Annual Report 2015 Nordea Life Assurance Finland Ltd

Annual Report 2015 Nordea Life Assurance Finland Ltd

CONTENTS ANNUAL REPORT 2015 ANNUAL ACCOUNTS FOR 2015 The 22Nd Year of Operation of Nordea Life Assurance Finland Ltd 3 Premium Income 3 The Investment Portfolio of the Company in 2015 3 Positive Year for Investment Baskets 4 Nordea Life Assurance Finland Group Consolidated Profit and Loss Account 8 Consolidated Balance Sheet 9 Consolidated Cash Flow Statement 11 Claims Paid 4 Expenditures 4 Personnel 5 Profit 5 Technical Provisions 5 Estimate of the Realization of the Principle of Equity from 2015 5 Solvency 5 Risk Management 6 Group Structure and Ownership 6 Future Outlook 6 Administration and Auditors of Nordea Life Assurance Finland Ltd 7 The Proposal of the Board of Directors for Distribution of Profit 7 Nordea Life Assurance Finland Ltd Profit and Loss Account 12 Balance Sheet 13 Cash Flow Statement 15 Notes to the Financial Statements 16 Administration and Auditors of Nordea Life Assurance Finland Ltd 50 The Proposal of the Board of Directors for Distribution of Profit 50 Auditor s Report 51 Definitions for Key Figures 52 Events After the Financial Year 7 Nordea Life Assurance Finland Ltd is part of the Nordea Group. Nordea s vision is to be a Great European bank, acknowledged for its people, creating superior value for customers and shareholders. We are making it possible for our customers to reach their goals by providing a wide range of products, services and solutions within banking, asset management and insurance. Nordea has around 11 million customers, approximately 800 branchoffice locations and is among the ten largest universal banks in Europe in terms of total market capitalisation. The Nordea share is listed on the NASDAQ OMX Nordic Exchange in Stockholm, Helsinki and Copenhagen. Nordea Life Assurance Finland Ltd FI-00020 NORDEA Aleksis Kiven katu 9, Helsinki Telephone +358 9 1652 7601

ANNUAL REPORT 2015 THE 22ND YEAR OF OPERATION FOR NORDEA LIFE ASSURANCE FINLAND LTD In the Finnish life insurance market, the unit-linked premium income increased while traditional premium income declined. The premium income of Nordea Life Assurance Finland Ltd remained at a good level, with an emphasis on unit-linked insurances, as had been expected. During the financial year, the company continued to carry out significant actions with the objective of simplifying and digitalising business processes. The work done in order to improve processes and quality was awarded with ISO9001 certificate which the company received during the third quarter of the year. In addition, World Finance Global Insurance Awards rated Nordea Life Assurance Finland Ltd as the best life assurance company in Finland in 2015. As part of preparations for the Solvency II regulations, the company moderately decreased the risk level of the investment portfolio during the financial year. The range of saving and investment products was simplified and as part of this change the company introduced a new endowment policy to the market, Nordea Visio, which was well received by the customers. During the financial year, the company made for years 2016 2018 a fixed term supplement of premium provisions worth EUR 87 million concerning endowment policies and pension policies of fixed calculated interest rate. The fixed term supplementary reserve is to decrease the calculated interest rate of the policies in question to 1 per cent for a fixed term for years 2016 2018. The provision for unearned premiums of future additional bonuses was decreased by approximately EUR 6.7 million and the equalisation provision of approximately EUR 27.4 million was discharged entirely. During the financial year, the company completed the transfer of group pension insurance portfolio to Fennia Life Insurance Company Ltd in accordance with the agreement made in 2014. The transfer of insurance liabilities around EUR 50 million took place on 1 February 2015. PREMIUM INCOME Compared to the previous financial year, the premium income for Nordea Life Assurance Finland Ltd decreased slightly, totalling EUR 2,407.2 (2,626.0) million before reinsurers were taken into account. The share of unit-linked premium income of the total premium income remained at a high level, exceeding 96 per cent of total premium income. In euros, unitlinked premium income totalled EUR 2,328.7 (2,538.0) million. The premium income of traditional life insurance in turn accounted for EUR 31.8 (42.7) million and the premium income from risk life insurances amounted to EUR 46.6 (45.3) million. When compared to the previous financial year, the premium income from individual life insurances increased slightly, totalling EUR 831.3 (793.0) million. The premium income from capital redemption policies decreased from last year, totalling EUR 1,430.6 (1,675.2) million. The premium income from individual pension insurances amounted to EUR 98.4 (106.2) million. The premium income from voluntary group pension insurances totalled EUR 0.3 (6.3) million. The reason behind the decrease of the amount of income from voluntary group pension insurances is the transfer of the group pension insurance portfolio to Fennia Life Insurance Company Ltd during the first quarter of the financial year. THE INVESTMENT PORTFOLIO OF THE COMPANY IN 2015 The long-term strategy of the company has been to keep the overall risk of its investment portfolio relatively low. The low risk level of the investment portfolio has been achieved by comprehensively 3

diversifying the portfolio into different asset categories and by selecting products for the portfolio that would react independently of one another in various market situations. This strategy was continued in 2015. During the year high risk investments were reduced in the portfolio as the size of the portfolio decreased and the company prepared for the Solvency II regulation coming into effect at the beginning of 2016. There were no significant changes to the asset allocation from last year. During the year, the exposure on alternative investments was reduced and the share of bonds and cash was increased in the portfolio. In terms of alternative investments private equity funds, structured bonds and hedge funds were reduced. Also real estate investments were reduced. The performance of the portfolio was adequate when compared with the risk level. When measured in euros, private equity funds, listed shares and direct domestic real estate investments performed best. The return from fixed income investments remained low and the performance of real estate funds was negative. The vacancy rate and market values of properties were almost unchanged when compared to the last year. At the end of the year, the share of fixed income investments of the company s portfolio was 63.3 (68.2) per cent. The share of equities and equitytype investments accounted for 7.4 (6.0) per cent, excluding hedges. The share of real estate investments was 8.0 (9.2) per cent, the share of alternative investments was 9.1 (16.6) per cent and the share of cash was 12.2 per cent. 1 POSITIVE YEAR FOR INVESTMENT BASKETS In 2015, the value of the Yield basket developed positively and increased by 1.6 (6.3) per cent. The year was particularly good for equity investments, which increased by 7.9 per cent. Also the values of real estate investments developed well, increasing by 5.6 per cent. The values of fixed income investments, however, stayed unchanged whereas the values of high risk corporate bonds decreased slightly. At the end of the year, the share of fixed income investments in the Yield basket was 66.8 (59.6) per cent, while equity investments accounted for 17.2 per cent (25.4), real estate investments for 10.5 (11.0) per cent and alternative investments for 5.5 (4.0) per cent. Also the Pension investment baskets developed in a positive manner. The risk profile of the Stable Basket was kept moderate throughout the year. The weight of equity investments in the basket was kept unchanged, and at the end of the year, the proportion of equities in the basket was 6.0 (6.2) per cent. Of fixed income investments, low-risk government and corporate bonds were favoured. With the Return Focus Basket, equity investments were preferred, and they accounted for 73.6 (75.5) per cent of the basket at the end of the year. The value of the basket increased by 2.3 (8.1) per cent during the year. CLAIMS PAID Claims paid remained almost at the same level as last year, totalling EUR 1,124.0 (1,156.9) million. The amount includes surrenders, which totalled EUR 681.1 (720.9) million. Their share of the technical provisions at the beginning of the year was 5.0 (5.6) per cent. The share of reinsurance was EUR 0.0 (0.0) million. The risk sums of death, permanent disability for work, serious illness and permanent handicap or permanent disability for work caused by an accident accounted for EUR 12.2 (8.6) million. EXPENDITURES The total expenditures of the company were EUR 39.3 (42.3) million. Sales commissions paid totalled EUR 10.0 (10.3) million and salaries and social security expenses EUR 7.8 (9.6) million. 1 Cash is not included in the allocation percentages for the given period. 4

