Duration | |
Motor other and MTPL | 845 | 8.2 | 270 | 1.7 | 642 | 11.4 | 106 | 2.9 | 94 | 4.2 | 1,957 | 7.9 |
- whereof MTPL | 761 | 9.0 | 209 | 2.1 | 621 | 11.7 | 94 | 3.0 | 82 | 4.8 | 1,767 | 8.7 |
Workers' compensation | 0 | 0.0 | 140 | 3.0 | 846 | 10.5 | 279 | 7.7 | 0 | 0.0 | 1,264 | 9.0 |
Liability | 245 | 4.0 | 113 | 1.4 | 108 | 2.7 | 70 | 2.7 | 21 | 2.2 | 557 | 3.0 |
Accident | 291 | 5.3 | 310 | 5.2 | 146 | 6.8 | 82 | 1.7 | 2 | 0.2 | 831 | 5.2 |
Property | 261 | 1.0 | 356 | 0.8 | 161 | 0.7 | 98 | 0.4 | 26 | 0.6 | 902 | 0.8 |
Marine, aviation, transport | 16 | 0.7 | 17 | 0.7 | 10 | 1.1 | 26 | 0.3 | 2 | 0.8 | 70 | 0.6 |
Total | 1,657 | 5.8 | 1,206 | 2.5 | 1,913 | 9.2 | 661 | 4.3 | 144 | 3.2 | 5,582 | 6.0 |
Insurance liabilities item | Risk factor | Change in risk parameter | Country | Effect EURm 2023 Gross | Effect EURm 2023 Net | Effect EURm 2022 Gross | Effect EURm 2022 Net |
Discounted estimated future cash flows | Inflation increase | Increase by 1 percentage point | Sweden | 124.5 | 120.1 | 114.9 | 112.1 |
Denmark | 33.6 | 33.0 | 30.6 | 29.9 | |||
Finland | 25.5 | 25.2 | 27.6 | 27.4 | |||
Norway | 21.5 | 20.2 | 20.3 | 19.9 | |||
Annuities and reated INBR | Decrease in mortality | Life expectancy increase by 1 year | Sweden | 15.1 | 15.1 | 12.8 | 12.8 |
Denmark | 1.0 | 1.0 | 0.8 | 0.8 | |||
Finland | 49.2 | 49.2 | 46.4 | 46.4 | |||
Norway | 0.2 | 0.2 | 0.1 | 0.1 | |||
Discounted liability for incurred claims | Decrease in discount rate | Decrease by 1 percentage point to liquid part of yield curve | Sweden | 87.0 | 82.6 | 79.0 | 76.4 |
Denmark | 33.5 | 32.9 | 29.8 | 29.2 | |||
Finland | 171.6 | 171.3 | 172.8 | 172.6 | |||
Norway | 31.4 | 30.1 | 29.0 | 28.6 |
FINANCIAL STATEMENTS 2023 | 154 |
FINANCIAL STATEMENTS 2023 | 155 |
FINANCIAL STATEMENTS 2023 | 156 |
Key figures | Current level 2023 (Gross) | Current level 2023 (Net) | Change in current level | Effect on result before tax (Gross) | Effect on result before tax (Net) | ||
2023 | 2022 | 2023 | 2022 | ||||
Combined ratio, business area Private | 82.6% | 81.5% | +/- 7.6 | +/- 6.4 | +/- 6.4 | +/- 6.3 | |
Combined ratio, business area Commercial | 88.5% | 85.2% | +/- 7 | +/- 6.9 | +/- 6.4 | +/- 6.2 | |
Insurance revenue (net of insurance premium expense, EURm) | 1,460 | +/- 1 per cent | +/- 13.8 | +/- 12.5 | |||
Claims incurred (EURm) | 953 | 912 | +/- 1 per cent | +/- 9.5 | +/- 8.5 | +/- 9.1 | +/- 8.1 |
2023 | 2022 | |||
EURm | Duration | EURm | Duration | |
Motor other and MTPL | 159 | 1.8 | 156 | 1.1 |
- whereof MTPL | 133 | 2.3 | 133 | 2.3 |
Workers' compensation | 813 | 7.4 | 773 | 7.0 |
Liability | 105 | 2.0 | 99 | 2.3 |
Accident | 179 | 2.1 | 173 | 1.7 |
Property | 209 | 1.3 | 167 | 1.5 |
Marine, aviation, transport | 1 | 1.0 | 2 | 1.2 |
Travel insurance | 4 | 0.8 | 4 | 0.9 |
Income protection | 23 | 0.9 | 21 | 0.9 |
Other | 11 | 0.8 | 0 | 0.0 |
Total | 1,503 | 4.4 | 1,395 | 4.2 |
FINANCIAL STATEMENTS 2023 | 157 |
Insurance liabilities item | Risk factor | Change in risk parameter | Country | Effect EURm 2023 | Effect EURm 2023 Net | Effect EURm 2022 | Effect EURm 2022 Net |
Discounted estimated future cash flows | Inflation increase | Increase by 1 percentage point | Denmark | 50.7 | 50.7 | 46.5 | 46.5 |
Annuities and reated INBR | Decrease in mortality | Life expectancy increase by 1 year | Denmark | 0.9 | 0.9 | 0.9 | 0.9 |
Discounted insurance liabilities, net | Decrease in discount rate | Decrease by 1 percentage point | Denmark | 62.4 | 61.7 | 57.3 | 56.6 |
FINANCIAL STATEMENTS 2023 | 158 |
31 Dec 2023 | 31 Dec 2022 | |||
EURm | Duration | EURm | Duration | |
Motor | 755 | 2.2 | 763 | 2.1 |
Workers' compensation | 0 | 0 | 0 | 0 |
Liability | 0 | 0 | 0 | 0 |
Accident | 0 | 0 | 0 | 0 |
Property | 40 | 1.8 | 37 | 1.2 |
Marine, aviation, transport | 0 | 0 | 0 | 0 |
Other | ||||
Total | 794 | 2.2 | 800 | 2.1 |
Key figure | Level, 2023 (Gross) | Level, 2023 (Net) | Change | Effect on pre-tax profit (Gross), EURm | Effect on pre-tax profit (Net), EURm | ||
2023 | 2022 | 2023 | 2022 | ||||
Operating ratio | 90% | +/- 1 percentage point | +/- 12.5 | +/- 9.9 | |||
Insurance revenue (net of reinsurance premium expense) | 1719 | 1128 | +/- 1 per cent | +/- 17.2 | +/- 14.1 | +/- 11.3 | +/- 8.8 |
Claims incurred | 1135 | 714 | +/- 1 per cent | +/- 11.4 | +/- 10.1 | +/- 7.1 | +/- 4.9 |
FINANCIAL STATEMENTS 2023 | 159 |
FINANCIAL STATEMENTS 2023 | 160 |
Insurance liabilities item | Risk factor | Change in risk parameter | Effect Gross EURm 2023 | Effect Net EURm 2023 | Effect Gross EURm 2022 | Effect Net EURm 2022 |
Discounted estimated future cash flows | Inflation increase | Increase by 1 percentage point | 63.0 | 10.1 | 56.3 | 8.9 |
Periodic Payment Orders (PPOs) | Decrease in mortality | Life expectancy increase by 1 year | 3.1 | 0.1 | 3.2 | 0.1 |
Discounted insurance liabilities, net | Decrease in discount rate | Decrease by 1 percentage point | 37.4 | 10.2 | 33.4 | 9.0 |
FINANCIAL STATEMENTS 2023 | 161 |
FINANCIAL STATEMENTS 2023 | 162 |
FINANCIAL STATEMENTS 2023 | 163 |
EURm | AAA | AA+ - AA- | A+ - A- | BBB+ - BBB- | BB+ - C | D | Non- rated | Fixed income total | Listed equities | Other | Counter- party risk | Total | Change from 31 Dec 2022 |
Basic industry | 0 | 0 | 42 | 198 | 31 | 0 | 35 | 307 | 40 | 0 | 0 | 346 | -33 |
Capital goods | 0 | 14 | 147 | 143 | 34 | 0 | 140 | 478 | 520 | 0 | 0 | 998 | 105 |
Consumer products | 1 | 40 | 232 | 388 | 23 | 0 | 92 | 776 | 191 | 0 | 0 | 967 | -45 |
Energy | 0 | 19 | 19 | 0 | 0 | 0 | 63 | 100 | 18 | 0 | 0 | 119 | -110 |
Financial institutions | 33 | 1,420 | 2,339 | 773 | 51 | 0 | 45 | 4,661 | 0 | 728 | 67 | 5,456 | -1,304 |
Governments | 427 | 46 | 0 | 0 | 0 | 0 | 0 | 473 | 0 | 0 | 0 | 473 | -21 |
Government guaranteed | 46 | 25 | 0 | 0 | 0 | 0 | 0 | 71 | 0 | 0 | 0 | 71 | -17 |
Health care | 0 | 1 | 15 | 125 | 9 | 0 | 46 | 196 | 1 | 0 | 0 | 197 | -20 |
Insurance | 9 | 10 | 51 | 109 | 7 | 0 | 234 | 420 | 0 | 112 | 0 | 532 | 117 |
Media | 0 | 0 | 0 | 0 | 0 | 0 | 15 | 15 | 0 | 0 | 0 | 15 | -14 |
Packaging | 0 | 0 | 0 | 0 | 25 | 0 | 0 | 25 | 0 | 0 | 0 | 25 | 1 |
Public sector, other | 504 | 18 | 0 | 0 | 0 | 0 | 0 | 523 | 0 | 0 | 0 | 523 | -190 |
Real estate | 0 | 58 | 140 | 221 | 20 | 0 | 184 | 623 | 0 | 14 | 0 | 637 | -122 |
Services | 0 | 0 | 41 | 183 | 108 | 0 | 26 | 358 | 0 | 2 | 0 | 360 | 214 |
Supranationals | 197 | 0 | 0 | 0 | 0 | 0 | 0 | 197 | 0 | 0 | 0 | 197 | -30 |
Technology and electronics | 0 | 12 | 27 | 51 | 0 | 0 | 65 | 155 | 0 | 1 | 0 | 156 | 4 |
Telecommunications | 0 | 0 | 12 | 213 | 0 | 0 | 24 | 248 | 37 | 0 | 0 | 285 | 37 |
Transportation | 0 | 49 | 73 | 15 | 0 | 0 | 80 | 217 | 0 | 0 | 0 | 217 | -55 |
Utilities | 0 | 0 | 72 | 207 | 60 | 0 | 65 | 404 | 0 | 0 | 0 | 404 | -3 |
Others | 0 | 0 | 16 | 17 | 0 | 0 | 31 | 64 | 4 | 22 | 0 | 90 | 74 |
Asset-backed securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Covered bonds | 3,895 | 0 | 32 | 0 | 0 | 0 | 95 | 4,022 | 0 | 0 | 0 | 4,022 | -292 |
Funds | 0 | 0 | 0 | 11 | 0 | 0 | 40 | 51 | 663 | 516 | 0 | 1,230 | 7 |
Clearing house | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 2 | -33 |
Total | 5,113 | 1,712 | 3,257 | 2,652 | 368 | 0 | 1,280 | 14,382 | 1,475 | 1,395 | 69 | 17,321 | -1,731 |
Change from 31 Dec 2022 | -141 | -417 | -204 | 251 | -153 | 3 | -208 | -870 | -1,074 | 692 | -429 | -1,681 |
FINANCIAL STATEMENTS 2023 | 164 |
EURm | Covered bonds | Cash and money market securities | Long-term senior debt | Long-term subordinated debt | Total | % |
Sweden | 1,776 | 191 | 566 | 169 | 2,702 | 32,1 % |
Denmark | 1,863 | 79 | 315 | 162 | 2,419 | 28,7 % |
Finland | 52 | 750 | 275 | 125 | 1,202 | 14,3 % |
Norway | 338 | 0 | 384 | 319 | 1,041 | 12,4 % |
France | 0 | 249 | 133 | 5 | 388 | 4,6 % |
United States | 0 | 2 | 179 | 0 | 181 | 2,2 % |
Netherlands | 0 | 0 | 92 | 21 | 113 | 1,3 % |
Iceland | 0 | 0 | 60 | 2 | 62 | 0,7 % |
Switzerland | 0 | 0 | 52 | 0 | 52 | 0,6 % |
Canada | 0 | 0 | 51 | 0 | 51 | 0,6 % |
Ireland | 0 | 0 | 47 | 0 | 47 | 0,6 % |
United Kingdom | 0 | 0 | 41 | 0 | 41 | 0,5 % |
Australia | 0 | 0 | 36 | 0 | 36 | 0,4 % |
Austria | 0 | 0 | 20 | 0 | 20 | 0,2 % |
Germany | 0 | 0 | 18 | 0 | 18 | 0,2 % |
Spain | 0 | 0 | 15 | 0 | 15 | 0,2 % |
Belgium | 0 | 0 | 15 | 0 | 15 | 0,2 % |
New Zealand | 0 | 0 | 11 | 0 | 11 | 0,1 % |
Bermuda | 0 | 0 | 0 | 7 | 7 | 0,1 % |
Total | 4,028 | 1,271 | 2,310 | 811 | 8,420 | 100,0 % |
FINANCIAL STATEMENTS 2023 | 165 |
EURm | Covered bonds | Cash and money market securities | Long-term senior debt | Long-term subordinated debt | Total | % |
Denmark | 1,813 | 869 | 156 | 2,839 | 24,3 % | |
Finland | 1,729 | 157 | 552 | 165 | 2,603 | 22,3 % |
Sweden | 44 | 2,028 | 291 | 127 | 2,490 | 21,3 % |
France | 520 | 515 | 283 | 1,318 | 11,3 % | |
Norway | 179 | 328 | 264 | 771 | 6,6 % | |
United States | 2 | 346 | 2 | 350 | 3,0 % | |
United Kingdom | 62 | 176 | 2 | 240 | 2,1 % | |
Canada | 32 | 197 | 230 | 2,0 % | ||
Netherlands | 161 | 50 | 211 | 1,8 % | ||
Ireland | 138 | 27 | 24 | 188 | 1,6 % | |
Iceland | 56 | 33 | 89 | 0,8 % | ||
Germany | 1 | 81 | 82 | 0,7 % | ||
Spain | 40 | 40 | 0,3 % | |||
Gibraltar | 40 | 40 | 0,3 % | |||
Switzerland | 26 | 13 | 40 | 0,3 % | ||
Luxembourg | 6 | 34 | 39 | 0,3 % | ||
New Zealand | 25 | 25 | 0,2 % | |||
Australia | 25 | 25 | 0,2 % | |||
Austria | 18 | 18 | 0,2 % | |||
Bermuda | 16 | 16 | 0,1 % | |||
Belgium | 14 | 14 | 0,1 % | |||
Estonia | 8 | 8 | 0,1 % | |||
Cayman Islands | 5 | 5 | 0,0 % | |||
Jersey | 0 | 0 | 0,0 % | |||
Total | 4,318 | 3,302 | 3,087 | 971 | 11,679 | 100,0 % |
FINANCIAL STATEMENTS 2023 | 166 |
EURm | Governments | Government guaranteed | Public sector, other | Total |
Sweden | 421 | 0 | 131 | 552 |
Norway | 0 | 0 | 391 | 391 |
Supranationals | 0 | 6 | 191 | 197 |
United States | 46 | 0 | 0 | 46 |
Germany | 0 | 46 | 0 | 46 |
Finland | 0 | 25 | 0 | 25 |
Denmark | 7 | 0 | 0 | 7 |
Total | 473 | 77 | 713 | 1,264 |
EURm | Governments | Governments guaranteed | Public sector, other | Total |
Sweden | 404 | 184 | 588 | |
Norway | 369 | 369 | ||
Finland | 19 | 24 | 42 | |
Supranationals | 135 | 135 | ||
United Kingdom | 71 | 71 | ||
Germany | 52 | 52 | ||
France | 10 | 10 | ||
Total | 493 | 87 | 687 | 1,267 |
FINANCIAL STATEMENTS 2023 | 167 |
FINANCIAL STATEMENTS 2023 | 168 |
Issuer | Total, EURm | % of total investment assets | Cash & short-term fixed income | Long-term fixed income, total | Long-term fixed income: Government guaranteed | Long-term fixed income: Covered bonds | Long-term fixed income: Senior bonds | Long-term fixed income: Tier 1 and Tier 2 | Equities | Uncolla- teralised part of derivatives |