PERSONNEL During the financial year, the number of employees at Nordea Life Assurance Finland Ltd was approximately 118 (116). Women accounted for 65 per cent of the work force and men for 35 per cent. PROFIT The balance on technical account of 2015 before taxes was EUR 227.7 (221.7) million. The investment income, excluding unit-linked investments, was EUR 161.0 (172.6) million. The profit of the Nordea Life Assurance Finland Group before taxes was EUR 208.8 (222.3) million. A total of EUR 7.7 (18.6) million was used for customer bonuses. TECHNICAL PROVISIONS The technical provisions of Nordea Life Assurance Finland Ltd increased by 12.1 per cent, amounting to EUR 15,229.1 (13,588.4) million. The share of unitlinked provision of the total provisions increased, amounting to 86.0 per cent (82.2). At the end of the year, the total provision for unearned premiums of the company was EUR 14,910.4 (13,256.2) million, of which EUR 13,066.0 (11,148.8) million was the unit-linked provision. This includes EUR 153.8 (67.8) million supplemental to the technical provisions and a provision for unearned premiums EUR 5.3 (12.0) million to future bonuses. The provision for claims outstanding was EUR 318.7 (332.2) million at the end of the year. ESTIMATE OF THE REALIZATION OF THE PRINCIPLE OF EQUITY FROM 2015 During 2015, the levels of return from the insurance policies subject to the equity principle were further adjusted to match the general interest rate trends on the market. The level of customer bonuses paid in 2015 clearly exceeds the level of the yield of a tenyear German government bond, which has averaged to 0.5 per cent. In addition, when defining the bonus level, the continued uncertain economic conditions of the global economy, future changes in the operational environment (i.e. Solvency II regulations) and markets still not demonstrating signs of economic growth or a recovery have also been considered. Therefore, the insurance policies which are subject to the equity principle were credited by a bonus based on the distribution target for the equity principle. The appendices include a chart that represents the total return given for endowment and pension insurances for years 2002 2015 as well as the interest rate for the ten-year government bonds issued by Germany for the same time period. SOLVENCY The solvency of insurance companies is assessed in terms of the ratio between their solvency margin and the minimum solvency margin, which was 5.9 (7.4). The solvency margin is the amount of assets in excess of the liabilities which are available for ensuring the continuation of the operations of the company. The solvency margin of Nordea Life Assurance Finland Ltd, which was calculated in accordance with the Insurance Companies Act, was EUR 641.6 (871.5) million. The minimum solvency margin was EUR 108.1 (117.6) million. Nordea Life Assurance Finland Ltd has one subordinated loan worth EUR 70 million issued by Nordea Bank AB. The subordinated loan was issued for an undetermined period. The notice period on the part of the creditor is five years and the repayment of the loan is tied to the debtor s solvency. The annual interest rate is tied to a 12-month reference rate plus a margin of 0.85 percentage points. The amount of interest of the subordinated loan in 2015 was EUR 826,327.11. 5

RISK MANAGEMENT The objective of risk management is to identify and measure as well as manage the risks directed to the company. At the company level, the most significant risks include the risks associated with the business strategy and operational environment, investment activity risks, risks associated with the structure of the technical provisions, underwriting risks and operational risks. Potential changes in legislation may also significantly affect the operational environment of the life and pension insurance business. The company has a separate Risk Management Department, which is led by the Chief Risk Officer (CRO). The CRO develops and directs the risk management practises of the company. The risk management strategy is updated when necessary at the very least annually. The strategy contains precisely defined principles according to which the risk management measures, follows and reports risks to the executive management. The company has a contingency plan and a business continuity plan, which are tested annually. GROUP STRUCTURE AND OWNERSHIP Nordea Life Assurance Finland Ltd has 150 000 shares, all of which have the same number of votes in the general meeting. The share capital, as stated in the articles of association, is minimum EUR 20,000,000.00 and the maximum EUR 80,000,000.00 and the share capital can be increased and decreased within these limits without changing the articles of association. The shares do not have a nominal value and the amount of shares is minimum 120,000 and maximum 480,000. Nordea Life Holding AB is the parent company of Nordea Life Assurance Finland Ltd and it owns 100 per cent of its shares. Nordea Life Holding AB, in turn, is fully owned by Nordea Bank AB publ. The Nordea Life Assurance Finland Group includes 42 (41) Finnish housing and real estate companies as subsidiaries, in addition to a 3rd pillar pension company in Latvia. FUTURE OUTLOOK Solvency is a key factor for a life insurance company, securing the long-term savings of customers. Solvency II regulation that came into effect at the beginning of the year 2016 sets higher solvency requirements for life insurance companies than before. Nordea Life Assurance has been for years preparing for the new Solvency II regulations. The company has been preparing for the challenges of the new solvency regulation by supplementing the provision for unearned premiums, by simplifying its business model, by decreasing the risk level of the investment portfolio, by increasing its solvency following the current (valid at the end of the end 2015) solvency regulations and by putting an emphasis on the share of unit-linked premium income. The low level of interest rates combined with the economic uncertainty particularly creates challenges for investment operations. We believe however, that the measures taken by the company create a steady basis for moving to the new solvency regulation. Despite the economic uncertainty, we believe that the premium income level will remain on a good level. The need for customers to prepare themselves for the future has not disappeared; rather, the planned changes in the pension provision system have further increased the importance of spontaneous saving. As an important strategic project the company will continue to work towards the conversion of its insurance systems. The future objective of the company is to operate with a single insurance system. 6

ADMINISTRATION AND AUDITORS OF NORDEA LIFE ASSURANCE FINLAND LTD The Board of Directors of the company consists of the following three members: Head of Life and Pensions, Nils Bolmstrand, Chairman from 22.12.2015 onwards; Jussi Mekkonen, Executive Vice President, Vice-Chairman of the Board; and Johan Nystedt, Chief Financial Officer of Life and Pensions The Board of Directors proposes that dividends of EUR 2,000.00 per share are distributed, resulting in EUR 300,000,000.00 and that EUR 182,646,133.46 are transferred to the retained earnings account. EVENTS AFTER THE FINANCIAL YEAR No significant events. During the operating year, the Board of Directors has included: Head of Life and Pensions Snorre Storset, Chairman until 22.12.2015. The Managing Director of the company is Pekka Luukkanen, M.Sc. The Chief Actuary of the company is Sari Martikainen, M.Sc, actuary approved by the Ministry of Social Affairs and Health The auditor of the company is APA Martin Grandell and PricewaterhouseCoopers Oy, with APA Juha Wahlroos acting as the principal auditor. The Annual General Meeting was held on 9 April 2015. THE PROPOSAL OF THE BOARD OF DIRECTORS FOR DISTRIBUTION OF PROFIT The retained earnings of Nordea Life Assurance Finland Ltd, including the profit for the financial year of EUR 182,646,133.46, are EUR 464,325,524.89. The distributable equity capital of the Nordea Life Assurance Finland Ltd is EUR 465,625,524.89. 7