Nordea Bank | 959 | 6% | 284 | 672 | 0 | 489 | 125 | 57 | 0 | 2 |
Svenska Handelsbanken | 814 | 5% | 108 | 705 | 0 | 622 | 44 | 39 | 0 | 0 |
Swedbank | 713 | 4% | 0 | 713 | 0 | 589 | 99 | 25 | 0 | 0 |
Nykredit Realkredit A/S | 598 | 3% | 0 | 598 | 0 | 598 | 0 | 0 | 0 | 0 |
Realcredit Danmark | 592 | 3% | 0 | 592 | 0 | 592 | 0 | 0 | 0 | 0 |
Sweden | 552 | 3% | 0 | 552 | 0 | 0 | 552 | 0 | 0 | 0 |
NOBA | 471 | 3% | 0 | 46 | 0 | 0 | 34 | 12 | 425 | 0 |
Skandinaviska Enskilda Banken | 439 | 3% | 252 | 186 | 0 | 22 | 133 | 31 | 0 | 2 |
Danske Bank | 429 | 2% | 251 | 176 | 0 | 24 | 133 | 20 | 0 | 1 |
Norway | 391 | 2% | 0 | 391 | 0 | 0 | 391 | 0 | 0 | 0 |
Total top 10 exposures | 5,958 | 35% | 896 | 4,631 | 0 | 2,936 | 1,512 | 183 | 425 | 5 |
Other | 11,202 | 65% | ||||||||
Total investment assets | 17,160 | 100% |
FINANCIAL STATEMENTS 2023 | 169 |
Issuer | Total, EURm | % of total investment assets | Cash & short-term fixed income | Long-term fixed income, total | Long-term fixed income: Government guaranteed | Long-term fixed income: Covered bonds | Long-term fixed income: Senior bonds | Long-term fixed income: Tier 1 and Tier 2 | Equities | Uncolla- teralised part of derivatives |
Nordea Bank | 1,416 | 6% | 715 | 699 | 0 | 496 | 130 | 73 | 0 | 2 |
Skandinaviska Enskilda Banken | 818 | 4% | 639 | 178 | 0 | 65 | 93 | 20 | 0 | 1 |
Danske Bank | 801 | 4% | 516 | 286 | 0 | 119 | 137 | 29 | 0 | 0 |
Nykredit Realkredit A/S | 645 | 3% | 0 | 645 | 0 | 645 | 0 | 0 | 0 | 0 |
BNP Paribas | 601 | 3% | 541 | 60 | 0 | 0 | 60 | 0 | 0 | 0 |
Sweden | 588 | 3% | 0 | 588 | 0 | 0 | 588 | 0 | 0 | 0 |
Realkredit Danmark | 514 | 2% | 0 | 514 | 0 | 514 | 0 | 0 | 0 | 0 |
Nordax | 425 | 2% | 0 | 0 | 0 | 0 | 0 | 0 | 425 | 0 |
Norway | 369 | 2% | 0 | 369 | 0 | 0 | 369 | 0 | 0 | 0 |
Saxo Bank | 345 | 2% | 0 | 31 | 0 | 0 | 13 | 17 | 314 | 0 |
Total top 10 exposures | 6,522 | 29% | 2,411 | 3,368 | 0 | 1,840 | 1,389 | 140 | 739 | 3 |
Other | 15,824 | 71% | ||||||||
Total investment assets | 22,346 | 100% |
FINANCIAL STATEMENTS 2023 | 170 |
Ten largest direct high yield and non-rated fixed income investments | Rating | Total, EURm | % of total direct fixed income investments | Ten largest direct listed equity investments | Total, EURm | % of total direct equity investments | |
Saab | NR | 56 | 0,4 % | NOBA* | 425 | 19,3 % | |
NOBA | NR | 46 | 0,3 % | Saxo Bank* | 302 | 13,7 % | |
ALM Equity | NR | 38 | 0,3 % | Volvo | 180 | 8,2 % | |
Ellevio Holding 1 AB | NR | 35 | 0,2 % | Nexi S.p.A.** | 149 | 6,8 % | |
Visma Group Holding | NR | 35 | 0,2 % | ABB | 86 | 3,9 % | |
Altera Infrastructure Holdings LLC | NR | 30 | 0,2 % | Autoliv Inc | 64 | 2,9 % | |
Swedavia | NR | 30 | 0,2 % | Husqvarna | 59 | 2,7 % | |
Campus Byen A/S | NR | 29 | 0,2 % | Nederman Holding | 56 | 2,6 % | |
Resource Group TRG | NR | 27 | 0,2 % | Veidekke | 46 | 2,1 % | |
Huhtamaki | BB+ | 25 | 0,2 % | Volvo Cars | 38 | 1,7 % | |
Total top 10 exposures | 351 | 2,4 % | Total top 10 exposures | 1,405 | 63,8 % | ||
Other direct fixed income investments | 13,980 | 97,6 % | Other direct equity investments | 797 | 36,2 % | ||
Total direct fixed income investments | 14,331 | 100,0 % | Total direct equity investments | 2,202 | 100,0 % |
FINANCIAL STATEMENTS 2023 | 171 |
Ten largest direct high yield and non-rated fixed income investments | Rating | Total, EURm | % of total direct fixed income investments | Ten largest direct listed equity investments | Total, EURm | % of total direct equity investments | |
Ellevio Holding 1 AB | NR | 60 | 0,4 % | Nordax* | 425 | 21,3 % | |
Teollisuuden Voima | BB+ | 54 | 0,3 % | Saxo Bank* | 314 | 15,7 % | |
Saab | NR | 53 | 0,3 % | Volvo | 131 | 6,6 % | |
Granite Debtco 9 Limited | NR | 49 | 0,3 % | ABB | 114 | 5,7 % | |
Granite Debtco 10 Limited | NR | 45 | 0,3 % | Enento Group | 62 | 3,1 % | |
Huhtamaki | BB+ | 44 | 0,3 % | Volvo Car | 55 | 2,8 % | |
ALM Equity | NR | 43 | 0,3 % | Nederman Holding | 54 | 2,7 % | |
Pohjolan Voima | NR | 41 | 0,3 % | Husqvarna | 52 | 2,6 % | |
Visma Group Holding | NR | 36 | 0,2 % | Vaisala | 50 | 2,5 % | |
Schibsted | NR | 35 | 0,2 % | Yara International | 48 | 2,4 % | |
Total top 10 exposures | 459 | 2,8 % | Total top 10 exposures | 1,306 | 65,5 % | ||
Other direct fixed income investments | 15,790 | 97,2 % | Other direct equity investments | 689 | 34,5 % | ||
Total direct fixed income investments | 16,249 | 100,0 % | Total direct equity investments | 1,995 | 100,0 % |
FINANCIAL STATEMENTS 2023 | 172 |
2023 | 2022 | |||||
Asset class | Market value, EURm | Weight, % | Average maturity, years | Market value, EURm | Weight, % | Average maturity, years |
Fixed income total | 9,905 | 89% | 3.1 | 9,541 | 89% | 2.9 |
Money market securities and cash | 240 | 2% | 0.0 | 272 | 3% | 0.0 |
Government bonds | 1,065 | 10% | 3.7 | 1,030 | 10% | 3.5 |
Credit bonds, funds and loans | 8,600 | 77% | 3.2 | 8,239 | 77% | 2.9 |
Covered bonds | 2,181 | 20% | 2.8 | 2,505 | 23% | 3.0 |
Investment grade bonds and loans | 4,327 | 39% | 3.5 | 3,649 | 34% | 2.8 |
High-yield bonds and loans | 1,137 | 10% | 2.8 | 1,088 | 10% | 2.7 |
Subordinated / Tier 2 | 490 | 4% | 3.0 | 555 | 5% | 2.9 |
Subordinated / Tier 1 | 466 | 4% | 2.9 | 442 | 4% | 3.0 |
Hedging swaps | 0 | 0% | - | 0 | 0% | - |
Listed equity total | 1,244 | 11% | - | 1,169 | 11% | - |
Finland | 0 | 0% | - | 0 | 0% | - |
Scandinavia | 718 | 6% | - | 630 | 6% | - |
Global | 526 | 5% | - | 539 | 5% | - |
Alternative investments total | 5 | 0% | - | 5 | 0% | - |
Real estate | 0 | 0% | - | 1 | 0% | - |
Private equity | 4 | 0% | - | 4 | 0% | - |
Biometric | 0 | 0% | - | 0 | 0% | - |
Commodities | 0 | 0% | - | 0 | 0% | - |
Other alternative | 0 | 0% | - | 0 | 0% | - |
Trading derivatives | 2 | 0% | - | 4 | 0% | - |
Asset classes total | 11,156 | 100% | - | 10,719 | 100% | - |
FX Exposure, gross position | 134 | - | - | 73 | - | - |
FINANCIAL STATEMENTS 2023 | 173 |
Base currency SEK (in EURm) | EUR | USD | JPY | GBP | SEK | NOK | DKK | Other | Total, net |
Insurance operations | -3,255 | -180 | 0 | -49 | 37 | -2,233 | -1,114 | -29 | -6,823 |
Investments | 3,091 | 319 | 0 | 24 | 113 | 1,869 | 187 | 0 | 5,604 |
Derivatives | 117 | -123 | 5 | 22 | -168 | 350 | 916 | 22 | 1,141 |
Transaction risk, net position | -47 | 15 | 5 | -4 | -18 | -13 | -11 | -7 | -79 |
Sensitivity: SEK -10% | -5 | 2 | 0 | 0 | -2 | -1 | -1 | -1 | -8 |
FINANCIAL STATEMENTS 2023 | 174 |
Base currency SEK (in EURm) | EUR | USD | JPY | GBP | SEK | NOK | DKK | Other | Total, net |
Insurance operations | -3,739 | -185 | 0 | -33 | -11 | -2,318 | -1,029 | -28 | -7,342 |
Investments | 2,304 | 297 | 1 | 11 | 108 | 2,071 | 263 | 5 | 5,058 |
Derivatives | 1,370 | -113 | 13 | 16 | -78 | 229 | 760 | 15 | 2,211 |
Transaction risk, net position | -66 | -1 | 13 | -7 | 19 | -18 | -6 | -8 | -73 |
Sensitivity: SEK -10% | -7 | 0 | 1 | -1 | 2 | -2 | -1 | -1 | -7 |
FINANCIAL STATEMENTS 2023 | 175 |
EURm | Carrying amount total | Carrying amount without contractual maturity | Carrying amount with contractual maturity | Cash flows | ||||||
2024 | 2025 | 2026 | 2027 | 2028 | 2029- 2038 | 2039- | ||||
Financial assets | 11,296 | 1,485 | 9,812 | 1,605 | 1,835 | 2,142 | 2,561 | 1,400 | 1,487 | 0 |
Financial assets (non-derivatives) | 11,275 | 1,485 | 9,791 | 1,585 | 1,835 | 2,142 | 2,561 | 1,400 | 1,487 | 0 |
Interest rate swaps | 2 | 0 | 2 | 2 | ||||||
FX derivatives | 19 | 0 | 19 | 19 | ||||||
Asset for incurred claims | 527 | 0 | 527 | 328 | 108 | 44 | 19 | 11 | 18 | 1 |
Financial liabilities | -550 | 0 | -550 | -402 | -31 | -137 | 0 | 0 | 0 | 0 |
Financial liabilities (non-derivatives) | -492 | -492 | -344 | -31 | -137 | 0 | 0 | 0 | 0 | |
Interest rate swaps | ||||||||||
FX derivatives | -58 | 0 | -58 | -58 | 0 | 0 | 0 | 0 | 0 | 0 |
Lease liabilities | -148 | 0 | -148 | -27 | -26 | -23 | -20 | -14 | -47 | 0 |
Liability for incurred claims and other insurance related payables | -6,443 | 0 | -6,443 | -2,483 | -794 | -471 | -339 | -262 | -1,301 | -795 |
FINANCIAL STATEMENTS 2023 | 176 |
EURm | Carrying amount total | Carrying amount without contractual maturity | Carrying amount with contractual maturity | Cash flows | ||||||
2023 | 2024 | 2025 | 2026 | 2027 | 2028- 2037 | 2038- | ||||
Financial assets | 10,943 | 1,464 | 9,479 | 1,647 | 2,178 | 1,811 | 2,023 | 2,266 | 862 | 0 |
Financial assets (non-derivatives) | 10,888 | 1,464 | 9,424 | 1,596 | 2,177 | 1,811 | 2,023 | 2,266 | 862 | 0 |
Interest rate swaps | 4 | 0 | 4 | 3 | 1 | 0 | 0 | 0 | 0 | 0 |
FX derivatives | 50 | 0 | 50 | 48 | 0 | 0 | 0 | 0 | 0 | 0 |
Asset for incurred claims | 236 | 0 | 236 | 127 | 48 | 24 | 13 | 8 | 15 | 1 |
Financial liabilities | -628 | -48 | -580 | -436 | -8 | -35 | -138 | 0 | 0 | 0 |
Financial liabilities (non-derivatives) | -621 | -48 | -573 | -429 | -8 | -35 | -138 | 0 | 0 | 0 |
Interest rate swaps | ||||||||||
FX derivatives | -7 | 0 | -7 | -6 | 0 | 0 | 0 | 0 | 0 | 0 |
Lease liabilities | -160 | 0 | -160 | -26 | -23 | -23 | -22 | -18 | -59 | 0 |
Liability for incurred claims and other insurance related payables | -6,014 | 0 | -6,014 | -2,215 | -734 | -469 | -334 | -271 | -1,248 | -743 |
FINANCIAL STATEMENTS 2023 | 177 |
Topdanmark | ||||
31 Dec 2023 | 31 Dec 2022 | |||
Asset class | Market value, EURm | Weight, % | Market value, EURm | Weight,% |
Fixed income total | 1,898 | 94% | 2,422 | 94% |
Money market securities and cash | 1 | 0% | 544 | 21% |
Government and mortgage bonds | 1,766 | 88% | 1,722 | 67% |
Credit bonds | 43 | 2% | 39 | 2% |
Index-linked bonds | 88 | 4% | 91 | 4% |
CLOs | 0 | 0% | 26 | 1% |
Listed equity total | 81 | 4% | 111 | 4% |
Denmark | 15 | 1% | 25 | 1% |
Scandinavia | 2 | 0% | 2 | 0% |
Global | 64 | 3% | 85 | 3% |
Alternative investments total | 34 | 2% | 35 | 1% |
Real estate | 0 | 0% | 0 | 0% |
Unlisted equities and hedge funds | 34 | 2% | 35 | 1% |
Trading derivatives | 1 | 0% | 1 | 0% |
Asset classes total | 2,014 | 100% | 2,569 | 100% |
FINANCIAL STATEMENTS 2023 | 178 |
FINANCIAL STATEMENTS 2023 | 179 |
EURm | Carrying amount total | Carrying amount without contractual maturity | Carrying amount with contractual maturity | Cash flows | ||||||
2024 | 2025 | 2026 | 2027 | 2028 | 2029- 2038 | 2039- | ||||
Financial assets | 1,861 | 1,861 | 420 | 424 | 321 | 170 | 166 | 505 | 113 | |
Financial assets (non-derivatives) | 1,859 | 1,859 | 420 | 424 | 321 | 170 | 166 | 504 | 113 | |
Interest rate swaps | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | |
FX forwards | 0 | 0 | 0 | |||||||
Asset for incurred claims | 79 | 79 | 58 | 9 | 4 | 3 | 2 | 4 | ||
Financial liabilities | 299 | 128 | 172 | 10 | 9 | 102 | 59 | 1 | 21 | 1 |