ANNUAL ACCOUNTS FOR 2015 Nordea Life Assurance Finland Group Consolidated Profit and Loss Account Technical provisions statement 1.1 31.12.2015 1.1 31.12.2014 Premium income Premium income 2,407,164 2,626,044 Reinsurer s share -179 2,406,985-178 2,625,866 Investment returns 332,558 303,598 Unrealized gains on investments 611,955 982,609 Other technical provision income 11,455 Claims incurred Claims paid -1,124,011-1,160,120 Reinsurer s share Change in the provision for outstanding claims 13,481 30,331 Reinsurer s share -1,110,530-1,129,788 Change in the provision for unearned premiums Change in the provision for unearned premiums -1,654,217-824,135 Of which transfer of assets 64,235 1,560,272 Reinsurer s share -1,654,217-824,135 Operating expenses -33,714-35,986 Investment expenses -320,841-1,372,144 Investment revaluation adjustment -23,411-339,190 Balance on technical account 208,784 222,284 Non-technical account Investments in associates 2 5 Direct taxes on ordinary operations Taxes for the financial year -45,167-44,020 Taxes for the previous financial years 138 519 Change in deferred tax 202 Change in depreciation difference Result for the year 163,758 178,990 The figures presented in the annual accounts are in thousand euros unless otherwise mentioned. 8

Nordea Life Assurance Finland Group Consolidated Balance Sheet Assets 31.12.2015 31.12.2014 Intangible assets Intangible rights Consolidated goodwill 4,430 11,288 Other expenses with long-term effects 4,430 11,288 Investments Real estate investments Real estates and real estate shares 119,242 134,724 Real estate funds 69,668 188,911 125,903 260,627 Investments in the Group companies and participating interest companies Shares and participations Debt securities and loan receivables in Group companies 39,969 39,969 Other investments Shares and participations 479,210 675,950 Debt securities and other fixed income securities 1,666,647 1,875,808 Deposits 2,145,857 2,551,758 2,334,768 2,852,354 Assets covering unit-linked insurances 13,078,900 11,175,069 Receivables Arising from direct insurance operations Arising from policy holders 6,215 6,667 Arising from reinsurance operations 33 33 Other receivables 52,103 12,779 58,352 19,479 Other assets Tangible assets 3,439 3,116 Cash in hand and at bank 380,702 147,938 384,140 151,054 Accrued income Accrued interest and rent 16,465 10,156 Other prepayments and accrued income 8,888 29,982 25,352 40,137 15,885,941 14,249,380 9

Nordea Life Assurance Finland Group Consolidated Balance Sheet Liabilities 31.12.2015 31.12.2014 Equity capital Share capital 24,500 24,500 Issue premium fund 20,657 20,657 Ordinary reserve 46,030 45,824 Reserve of invested unrestriced equity 1,300 7,170 Retained earnings including translation gain 273,860 280,155 Profit for the year 163,758 178,990 Dividend 530,105 557,296 Minority interest Subordinated loans 70,000 70,000 Technical provisions Provision for unearned premiums 1,844,420 2,107,437 Reinsurer s share 1,844,420 2,107,437 Claims outstanding 290,011 311,531 Reinsurer s share 290,011 311,531 2,134,431 2,418,967 Provisions for unit-linked insurance Technical provisions 13,094,679 11,169,406 Creditors Arising from direct insurance operations 1 20 Arising from reinsurance operations 144 143 Deferred tax liability 4,430 11,288 Other creditors 35,166 39,741 5,275 16,725 Deferred income 16,986 16,986 15,885,941 14,249,380 10

Nordea Life Assurance Finland Group Consolidated Cash Flow Statement 2015 2014 Cash flow from operations Profit/loss from actual operations 208,784 222,276 Adjustments Change in technical provisions 1,640,737 793,804 Investment value adjustment -127,280 823,529 Unrealized exchange gains -38,404 3,534 Depreciations according to plan 3,924-3,402 Cash flow before change in working capital 1,687,761 1,839,742 Change in working capital Change in non-interest-bearing current receivables, increase (-) / decrease (+ -45,401 18,067 Change in non-interest-bearing current liabilities, increase (+) / decrease (-) 38,820-17,309 Cash flow from business operations before financial items and taxes 1,681,181 1,840,500 Direct taxes paid -30,574-62,279 Cash flow from operations 1,650,607 1,778,221 Cash flow from investments Net investments -1,222,115-1,684,151 Intangible and tangible assets, and other asset investments and income from sales -1,044 34,052 Cash flow from investments -1,223,158-1,650,099 Cash flow from financial activities Repaid loans Merger adjustments in equity capital Withdrawal of additional capital Dividends paid -200,000-200,000 Cash flow from financial activities -200,000-200,000 Change in funds 227,449-71,878 Funds at the start of the year 328,467 400,346 Funds at the end of the year 555,916 328,467 11

Nordea Life Assurance Finland Ltd Profit and Loss Account Technical account 1.1 31.12.2015 1.1 31.12.2014 Premium income Gross premium income 2,407,164 2,626,044 Reinsurer s share -179 2,406,985-178 2,625,866 Investment income 328,128 305,507 Unrealized gains on investments 611,955 982,609 Other technical income 11,455 Claims incurred Claims paid -1,124,011-1,160,120 Reinsurer s share Change in the provision for outstanding claims 13,481 30,331 Reinsurer s share -1,110,530-1,129,788 Change in the provision for unearned premiums Change in the provision for unearned premiums -1,654,217-824,135 Of which transfer of assets 64,235 1,560,272 Reinsurer s share -1,654,217-824,135 Net operating expense -33,559-35,716 Investment expenses -297,676-1,374,915 Investment revalution adjustment -23,411-339,190 Balance on technical account 227,675 221,691 Non-technical account Investments in associates Direct taxes on ordinary operations Taxes for the year -45,167-44,020 Taxes for the previous years 138 519 Result for the year 182,646 178,191 12

Nordea Life Assurance Finland Ltd Balance Sheet Assets 31.12.2015 31.12.2014 Intangible assets Intangible rights Other expenses with long-term effects Investments Real estate investments Real estates and real estate shares 59,096 58,568 Real estate funds 69,668 125,903 Loan receivables in Group companies 87,555 216,320 94,971 279,443 Investments in Group companies and other participating interests companies Shares and participations 200 200 Debt securities and loan receivables in Group company 200 39,969 40,169 Other investments Shares and participations 479,173 675,916 Debt securities and other fixed-income securities 1,666,647 1,875,808 Deposits 2,145,820 2,551,724 2,362,340 2,871,336 Assets covering unit-linked insurances 13,078,900 11,175,069 Receivables Arising from direct insurance operations Arising from policyholders 6,215 6,667 Arising from reinsurance operations 33 33 Other receivables 52,029 12,707 58,278 19,407 Other assets Tangible assets Cash in hand and at bank 379,935 146,051 379,935 146,051 Accrued income Accrued interest and rent 16,465 15,799 Other prepayments and accrued income 8,863 29,038 25,328 44,836 15,904,782 14,256,699 13

Nordea Life Assurance Finland Ltd Balance Sheet Liabilities 31.12.2015 31.12.2014 Equity capital Share capital 24,500 24,500 Issue premium fund 20,657 20,657 Ordinary reserve 46,030 46,030 Reserve of invested unrestricted equity 1,300 1,300 Retained earnings 281,679 303,488 Profit for the year 182,646 178,191 Dividend 556,812 574,166 Subordinated loans 70,000 70,000 Technical provisions Provision for unearned premiums 1,844,420 2,107,437 Reinsurer s share 1,844,420 2,107,437 Outstanding claims 290,011 311,531 Reinsurer s share 290,011 311,531 2,134,431 2,418,967 Provisions for unit-linked policies Technical provisions 13,094,679 11,169,406 Creditors Arising from direct insurance operations 1 20 Arising from reinsurance operations 144 143 Other creditors 24,084 24,229 13,238 13,401 Deferred income 24,631 10,759 15,904,782 14,256,699 14