Financial liabilities (non-derivatives) | 275 | 128 | 148 | 9 | 7 | 101 | 57 | |||
Interest rate swaps | 24 | 24 | 1 | 2 | 1 | 1 | 1 | 21 | 1 | |
FX derivatives | 0 | 0 | 0 | |||||||
Lease liabilities | ||||||||||
Liability for incurred claims and other insurance related payables | 1,582 | 1,582 | 603 | 249 | 183 | 118 | 87 | 303 | 184 | |
FINANCIAL STATEMENTS 2023 | 180 |
2023 | 2022 | |||||
Asset class | Market value, EURm | Weight, % | Average maturity, years | Market value, EURm | Weight, % | Average maturity, years |
Fixed income total | 1,646 | 98% | 2.2 | 1,287 | 98% | 3.3 |
Money market securities and cash | 448 | 27% | 0.0 | 246 | 19% | 0.0 |
Government bonds | 0 | 0% | 3.9 | 71 | 5% | 0.1 |
Credit bonds, funds, and loans | 1,198 | 71% | 3.0 | 970 | 74% | 4.3 |
Covered bonds | 0 | 0% | 0.0 | 0 | 0% | 0.0 |
Investment grade bonds and loans | 1,164 | 69% | 5.0 | 954 | 72% | 4.4 |
High-yield bonds and loans | 27 | 2% | 4.9 | 16 | 1% | 4.0 |
Subordinated / Tier 2 | 7 | 0% | — | 0 | 0% | — |
Subordinated / Tier 1 | 0 | 0% | — | 0 | 0% | — |
Hedging swaps | 0 | 0% | — | 0 | 0% | — |
Listed equity total | 0 | 0% | — | 0 | 0% | — |
UK | 0 | 0% | — | 0 | 0% | — |
Global | 0 | 0% | — | 0 | 0% | — |
Alternative investments total | 34 | 2% | — | 32 | 2% | — |
Real estate | 0 | 0% | — | 0 | 0% | — |
Private equity | 0 | 0% | — | 0 | 0% | — |
Biometric | 0 | 0% | — | 0 | 0% | — |
Commodities | 0 | 0% | — | 0 | 0% | — |
Other alternative | 34 | 2% | — | 32 | 2% | — |
Trading derivatives | 0 | 0% | — | 0 | 0% | — |
Asset classes total | 1,680 | 100% | — | 1,320 | 100% | — |
FX Exposure, gross position | 0 | —% | 0 | —% | — | |
FINANCIAL STATEMENTS 2023 | 181 |
EURm | Carrying amount total | Carrying amount without contractual maturity | Carrying amount with contractual maturity | Cash flows | ||||||
2024 | 2025 | 2026 | 2027 | 2028 | 2029- 2038 | 2039- | ||||
Financial assets | 1,869 | 704 | 1,165 | 143 | 341 | 349 | 179 | 154 | 0 | 0 |
Financial assets (non-derivatives) | 1,869 | 704 | 1,165 | 143 | 341 | 349 | 179 | 154 | 0 | 0 |
Interest rate swaps | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
FX forwards | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Asset for incurred claims | 1,333 | 1,333 | 0 | 349 | 236 | 183 | 61 | 96 | 169 | 240 |
Financial liabilities | 187 | 0 | 187 | 73 | 71 | 43 | 0 | 0 | 0 | 0 |
Financial liabilities (non-derivatives) | 185 | 0 | 185 | 71 | 71 | 43 | 0 | 0 | 0 | 0 |
Interest rate swaps | 2 | 0 | 2 | 2 | 0 | 0 | 0 | 0 | 0 | 0 |
FX derivatives | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Lease liabilities | 10 | 0 | 10 | 6 | 3 | 1 | 0 | 0 | 0 | 0 |
Liability for incurred claims and other insurance related payables | 2,125 | 2,125 | 0 | 670 | 404 | 302 | 127 | 137 | 211 | 275 |
FINANCIAL STATEMENTS 2023 | 182 |
31 Dec 2023 | 31 Dec 2022 | |||
Rating | Total EURm | % of total | Total EURm | % of total |
AAA | 0 | 0% | 0 | 0% |
AA+ - A- | 450 | 100% | 134 | 100% |
BBB+ - BBB- | 0 | 0% | 0 | 0% |
BB+ - C | 0 | 0% | 0 | 0% |
D | 0 | 0% | 0 | 0% |
Non-rated | 0 | 0% | 0 | 0% |
Total | 450 | 100% | 135 | 100% |
FINANCIAL STATEMENTS 2023 | 183 |
FINANCIAL STATEMENTS 2023 | 184 |
2023 | 2022 | |||
Rating | Total, EURm | % of total | Total, EURm | % of total |
AAA | 0 | 0% | 0 | 0% |
AA | 1,031 | 63% | 962 | 65% |
A | 608 | 37% | 512 | 35% |
BBB | 2 | 0% | 3 | 0% |
Less than BBB | 0 | 0% | 0 | 0% |
Unrated | 0 | 0% | 0 | 0% |
Total | 1,640 | 100% | 1,477 | 100% |
FINANCIAL STATEMENTS 2023 | 185 |
FINANCIAL STATEMENTS 2023 | 186 |
FINANCIAL STATEMENTS 2023 | 187 |
EURm | 31 Dec 2023 | 31 Dec 2022 |
Assets total | 7,990 | 9,685 |
Liquidity | 1,352 | 2,467 |
Investment assets | 979 | 990 |
Other investments | 2 | 2 |
Fixed income | 101 | 27 |
Equity & private equity | 876 | 961 |
Subordinated loans | 0 | 100 |
Equity holdings | 5,635 | 6,066 |
Subsidiaries | 5,635 | 6,066 |
Associated | 0 | 0 |
Other assets | 24 | 62 |
EURm | 31 Dec 2023 | 31 Dec 2022 |
Liabilities total | 7,990 | 9,685 |
CPs issued | 0 | 0 |
Long-term senior debt | 959 | 1,306 |
Private placements | 2 | 21 |
Bonds issued | 957 | 1,285 |
Subordinated debt | 1,490 | 1,489 |
Capital | 5,465 | 6,814 |
Undistributable capital | 98 | 98 |
Distributable capital | 5,367 | 6,716 |
Other liabilities | 76 | 77 |
FINANCIAL STATEMENTS 2023 | 188 |
31 Dec 2023 | Carrying amount total | Cash flows | ||||||||
EURm | Carrying amount total | Carrying amount without contractual maturity | Carrying amount with contractual maturity | 2024 | 2025 | 2026 | 2027 | 2028 | 2029- 2038 | 2039- |
Financial assets | 2,325 | 1,623 | 702 | 617 | 14 | 2 | 2 | 30 | 65 | 0 |
Financial assets (non-derivatives) | 2,325 | 1,623 | 702 | 617 | 14 | 2 | 2 | 30 | 65 | 0 |
Interest rate swaps | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
FX forwards | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Asset for incurred claims | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Financial liabilities | 2,527 | 0 | 2,527 | -72 | -223 | -59 | -59 | -475 | -2,032 | 0 |
Financial liabilities (non-derivatives) | 2,507 | 0 | 2,507 | -70 | -223 | -59 | -59 | -461 | -2,032 | 0 |
Interest rate swaps | 20 | 0 | 20 | -2 | 0 | 0 | 0 | -14 | 0 | 0 |
FX derivatives | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Lease liabilities | 2 | 0 | 2 | -1 | 1 | 0 | 0 | 0 | 0 | 0 |