Nordea Life Assurance Finland Ltd Cash Flow Statement 2015 2014 Cash flow from operations Profit/loss from actual operations 227,675 221,691 Adjustments Change in technical provisions 1,640,737 793,804 Investment value adjustments -131,232 818,558 Unrealized exchange gains -38,404 3,534 Depreciations according to plan 82 Cash flow before change in working capital 1,698,776 1,837,669 Change in working capital Change in non-interest-bearing current receivables, increase(-)/ decrease (+) -40,676 11,373 Change in non-interest-bearing current liabilities, increase(+)/ decrease (-) 24,700-21,595 Cash flow from business operations before financial items and taxes 1,682,800 1,827,448 Direct taxes paid -23,716-64,813 Cash flow from operations 1,659,084 1,762,635 Cash flow from investments Net investments -1,238,699-1,678,714 Intangible and tangible assets, and other asset investments and income from sales -1,044 34,052 Cash flow from investments -1,239,743-1,644,662 Cash flow from financial activities Repaid loans Merger adjustments in equity capital Withdrawal of additional capital Dividends paid -200,000-200,000 Cash flow from financial activities -200,000-200,000 Change in funds 219,341-82,027 Funds at the start of the year 316,371 398,398 Funds at the end of the year 535,713 316,371 15

NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING PRINCIPLES OF THE FINANCIAL STATEMENTS The financial statements have been prepared in accordance with the current applicable corporate laws as well as the decisions, rules and regulations specified by the Ministry of Social Affairs and Health and the Financial Supervisory Authority. AB, which is fully owned by Nordea Bank AB (publ.). Copies of the Nordea Bank AB (publ.) annual accounts are available at Nordea Bank Finland Plc branches or online at www.nordea.com. The notes on the financial statements also contain Group-level information, wherever it differs from parent company figures. Consolidated annual accounts The Nordea Life Assurance Finland Group consists of the parent company, Nordea Life Assurance Finland Ltd (domicile Helsinki), 42 (41) housing and real estate companies and a 3rd pillar pension company domiciled in Latvia. The results of corporate acquisitions made during the financial year are included in the financial statements beginning at the moment of purchase and corporate divesti-tures made during the financial year and lasting until the moment of sale. The consolidated financial statements include the combined profit and loss account, balance sheets and the notes on the accounts of the parent company and its subsidiaries. Internal transactions with-in the Group as well as receivables and liabilities within the Group have been eliminated. The Group s internal shareholdings have been eliminated using the acquisition cost method. Holdings in housing and real estate companies in the Yield Basket have been eliminated from assets covering the unit-linked technical provisions. Consolidated goodwill has been allocated to real es-tate property of the subsidiaries. The distribution of land areas and buildings has been done in rela-tion to the estimated market value. Where applicable, the Nordea Life Assurance Finland Group complies with the standardised accounting principles in conjunction with Nordea Bank AB (publ.). Nordea Life Assurance Finland Ltd is owned by a Swedish holding company Nordea Life Holding Book value of investments and book value of assets covering unit-linked technical provisions Shares and participations in other investments were valued on the balance sheet at the acquisition cost or at the lower probable transfer price. The impact on the result of this valuation is entered as depreciation and return on depreciation. Shares and participations considered to be fixed assets are valued at acquisition costs. Bonds that are listed among the financial market instruments are valued on the balance sheet at acquisition cost. The difference between the nominal value and the acquisition price is deferred as interest income or their deduction, or else their deduction and the cash counterpart are recognised as an addi-tion or deduction to the investments in question. Certificates of deposit and commercial papers listed among financial market instruments as well as government bonds are valued at acquisition cost. Assets covering unit-linked technical provisions are valued at the balance sheet at fair value. The difference between the fair value and the original acquisition cost is recognised on the profit and loss account as value additions or returns on value additions to the investment income or value deductions or value adjustments to value additions to the investment expenses. Intangible assets and equipment are recognised on the balance sheet at acquisition cost reduced by depreciation according to plan. 16

Premium receivables are recognised on the balance sheet at the probable value and other receivables at the nominal value or at a permanently lower probable value. Fair value of investments The fair value of real estate investments is based on an appraisal given by an independent, licensed real estate appraiser. The properties are each appraised separately. The value is determined based on market price comparisons and the net yield of the property in question. The fair value of equity investments is obtained using the last available buying price on the end date of the financial year or, if none is available, the most recent trading price or, in cases where the end date of the financial year and trade date are not the same, the most recent available price from the date preceding this date. The fair value of bonds is obtained using the last available buying price on the end date of the financial year or, if none is available, the most recent trading price or, in cases where the end date of the financial year and trade date are not the same or there is no price available, the most recent available price from the date preceding this date. The deposits are valued at fair value which equals to nominal value of deposits. The receivables are valued at fair value which equals to nominal value of receivables or the lower probable value. Derivative investments used for hedging If no change in value will be booked in the profit and loss account for balance sheet items being hedged or for items listed in the financial position, or if an item outside the balance sheet is being hedged, then appreciation income or expenses from the hedge agreement will not be recognised in the profit and loss account. However, if a negative change in value exceeds the positive change in value for hedged items, the amount exceeded will be recognised as an expense. The value depreciation entry corresponding to the amount exceeded will be voided if it proves to be unfounded in the subsequent financial statements. Depreciation plan: 2015 2014 Intangible assets Consolidated goodwill straight-line depreciation 57 years 57 years Intangible rights 3 years 3 years Other long-term expenditures Software straight-line depreciation 3 years 3 years Rental property renovation expenditures straight-line depreciation 10 years 10 years Tangible assets Residential, office and commercial buildings straight-line depreciation 40 60 years 40 60 years Building utilities straight-line depreciation 15 years 15 years Equipment Office machines and equipment straight-line depreciation 5 years 5 years Computer equipment straight-line depreciation 5 years 5 years 17

Basis for depreciations according to plan Depreciations are calculated according to plan in compliance with the accounting principles of the Nordea Group concerning life spans based on a financial life cycle. The consolidated goodwill allocated to buildings has been depreciated in accordance with the depreciation plan for buildings. Carrying forward of investment acquisition costs Investments have appreciated and sales results are calculated using the average price. Denominated foreign currency Denominated assets and liabilities were converted into euros using the exchange rate published by Reuters on the date of the annual accounts. Any differences in exchange rates are recognised in the profit and loss account as adjusted income and expenses. policies, both the total amount of bonuses to be given for these policies and the amount and means of surplus generation as pertains to the distribution of said bonuses shall be taken into consideration to a reasonable e tent. The bonuses must not jeopardise the fulfilment of the solvency requirements of the company or the continuity in the level of bonuses. The company has defined its target regarding the equity principle as follows. In the long term, the company aims to reach a bonus level for the insurance policies which include savings and are subject to the equity principle that matches the yield, in normal market conditions, of ten-year government bonds issued by Germany. Regarding risk life insurance policies, the equity principle is applied in the form of increased amount of benefit in connection with the death cover or in the form of premium discounts. Furthermore, the company endeavours over the long term to fulfil the level of required return for the risk capital respective to the owner of the company. Pension cover for employees In compliance with the Employees Pension Act, the company has taken out from Varma Mutual Pension Insurance Company statutory pension insurance for its employees. All insurance premiums paid for the said insurance in 2015 are entered into the 2015 results. Some of the employees have supplementary pension benefits with the Nordea Pension Foundation. Neither the Nordea Pension Fund nor the Nordea Pension Foundation charged for a contribution in 2015. Where granted bonuses are concerned, the company makes every effort to maintain their level by setting a target wherein the level of bonuses will not change significantly from year to year more than is required by the solvency of the company and the prevailing market situation. The company annually monitors the fulfilment of the aforementioned targets. The aforementioned additional bonus targets are not binding and are not part of the insurance policy between the company and the policyholder. The equity principle is not applied to the unit-linked share of the policy. Principle of equity Under Chapter 13 (2) of the Insurance Companies Act, life assurance must follow the principle of equity where bonuses are concerned for such insurance policies that are granted the right in insurance contracts to bonuses on the basis of any surplus generated by the insurance policies. This principle requires that, when deciding upon the issuing of bonuses for such Additional bonus targets are valid until further notice and the company reserves the right to change the additional bonus targets in relation to all the life insurance policies issued. The policyholder is not separately notified about the potential changing of additional bonus targets. The chart shown in the notes on the financial statements is an exemplary illustration of the overall 18