Liability for incurred claims and other insurance related payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
31 Dec 2022 | Carrying amount total | Cash flows | ||||||||
EURm | Carrying amount total | Carrying amount without contractual maturity | Carrying amount with contractual maturity | 2023 | 2024 | 2025 | 2026 | 2027 | 2028- 2037 | 2038- |
Financial assets | 3,596 | 2,799 | 797 | 688 | 24 | 8 | 8 | 8 | 77 | 183 |
Financial assets (non-derivatives) | 3,596 | 2,799 | 797 | 688 | 24 | 8 | 8 | 8 | 77 | 183 |
Interest rate swaps | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
FX forwards | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Asset for incurred claims | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Financial liabilities | 2,816 | 0 | 2,816 | -416 | -65 | -224 | -60 | -60 | -2,513 | 0 |
Financial liabilities (non-derivatives) | 2,802 | 0 | 2,802 | -416 | -63 | -223 | -59 | -59 | -2,504 | 0 |
Interest rate swaps | 14 | 0 | 14 | 0 | -2 | -1 | -1 | -1 | -9 | 0 |
FX derivatives | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Lease liabilities | 2 | 0 | 2 | -1 | -1 | 0 | 0 | 0 | 0 | 0 |
Liability for incurred claims and other insurance related payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
FINANCIAL STATEMENTS 2023 | 189 |
FINANCIAL STATEMENTS 2023 | 190 |
EURm | Note | 1–12/2023 | 1–12/2022 |
Sales | 1 | — | |
Staff expenses | |||
Salaries and remunerations | -14 | -21 | |
Social security costs | |||
Pension costs | -2 | -2 | |
Other | -3 | -6 | |
Other operating expenses | 1 | -39 | -19 |
Operating profit | -57 | -48 | |
Financial income and expense | 3 | ||
Income from shares in Group companies | 1,039 | 1,008 | |
Income from other shares | 23 | 182 | |
Other interest and financial income | |||
Group companies | — | 4 | |
Other | 23 | 6 | |
Other investment income and expense | -9 | 704 | |
Other interest income | 37 | 11 | |
Interest and other financial expense | -95 | -111 | |
Exchange result | 3 | -12 | |
Profit before appropriations and taxes | 963 | 1,744 | |
Group contribution | — | 29 | |
Income taxes | 0 | 8 | |
Profit for the financial year | 963 | 1,780 |
FINANCIAL STATEMENTS 2023 | 191 |
EURm | Note | 2023 | 2022 |
Assets | |||
Intangible assets | 1 | 1 | |
Tangible assets | 3 | 3 | |
Investments | |||
Shares in Group company | 21 | 5,635 | 6,066 |
Receivables from Group companies | 4 | — | 100 |
Other shares and participations | 5 | 876 | 961 |
Other investments | 6 | 706 | 696 |
Short-term receivables | |||
Other receivables | 7 | 20 | 44 |
Prepayments and accrued income | 8 | 2 | 16 |
Cash and cash equivalents | 747 | 1,798 | |
Total assets | 7,990 | 9,685 |
EURm | Note | 2023 | 2022 |
Liabilities | |||
Equity | 9,10 | ||
Share capital | 98 | 98 | |
Invested unrestricted equity | 1,527 | 1,527 | |
Other reserves | 273 | 273 | |
Retained earnings | 2,604 | 3,136 | |
Profit for the financial year | 963 | 1,780 | |
Liabilities | |||
Long-term liabilities | 13 | ||
Bonds | 959 | 1,306 | |
Subordinated debt securities | 1,490 | 1,489 | |
Short-term liabilities | |||
Deferred tax liability | 14 | — | — |
Other liabilities | 11 | 5 | 12 |
Accruals and deferred income | 12 | 71 | 65 |
Total liabilities | 7,990 | 9,685 |
FINANCIAL STATEMENTS 2023 | 192 |
EURm | 1–12/2023 | 1–12/2022 |
Operating activities | ||
Profit before tax | 963 | 1,773 |
Adjustments | ||
Realised gains and losses on investments | 9 | — |
Other adjustments | -14 | -830 |
Adjustments total | -5 | -830 |
Change (+/-) in assets of operating activities | ||
Investments | 341 | 48 |
Other assets | 11 | 13 |
Total | 351 | 60 |
Change (+/-) in liabilities of operating activities | ||
Financial liabilities | -2 | -35 |
Other liabilities | 1 | 9 |
Paid interests | -72 | -90 |
Paid taxes | 0 | 8 |
Total | -73 | -107 |
Net cash from operating activities | 1,237 | 896 |
Investing activities | ||
Investment in subsidiaries | -108 | -427 |
Divestments in associates | — | 2,291 |
Dividend received from associates | — | 157 |
Other investments | 0 | — |
Net cash from investing activities | -108 | 2,022 |
EURm | 1–12/2023 | 1–12/2022 |
Financing activities | ||
Dividends paid | -1,321 | -2,186 |
Purchase of own shares | -555 | -1,444 |
Repayments of debt securities in issue | -334 | -571 |
Received group contribution | 29 | 15 |
Net cash used in financing activities | -2,180 | -4,186 |
Total cash flows | -1,051 | -1,269 |
Cash and cash equivalents at 1 January | 1,798 | 3,067 |
Cash and cash equivalents at 31 December | 747 | 1,798 |
Net change in cash and cash equivalents | -1,051 | -1,269 |
EURm | 1–12/2023 | 1–12/2022 |
Interest income received | 63 | 23 |
Interest expense paid | -72 | -90 |
Dividend income received | 1,062 | 1,190 |
FINANCIAL STATEMENTS 2023 | 193 |
FINANCIAL STATEMENTS 2023 | 194 |
FINANCIAL STATEMENTS 2023 | 195 |
EURm | 1–12/2023 | 1–12/2022 |
Rental expenses | -1 | -1 |
IT expenses | -1 | -1 |
External services | -28 | -10 |
Other staff costs | -1 | -1 |
Other | -7 | -6 |
Total | -38 | -19 |
EUR thousand | 1–12/2023 | 1–12/2022 |
Auditing fees | -414 | -1,065 |
Tax consultancy | — | — |
Other fees | — | — |
Total | -414 | -1,065 |
EURm | 1–12/2023 | 1–12/2022 |
Dividend income | 1,062 | 1,190 |
Interest income | 60 | 20 |
Interest expense | -72 | -86 |
Gains on disposal | — | 704 |
Exchange result | 3 | -12 |
Other | -32 | -25 |
Total | 1,020 | 1,792 |
EURm | 2023 | 2022 |
Carrying amount at the beginning of the year | 100 | 100 |
Disposals | -100 | — |
Carrying amount at the end of the year | — | 100 |
EURm | 2023 | 2022 |
Fair value at 1 January | — | 795 |
Change of accounting policy | — | -200 |
Acquisition cost 1 January | 961 | 595 |
Transfer from associates | — | 368 |
Increase | 7 | 3 |
Decrease | -92 | -5 |
Acquisition cost 31 December | 876 | 961 |
FINANCIAL STATEMENTS 2023 | 196 |
EURm | 2023 | 2022 |
Acquisition cost 1 January | 696 | 704 |
Increase | 2,325 | 3,766 |
Decrease | -2,315 | -3,773 |
Acquisition cost 31 December | 706 | 696 |
EURm | 2023 | 2022 |
Bonds | 15 | 26 |
Money market | 590 | 670 |
Loan receivable | 101 | — |
Total | 706 | 696 |
EURm | 2023 | 2022 |
Trading receivables | — | 1 |
Other | 20 | 43 |
Total | 20 | 44 |
EURm | 2023 | 2022 |
Accrued interest | 2 | 5 |
Other | 0 | 11 |
Total | 2 | 16 |
EURm | 2023 | Fair value | 2022 | Fair value | ||
Derivatives | Contract /notional value | Assets | Liabilities | Contract /notional value | Assets | Liabilities |
Derivatives held for trading | ||||||
Interest rate derivatives | 89 | — | 20 | 95 | — | 14 |
Total | 89 | — | 20 | 95 | — | 14 |
FINANCIAL STATEMENTS 2023 | 197 |
Restricted equity | Unrestricted equity | ||||
EURm | Share capital | Invested unrestricted capital | Other reserves | Retained earnings | Total |
Carrying amount at 1 January 2022 | 98 | 1,527 | 273 | 6,766 | 8,663 |
Dividends | — | — | — | -2,186 | -2,186 |
Acquisition of own shares | — | — | — | -1,444 | -1,444 |
Profit for the year | — | — | — | 1,780 | 1,780 |
Carrying amount at 31 December 2022 | 98 | 1,527 | 273 | 4,916 | 6,814 |
Restricted equity | Unrestricted equity | ||||
EURm | Share capital | Invested unrestricted capital | Other reserves | Retained earnings | Total |
Carrying amount at 1 January 2023 | 98 | 1,527 | 273 | 4,916 | 6,814 |
Dividends | — | — | — | -1,321 | -1,321 |
Acquisition of own shares | — | — | — | -555 | -555 |
Partial demerger | — | — | — | -539 | -539 |
Loan receivable due to partial demerger | — | — | — | 102 | 102 |
Profit for the year | — | — | — | 963 | 963 |
Carrying amount at 31 December 2023 | 98 | 1,527 | 273 | 3,567 | 5,465 |
EURm | 2023 | 2022 |
Parent company | ||
Profit for the year | 963 | 1,780 |
Retained earnings | 2,604 | 3,136 |
Invested unrestricted capital | 1,527 | 1,527 |
Other reserves | 273 | 273 |
Total | 5,367 | 6,716 |
FINANCIAL STATEMENTS 2023 | 198 |
EURm | 2023 | 2022 |
Other | 5 | 12 |
Total | 5 | 12 |
EURm | 2023 | 2022 |
Deferred interest | 29 | 29 |
Derivatives | 20 | 14 |
Other | 23 | 22 |
Total | 71 | 65 |
EURm | 2023 | 2022 |
Bonds | 959 | 1,306 |
Subordinated debt securities | 1,490 | 1,489 |
Total | 2,449 | 2,794 |
EURm | 2023 | 2022 |
Not more than one year | 1 | 1 |
Over one year but not more than five years | 1 | 1 |
Total | 2 | 2 |
FINANCIAL STATEMENTS 2023 | 199 |
2023 Average during the year | 2022 Average during the year | |
Full-time personnel | 54 | 50 |
Part-time personnel | 1 | — |
Total | 55 | 50 |
EUR thousand | 2023 | 2022 | |
Group CEO | Torbjörn Magnusson | 3,139 | 3,328 |
Members of the Board of Directors | |||
Antti Mäkinen | 228 | — | |
Björn Wahlroos | — | 190 | |
Christian Clausen | 101 | 98 | |
Fiona Clutterbuck | 107 | 104 | |
Georg Ehrnrooth | 107 | 104 | |
Jannica Fagerholm | 159 | 152 | |
Johanna Lamminen | 45 | 104 | |
Steve Langan | 107 | 104 | |
Risto Murto | 101 | 98 | |
Markus Rauramo | 101 | 98 | |
Annica Withchard | 107 | — | |
EUR thousand | Supplementary pension costs | Statutory pension costs | Total |
Pension contributions paid during the year | |||
President/CEO1 | 869 | 468 | 1,337 |
Former Chairmen of the Board | |||
Kalevi Keinänen2 | 90 | 90 | |
Former Presidents/CEO:s | |||
Harri Hollmen3 | 225 | 225 | |
Total | 1,184 | 468 | 1,652 |
FINANCIAL STATEMENTS 2023 | 200 |
31 December 2023 | 31 December 2022 | |||
Company name | Percentage of share capital held | Carrying amount EURm | Percentage of share capital held | Carrying amount EURm |
Group undertakings | ||||
P&C insurance | ||||
If P&C Insurance Holding Ltd, Stockholm, Sweden | 100.00 | 1,886 | 100.00 | 1,886 |
P&C insurance | ||||
Topdanmark A/S, Copenhague, Denmark | 48.92 | 1,121 | 48.53 | 1,107 |
P&C insurance | ||||
Hastings Group (Consolidated) Plc, London, United Kingdom | 100.00 | 2,611 | 100.00 | 2,534 |
Life insurance | ||||
Mandatum Holding Ltd, Helsinki, Finland | — | — | 100.00 | 539 |
FINANCIAL STATEMENTS 2023 | 201 |
Christian Clausen | Fiona Clutterbuck | Georg Ehrnrooth | |||||
Jannica Fagerholm | Steve Langan | Risto Murto | |||||
Markus Rauramo | Annica Witschard | ||||||
Antti Mäkinen Chairman | Torbjörn Magnusson Group CEO | ||||||
FINANCIAL STATEMENTS 2023 | 202 |
FINANCIAL STATEMENTS 2023 | 203 |
FINANCIAL STATEMENTS 2023 | 204 |
Key Audit Matter | How our audit addressed the Key Audit Matter |