bonuses for life and pension insurance policies during the period from 2002 to 2015 as well as the reference rates of interest for the same period. The total bonuses issued for the policies have been in accordance with the equity principle of the company for additional bonuses. Preliminary dividend Nordea Life Assurance Finland Ltd may apply a preliminary dividend method to its financial state-ments in which the dividend to be paid from the preceding financial year can, under certain circum-stances, be entered as income for the dividend recipient for the same financial year in which said divi-dend is issued. This requires that the company issuing the dividend enters the corresponding amount as a dividend payment liability and equity deduction. The preliminary dividend method has no impact on the taxation of the company paying the dividend. Calculation principles of technical provisions The acquisition costs of individual life assurance and individual pension insurance policies were not zillmerised in this or the previous annual accounts. Fixed calculated interest rate does not apply to unitlinked insurance. The fixed calculated interest rate for capital redemption policies was 3.5 per cent, 2.5 per cent or 0 per cent, and with other policies it was 4.5 per cent, 3.5 per cent, 2.5 per cent or 0 per cent. Policies with a fixed calculated interest rate of 0 per cent had an annual interest of 1.3 per cent on pension insurance and 1.0 per cent on individual life assurance as well as capital redemption policies. Deferred tax liabilities and assets The company has no material deferred tax liabilities or assets, with the exception of the deferred tax liabilities included in consolidated real estate investments. 19

1.1 31.12.2015 1.1 31.12.2014 2. Premium Income of Parent Company and Group Direct insurance Domestic 2,407,164 2,518,775 EEA state 107,269 Reinsurance Life assurance Gross premium income before outward reinsurance premiums 2,407,164 2,626,044 3. Parent Company And Group Premium Income From Direct Insurance Life assurance Unit-linked life assurance 818,629 774,528 Capital redemption plan 1,430,556 1,675,166 Other individual life assurance 59,248 18,490 Employees' group life assurance Other group life assurance 45,334 Total 2,308,432 2,513,518 Pension insurance Unit-linked individual pension insurance 79,518 84,355 Other individual pension insurance 18,892 21,879 Unit-linked group pension insurance 257 5,565 Other group pension insurance 66 728 Total 98,733 112,526 Total premium income from direct insurance 2,407,164 2,626,044 Continuous premiums 568,090 726,458 Lump-sum premiums 1,839,075 1,899,586 Total premium income from direct insurance 2,407,164 2,626,044 Premiums from agreements not entitled to bonuses 46,629 45,334 Premiums from agreements entitled to bonuses 31,847 42,706 Premiums from unit-linked insurances 2,328,689 2,538,004 Total premium income from direct insurance 2,407,164 2,626,044 4. Parent Company And Group Claims Incurred Direct insurance Life assurance 1,017,439 1,054,892 Pension insurance 106,572 101,978 Reinsurance Claims paid total 1,124,011 1,156,870 Of which: Surrenders 681,129 720,866 Matured savings payable 342,474 327,610 Other 100,408 108,395 Total 1,124,011 1,156,870 Unit-linked insurances share of claims paid 924,331 956,750 20

Group 1.1-31.12.2015 Group 1.1-31.12.2014 Parent Company 1.1-31.12.2015 Parent Company 1.1-31.12.2014 5. Net Investment Income Investment income of traditional insurances Investment income Income from investments in Group companies Dividend income Interest income 31 173 31 173 Income from real estate investments Interest income from Group companies 116 1,971 4,048 Other income from Group companies Other income 32,456 22,213 26,327 18,872 Income from other investments Dividend income 1,819 2,170 1,819 2,170 Interest income 20,529 23,577 20,497 23,577 Other income 112,416 65,553 112,292 65,553 Total 167,367 113,686 162,937 114,394 Value readjustments 2,334 6,479 2,334 6,479 Realized gains on investments 76,742 106,116 76,742 106,116 Total 246,442 226,281 242,013 226,989 Investment expenses Expenses arising from real estate investments -21,888-14,359-11,470-15,314 Expenses arising from other investments -31,278-16,841-31,278-16,841 Interest and other expenses on liabilities To Group companies -5,448-991 -900-991 To others -119-119 Total -58,614-32,310-43,648-33,265 Value adjustments and depreciations Value adjustments -28,668-19,534-28,668-19,534 Depreciation according to plan on buildings Realized losses on investments -12,898-938 -8,648-1,552 Total -100,180-52,782-80,965-54,352 Net investment income of traditional insurances 146,263 173,499 161,048 172,637 Investment income of unit-linked insurances Investment income 82,924 71,943 82,924 71,943 Investment expenses Net investment income before revaluations and revaluation adjustments as well as value adjustments and value readjustments 82,924 71,943 82,924 71,943 Investment revaluations 611,955 982,609 611,955 982,609 Investment revaluation adjustments -23,411-339,190-23,411-339,190 Value adjustments -220,661-1,320,564-216,712-1,320,564 Value readjustments 3,191 6,575 3,191 6,575 Net investment income of unit-linked insurances in profit and loss account 453,998-598,627 457,948-598,627 Net investment income in profit and loss account 600,261-425,128 618,996-425,990 Group companies also include Nordea Bank AB Group companies. 21

1.1 31.12.2015 1.1 31.12.2014 6. Parent Company And Group Operating Expenses Operating expenses by function Claims paid 3,346 3,250 Operating expenses 33,559 35,716 Investment expenses 2,364 3,340 Total 39,269 42,306 Profit and loss account operating expenses Insurance acquisition expenses Fees for direct insurances 10,048 10,253 Other insurance acquisition expenses 5,598 13,376 Total 15,646 23,630 Insurance policy management expenses 5,836 8,911 Administrative expenses 12,078 3,175 Total operating expenses 33,559 35,716 Expenses of subsidiary (Latvia) and elimination of expenses 155 68 Amortization of Group goodwill 202 Group operating expenses 33,714 35,986 Personnel expenses Salaries and commissions 6,659 8,011 Pension expenses 988 1,128 Other indirect personnel costs 194 411 Total 7,840 9,550 Management s salaries, commissions and pension commitments Managing director s salary and commissions 287 278 Managing director has a statutory and individual pension insurance Personnel, average number by group Business operations 33 40 Policy and claim handling 40 27 Other 45 49 Total 118 116 Group 1.1-31.12.2015 Group 1.1-31.12.2014 Parent Company 1.1-31.12.2015 Parent Company 1.1-31.12.2014 Depreciation according to plan by function Claims paid 12 12 Operating expenses 69 69 Investment expenses 3,924 22 063 1 3,924 22 144 82 7. Impact Of Bonuses On The Life Assurance Result Impact of bonuses on the result including change in additional benefit liability in Parent company and Group -1,081-8,232 22