Valuation of insurance contract liabilities We refer to Summary of Material Accounting policies in the financial statements as well as notes 20 and 21. As of 31 December 2023, Sampo Group has insurance contract liabilities totalling EUR 11,716 million (2022: EUR 16,210 million), consisting primarily of property and casualty (P&C) insurance contract liabilities. The measurement of insurance liabilities consists of the liability for remaining coverage (LRC) and the liability for incurred claims (LIC) including both reported but not settled claims as well as incurred but not reported claims (IBNR). Sampo Group adopted IFRS 17 Insurance Contracts standard from 1 January 2023, and comparative figures have been restated. Sampo Group’s operations are focused on the P&C business and Sampo primarily uses the premium allocation approach (PAA) under IFRS 17. As of 1 January 2022, Sampo Group's opening balance sheet amounted to EUR 58.7 billion and equity to EUR 13.5 billion. Compared to the IFRS 4 closing balance sheet of EUR 61.1 billion, the opening IFRS 17 balance sheet decreased by EUR 2.4 billion. Discounting of reserves decreased insurance liabilities whereas introduction of risk adjustment increased insurance liabilities. The introduction of the loss component related to onerous contracts had only an insignificant impact on transition. The result of management's assessments regarding the calculation of the liability for incurred claims depends on inputs, the choice of actuarial methods and the precision of management judgment in determining actuarial assumptions. Key assumptions with the greatest impact on the carrying amount include inflation, discount rates as well as estimated future payments for claims. Valuation of insurance contract liabilities requires significant management judgment and accounting assumptions about uncertain future events, which may materially affect the carrying amount, and thus this is a key audit matter. | We have assessed the measurement of the provisions for insurance contracts as calculated by Management. Our audit procedures included testing of the key controls relating to valuation of insurance liabilities and key assumptions. We have involved Deloitte´s actuarial experts together with IFRS 17 subject matter experts in our audit procedures and evaluated methods and models used by the management. We have compared the information used in the calculations with the historical data and we have analysed the developments in risk, interest and cost trends. We have evaluated management’s significant estimations and judgments and performed independent calculations based on actuarial methods for a substantial part of the insurance contract liabilities. We have evaluated management’s interpretation of the new accounting standard IFRS 17 and its application to the relevant insurance contracts as well as assessed the changes introduced to the financial statements and related disclosures following the adoption of IFRS 17. We have evaluated and examined a selection of general IT controls linked to relevant systems and applications assessed as critical to the data that forms the basis for the calculation of the liability for incurred claims. On a sample basis we have examined input data used in the calculations of the liability for incurred claims. |
FINANCIAL STATEMENTS 2023 | 205 |
Key Audit Matter | How our audit addressed the Key Audit Matter |
Valuation of financial assets We refer to Summary of Material Accounting policies in the financial statements as well as notes 14–16. The Group's investments amount to EUR 15,757 million (2022: EUR 19,565 million). Financial assets represent a significant part of the group's balance sheet. Major part of the Group's financial assets are measured at fair value. At level 1, the valuation of the financial asset is based on the quoted price in an active market. Level 2 valuation also uses other verifiable prices as inputs, either directly or derived from them, using valuation techniques. At level 3, valuation is based on non-observable market data. Audit focus areas relate to valuations on level 2 and 3 in line with IFRS in which the valuation techniques include inputs which are not directly observable from the markets. The use of different valuation techniques and assumptions may result in different estimates of fair value and hence this is a key audit matter. | Our audit procedures have included the evaluation of the internal controls, appropriateness of accounting policies used and the reasonableness of accounting estimates made by management. We have evaluated the appropriateness of the valuation models and accounting policies used by the company to assess whether the fair value measurement is in accordance with generally accepted standards and industry practices. We have requested external confirmations to verify the existence of the investment. Together with our valuation specialists, we have assessed the assumptions used by management in the valuation calculation. We have utilized Deloitte´s valuation analytics and performed the recalculation of fair values based on the information available on the market. For financial assets that are valued on the basis of non-market information, we have also evaluated the practices and assumptions used by management in determining fair values. We have assessed the disclosures of the investments in the financial statements. |
FINANCIAL STATEMENTS 2023 | 206 |
FINANCIAL STATEMENTS 2023 | 207 |
FINANCIAL STATEMENTS 2023 | 208 |
FINANCIAL STATEMENTS 2023 | 209 |
FINANCIAL STATEMENTS 2023 | 210 |