8. Change In Calculation Method For Technical Provisions In 2015, EUR 1,081 thousand was transferred to the provision of unearned premiums for assumed additional benefits with regard to individual life assurance, pension insurance and capital redemption plan. Of EUR 11,950 thousand reserved in 2012 and 2014, EUR 7,732 thousand has been discharged during the year 2015. Thus, a net decrease of the provision of unearned premiums for assumed additional benefits was EUR 6,650 thousand. A fund supplement worth EUR 67,762 thousand included in the provision for unearned premiums on 31.12.2014 has been discharged according to calculation methods and its amount in the annual accounts on 31.12.2015 was EUR 66, 847 thousand. Additionally, EUR 87,000 thousand was added to the fund supplement for a fixed term of three years. The amount is due to be discharged during years 2016 2018 In the annual accounts on 31.12.2015, the total sum of the fund supplement was EUR 153,847 thousand. The equalization provision in the annual accounts on 31.12.2015 is EUR 0. 9. Investments 2015 2014 Market value and valuation difference on Group company investments Remaining acquisition cost Book value Market value Remaining acquisition cost Book value Market value Real estate investments Real estates 119,242 119,242 175,300 134,724 134,724 183,073 Other real estate shares Real estate funds 69,668 69,668 70,773 125,903 125,903 135,892 Investments in Group companies Shares and participations Debt securities 39,969 39,969 39,945 Other investments Shares and participations 479,210 479,210 512,049 676,367 675,950 881,062 Debt securities 1,666,647 1,666,647 1,951,148 1,875,808 1,875,808 2,075,827 Deposits 380,702 380,702 379,935 2,715,469 2,715,469 3,089,207 2,852,770 2,852,354 3,315,799 The remaining acquisition cost of debt securities includes the difference between par value and purchase price, entered as net interest income or a decrease in it (+/-) -7,400-7,133 Valuation difference (difference between market value and book value) 373,738 463,445 Consolidated real estate holdings of the Group include the deferred tax liabilities totalling EUR 11,287,520.97 (EUR 8,955,443.59). Market value and valuation difference on parent company investments Remaining acquisition cost 2015 2014 Book value Market value Remaining acquisition cost Book value Market value Real estate investments Real estates shares in Group companies 59,096 59,096 87,745 58,568 58,568 88,102 Loan receivables from Group companies 87,555 87,555 87,555 94,971 94,971 94,971 Real estate funds 69,668 69,668 70,773 125,903 125,903 129,822 Investments in Group companies Shares and participations 200 200 200 200 200 200 Debt securities 39,969 39,969 39,945 Other investments Shares and participations 479,173 479,173 512,049 675,916 675,916 881,062 Debt securities 1,666,647 1,666,647 1,951,148 1,875,808 1,875,808 2,075,827 Deposits 379,935 379,935 379,935 2,742,276 2,742,276 3,089,407 2,871,336 2,871,336 3,309,929 The remaining acquisition cost of debt securities includes the difference between par value and purchase price, entered as net interest income or a decrease in it (+/-) -7,400-7,133 Valuation difference (difference between market value and book value) 347,132 438,593 23

2015 Real estate investments Real estate shares Loan receivables from companies in the same Group Changes in parent company real estate investments Acquisition cost 1.1 58,568 94,971 Increases 7,595 171 Decreases -7,067-7,587 Acquisition cost 31.12 59,096 87,555 Subsidiaries owned by the parent company Subsidiary shares Acquisition cost 1.1 200 Increases Decreases Acquisition cost 31.12 200 Group companies Domicile Holding % Book value Kiinteistö Oy Alfred Helsinki 100 643 Kiinteistö Oy Hitsaajankatu 4 Helsinki 100 3,118 Kiinteistö Oy Länsituulentie Espoo 100 2,079 Kiinteistö Oy Niittyhovi Espoo 100 1,112 Kiinteistö Oy Vantaan Mestarintie 11 Vantaa 100 3,252 Kiinteistö Oy Helsingin Kuortaneenkatu 7 Helsinki 100 7,360 Kiinteistö Oy Piispankuitti Espoo 100 606 Kiinteistö Oy Helsingin Lämmittäjänkatu 2 Helsinki 100 1,127 Kiinteistö Oy Mechelininkatu 34 A Helsinki 100 8,269 Kiinteistö Oy Espoon Sinikalliontie 9 Espoo 100 3,174 Kiinteistö Oy Helsingin Annankatu 27 Helsinki 100 9,401 Kiinteistö Oy Strömberginkuja 2 Helsinki 100 1,133 Kiinteistö Oy Heikkilänaukio Helsinki 100 5,677 Kiinteistöosakeyhtiö Espoon Kimmeltie 1-3 Espoo 100 5,461 Kiinteistö Oy Vantaan Tikkurilantie 154 Vantaa 100 11 Kiinteistö Oy Espoon Keilaranta 9A Espoo 100 1,845 Kiinteistö Oy Helsingin Kiviaidankatu 2 Helsinki 100 4,621 Kiinteistö Oy Helsingin Tyynylaavantie 20 Helsinki 100 208 AS Nordea Latvijas atklatais pensiju fonds Latvia 100 200 Total 59,296 Group Companies Belonging To Unit-Linked Assets Domicile Basket Holding % Book value transfer year Asunto Oy Hämeentie 5 B Helsinki 2009 100 9,951 Asunto Oy Munkkiniemen puistotie 14 Helsinki 2010 100 8,301 Asunto Oy Kalliomatti Espoo 2012 100 13,665 Asunto Oy Lapinlahdenkatu 14 Helsinki 2013 100 7,153 Asunto Oy Malminkatu 36 Helsinki 2013 100 15,930 Asunto Oy Helsingin Kapteeninranta Helsinki 2015 100 46,629 Asunto Oy Keravan Heikkilänrinne Kerava 2015 100 10,701 Kiinteistö Oy Helsingin Museokatu 8 Helsinki 2009 100 8,689 Kiinteistö Oy Helsingin Kalevankatu 20 Helsinki 2010 100 11,160 Kiinteistö Oy Kasarminkatu 44 Helsinki 2010 100 13,703 Kiinteistö Oy Turvesuonkatu 17 Tampere 2010 100 8,473 Kiinteistö Oy Vantaan Muuntotie 1 Vantaa 2010 100 5,605 Kiinteistö Oy Helsingin Siltasaarenkatu 16 Helsinki 2012 100 22,018 Kiinteistö Oy Pirkkalan Keidas Pirkkala 2012 100 13,574 Kiinteistö Oy Espoon Portti 1-5 Espoo 2013 100 22,609 Kiinteistö Oy Helsingin Kaisaniemenkatu 6 Helsinki 2013 100 14,636 Kiinteistö Oy Lauttasaaren Horisontti Helsinki 2013 100 7,391 Kiinteistö Oy Pakkalan Kartanonkoski 6 Vantaa 2013 100 15,150 Kiinteistö Oy Ratavartijankatu 3 Helsinki 2013 100 30,486 Kiinteistö Oy Vantaan Vehkatie 29 Vantaa 2013 100 8,429 Fastighets Ab Unionsgatan 17 Helsinki 2014 88 32,734 Oy Helsingfors Saluhallar Ab Helsinki 2014 100 21,313 Kiinteistö Oy Eteläranta Helsinki 2014 100 19,258 Kiinteistö Oy Espoon Retail Park Glomson Espoo 2014 100 20,034 Total 387,595 Total 446,891 24

Real estate assets in unit-linked assets have been valued as market value as a part of unit-linked assets. Parent company and Group investments in Group companies and associated companies Debt securities and loan receivables in Group companies Original acquisition cost 1.1 39,969 Increases Decreases -39,969 Remaining acqusition cost 31.12 In 2015, one property was sold, Kiinteistö Oy Itätuulentie 8. Two properties were purchased, As Oy Helsingin Kapteeninranta and As Oy Keravan Heikkilänrinne. Other investments Shares and participations owned by the parent company and Group Domicile Holding % Book value Market value Shares SSAB Ab A Sweden 0.0099 % 73 73 SSAB Ab B Sweden 0.0286 % 145 145 TeliaSonera Oyj Sweden 0.0069 % 1,378 1,378 Amer Sports Oyj Finland 0.0413 % 607 1,320 Asiakastieto Group Plc Finland 0.2582 % 570 583 CapMan Oyj B Finland 0.6206 % 500 500 Cargotec Oyj B Finland 0.0557 % 897 1,059 Caverion Corporation Oyj Finland 0.0464 % 433 527 Elisa Oyj Finland 0.0239 % 820 1,390 Fiskars Oyj Finland 0.0336 % 517 517 Fortum Oyj Finland 0.0225 % 2,788 2,788 Glaston Oyj Finland 0.3391 % 325 325 Huhtamäki Oyj Finland 0.0441 % 592 1,593 Kemira Oyj Finland 0.0612 % 1,018 1,036 Kesko Oyj B Finland 0.0549 % 1,098 1,215 Kone Oyj B Finland 0.0216 % 2,164 3,789 Konecranes Oyj Finland 0.0585 % 850 850 Lassila&Tikanoja Oyj Finland 0.0939 % 565 658 Metso Oyj Finland 0.0482 % 1,503 1,503 Neste Oyj Finland 0.0207 % 1,293 1,464 Nokia Oyj Finland 0.0147 % 3,867 3,867 Nokian Renkaat Oyj Finland 0.0119 % 412 529 Oriola-KD Oyj B Finland 0.0881 % 430 477 Orion Oyj B Finland 0.0204 % 667 667 Outotec Oyj Finland 0.0546 % 341 341 Pihlajalinna Oyj Finland 0.0830 % 189 303 PKC Group Oyj Finland 0.1764 % 690 690 Ramirent Oyj Finland 0.0773 % 540 540 Sampo A Oyj Finland 0.0165 % 2,147 4,328 Stockmann Oyj B Finland 0.1084 % 281 281 Stora Enso Oyj R Finland 0.0392 % 1,867 2,015 Tieto Oyj Finland 0.0358 % 429 654 UPM-Kymmene Oyj Finland 0.1018 % 2,573 3,278 Uponor Oyj Finland 0.0355 % 955 1,015 Valmet Corporation Oyj Finland 0.0484 % 646 646 Wärtsilä Oyj Finland 0.0261 % 1,447 2,177 YIT-Yhtymä Oyj Finland 0.0574 % 383 383 Retro Henkivakuutus Oy Finland 7.0000 % 514 536 NV Kiinteistösijoitus Oy Finland 45.0000 % 32 25 Total 36,545 45,464 CDO investments Goldman Sachs Loan Partners I L.P. Cayman Islands 293 1,395 THL Credit Loan Opportunity Fund Cayman Islands 404 461 ICG Heureka Senior Lending Credit Compartment Ireland 20,000 20,689 Nordea Ins Inv FIS - Leverage Credit Fund BX-EUR Luxembourg 18,771 24,600 Total 39,469 47,146 25

Shares and participations owned by the parent company and Group Domicile Holding % Book value Market value Hedge Funds Blackstone Strategic Alliance Fund Cayman Islands 2,516 7,853 RMF Global Emerging Managers SPC Cayman Islands 19 37 Sector Spesit I Fund Class A Ireland 135 168 Nordea Ins Inv FIS - Fund of Hedge Fd BX-EUR Luxembourg 12,352 13,931 Fairfield Sentry Limited Virgin islands Total 15,022 21,988 Real estate funds La Salle A EUR United Kingdom 973 973 La Salle A GBP United Kingdom 1,172 1,279 La Salle A USD United Kingdom 4,677 5,674 La Salle CAD United Kingdom 309 309 La Salle JPY United Kingdom 70 70 EPI Baltic I Oy Finland 7 7 NV Property Fund I Ky Finland 62,462 62,462 Total 69,668 70,773 Private Equities Alta-Berkeley VI C.V Netherlands 1,731 1,731 GoldenTree Distressed Debt Fund Cayman Islands 4,322 12,938 Matlin Patterson Global Opp. Partners II Cayman Islands 648 775 Matlin Patterson Global Opp. Partners III Cayman Islands 9,481 12,212 Access Capital Fund II A Guernsey 288 649 Access Capital Fund II B Guernsey 911 911 Apax Europe Vi Guernsey 8,089 9,711 Capman VII A Guernsey 382 382 EQT IV Guernsey 145 145 HitecVision Private Equity IV Guernsey 1,902 2,417 HitecVision Private Equity V Guernsey 3,444 4,268 InnKap 3 Partners Guernsey LP/Industrikapital 2000 Guernsey Top Tier Investments II Euro L.P. Guernsey 7,994 7,994 Bridgepoint Europe II B United Kingdom 1,167 1,167 Inflextion 2006 Buyout Fund United Kingdom 780 875 MacQuarie Euro Infrastructure Fund II United Kingdom 37,532 54,524 Nordic Mezzanine Fund Ii Limited Partnership United Kingdom 2,250 2,250 Procuritas Capital Partners United Kingdom 8 8 Baltic Investment Fund III Jersey 414 790 Icg Mezzanine Fund Eur Jersey 1,390 1,390 Capiton 3 Germany 868 6,773 Bio Fund Ventures III L.P Finland 1 1 Finnmezzanine Rahasto III A Ky Finland 1,606 2,335 Finnventure Rahasto V Ky Finland 37 37 Midinvest Fund I Ky Finland 23 23 Midinvest Fund II Ky Finland 94 802 Slottsbacken Fund Two KY Finland 219 219 Sponsor Fund III Ky Finland 3,510 4,581 Arcadia Beteiligungen BT GmbH & Co. KG Denmark 83 663 Arcadia II Denmark 1,016 1,016 Nordea Private Equity II - Global Fund of Funds Denmark 13,279 14,984 Nordea Private Equity II - European Middle Market Buyout K/S Denmark 7,517 7,517 Nordea Thematic Fund Of Funds I Denmark 1,916 1,916 Northzone V Denmark 4,392 24,823 Blackstone Capital Partners VI L.P. United States 20,849 28,886 Care Capital III United States 8,414 10,388 Carlyle Asian Growth Partners III United States 1,110 1,500 Carlyle Partners IV United States 1,643 2,064 Cowen Healthcare Royalty Partners United States 1,776 3,771 Top Tier Investments III, L.P. United States 9,077 11,562 Total 160,309 239,001 Equity funds Nordea Ins Inv FIS - Global Equity Fund BX-EUR Luxembourg 132,346 184,510 Total 132,346 184,510 Money market funds Nordea Moderate Yield S Growth Finland 100,176 100,376 Nordea Ins Inv FIS - Liquidity Fund BX-EUR Luxembourg 127,833 131,127 Total 228,009 231,504 26

Shares and participations owned by the parent company and Group Domicile Holding % Book value Market value Interest-bearing funds Nordea Ins Inv FIS - Corporate Bond Fund BX-EUR Luxembourg 84,453 97,283 Nordea Ins Inv FIS - Covered Bond Fund BX-EUR Luxembourg 129,535 186,859 Nordea Ins Inv FIS - Euribor Plus Fund BX-EUR Luxembourg 89,604 95,975 Total 303,592 380,116 High Yield Nordea Ins Inv FIS - Emerging Market Debt Fund BX-EUR Luxembourg 42,204 42,204 Nordea Ins Inv FIS - High Yield Bond Fund BX-EUR Luxembourg 53,278 62,818 Total 95,482 105,022 Assets covering unit-linked insurance policies of parent company and Group Market value Domicile (=book value) Funds, Finland Brown Advisory US Smaller Companies Fund Ireland 3,074 Legg Mason Royce Smaller Companies A Ireland 1,080 Wellington Mgmt (EUR NR) Emerging Local Debt Ireland 263 Allianz US Equity Fund Luxembourg 416 BlackRock GF Euro Markets A2 Luxembourg 95 BlackRock GF European Luxembourg 161,636 BlackRock GF US Opportunities A2 EUR Luxembourg 70,141 BlackRock GF World Energy Fund A2 EUR Luxembourg 689 East Capital Lux - Russian Fund Luxembourg 161 Fidelity America Fund Luxembourg 245 Fidelity Euro Cash Fund Acc Luxembourg 26 Fidelity European Smaller Companies Fund Acc Luxembourg 60 Fidelity Funds - America Fund Luxembourg 269,305 Fidelity Funds South East Asia Acc - EUR Luxembourg 30 Fidelity Pacific Fund Acc Luxembourg 173,052 Franklin India Fund A Acc. Luxembourg 2,028 Franklin India Fund Class A (acc) Luxembourg 45 Franklin MENA Fund Class A (acc) USD Luxembourg 95 Goldman Sachs Asset Management GS N-11SM Equity Po Luxembourg 422 Goldman Sachs Asset Management GS US Equity Portfo Luxembourg 10,748 Goldman Sachs Asset Management Japan Portfolio Luxembourg 4,009 Goldman Sachs Funds SICAV - US Equity Porfolio Luxembourg 261 Goldman Sachs Japan Portfolio Luxembourg 11,187 GS Japan Portfolio Hedged Luxembourg 115 Henderson Gartmore Latin American Fund D1 Luxembourg 220 HSBC GIF Asia ex Japan Equity (A) Luxembourg 127 ING European Real Estate X Luxembourg 172 ING L Health Care Luxembourg 3,836 Invesco Euro Corporate Bond Fund Luxembourg 6,034 JPMorgan Europe Select Eq Luxembourg 6,987 JPMorgan Europe Select Equity Fund Luxembourg 15 JPMorgan Funds - Asia Alpha Plus Fund Luxembourg 560 JPMorgan Funds - Eastern Europe Equity Fund Luxembourg 55 JPMorgan Greater China A(acc)-USD Luxembourg 20 JPMorgan US Select Eq Luxembourg 10,999 Merrill Lynch Japan Opportunities EUR Luxembourg 130 Merrill Lynch Latin American Fund EUR Luxembourg 80 Merrill Lynch World Financials A2 Luxembourg 207 Merrill Lynch World Gold EUR Luxembourg 2,302 Morgan Stanley Investment Funds - Global Property Luxembourg 2,772 NDIF SIF - X-Credit FD BX-EUR Luxembourg 32,300 Nordea 1 - African Equity Fund BP-EUR Luxembourg 2,233 Nordea 1 - Asian Focus Equity Fund BP-EUR Luxembourg 2,125 Nordea 1 - Climate and Environment E.Fund BP-EUR Luxembourg 6,230 Nordea 1 - Emerging Consumer Fund BP-EUR Luxembourg 3,407 Nordea 1 - Emerging Market Corporate Bond HBE-EUR Luxembourg 1,172 Nordea 1 - Emerging Market Corporate Bond HBIE-EUR Luxembourg 991 Nordea 1 - Emerging Market Corporate Bond HXE-EUR Luxembourg 29,145 Nordea 1 - Emerging Market Focus Equity BP-EUR Luxembourg 97 Nordea 1 - Emerging Markets Small Cap Fund BI-EUR Luxembourg 1,234 Nordea 1 - Emerging Stars Equity Fund BI-EUR Luxembourg 10,234 Nordea 1 - Emerging Stars Equity Fund BP-EUR Luxembourg 13,362 Nordea 1 - European Corp Bond Fd Plus X-EUR Luxembourg 22,931 Nordea 1 - European Covered Bond BP-EUR Luxembourg 88 Nordea 1 - European Cross Credit fund BI-EUR Luxembourg 11,676 27

Assets covering unit-linked insurance policies of parent company and Group Market value Domicile (=book value) Nordea 1 - European Cross Credit fund BP-EUR Luxembourg 3,263 Nordea 1 - European Low CDS Gov bd X-EUR Luxembourg 36,979 Nordea 1 - European Opportunity Fund BP-EUR Luxembourg 403 Nordea 1 - European Small and Mid Cap Eq Fd BP-EUR Luxembourg 55,211 Nordea 1 - European Value Fund BP-EUR Luxembourg 40,208 Nordea 1 - Flexible Fixed Income Fund BI-EUR Luxembourg 438,050 Nordea 1 - Global Opportunity Fund X-EUR Luxembourg 43,877 Nordea 1 - Global Portfolio Fund BI-EUR Luxembourg 3,005 Nordea 1 - Global Portfolio Fund BP-EUR Luxembourg 1,827 Nordea 1 - Global Real Estate Fund BI-EUR Luxembourg 2,845 Nordea 1 - Global Real Estate Fund BP-EUR Luxembourg 1,479 Nordea 1 - Global Small Cap Fund BI-EUR Luxembourg 4,796 Nordea 1 - Global Stable Eq Fd Unhedged BI-EUR Luxembourg 155 Nordea 1 - Global Stable Eq Fd-Euro Hedged BP-EUR Luxembourg 37,400 Nordea 1 - Global Stable Eq Fd-Euro Hedged X-EUR Luxembourg 80,131 Nordea 1 - Global Value Fund BP-EUR Luxembourg 3,541 Nordea 1 - Inter HY Bd Fd USD Hedged BP-EUR Luxembourg 2,143 Nordea 1 - Inter HY Bd Fd USD Hedged HBI-EUR Luxembourg 2,039 Nordea 1 - Inter HY Bd Fd USD Hedged HXE-EUR Luxembourg 30,758 Nordea 1 - Latin American Equity Fund BP-EUR Luxembourg 2,820 Nordea 1 - Low Duration US High Yield BP-EUR Luxembourg 23,708 Nordea 1 - Low Duration US High Yield HBE-EUR Luxembourg 2,217 Nordea 1 - Low Duration US High Yield HBIE-EUR Luxembourg 4,010 Nordea 1 - Low Duration US High Yield HXE-EUR Luxembourg 97,263 Nordea 1 - Multi Asset Fund BP-EUR Luxembourg 233 Nordea 1 - Nordic Corp Bd Fd EUR Hedg BI-EUR Luxembourg 2,387 Nordea 1 - Nordic Corp Bd Fd EUR Hedg X-EUR Luxembourg 50,909 Nordea 1 - Nordic Equity Fund BP-EUR Luxembourg 249 Nordea 1 - Nordic Ideas Equity Fund BI-EUR Luxembourg 4,875 Nordea 1 - Nordic Stars Equity Fund BI-EUR Luxembourg 3,412 Nordea 1 - North American All Cap BI-EUR Luxembourg 4,309 Nordea 1 - North American All Cap BP-EUR Luxembourg 22,783 Nordea 1 - North American All Cap HBE-EUR Luxembourg 11,680 Nordea 1 - North American Small Cap BP-EUR Luxembourg 6,753 Nordea 1 - North American Small Cap HBE-EUR Luxembourg 1,197 Nordea 1 - North American Value Fund BP-EUR Luxembourg 7,534 Nordea 1 - North American Value Fund HB-EUR Luxembourg 3,100 Nordea 1 - Stable Equity LongShort BI-EUR Luxembourg 1,561 Nordea 1 - Stable Equity LongShort BP-EUR Luxembourg 24 Nordea 1 - Stable Equity LongShort X-EUR Luxembourg 110,991 Nordea 1 - US Corporate Bond Fund BP-EUR Luxembourg 148,077 Nordea 1 - US Corporate Bond Fund HBE-EUR Luxembourg 6,840 Nordea 1 - US Corporate Bond Fund HBIE-EUR Luxembourg 5,964 Nordea 1 - US Corporate Bond Fund HXE-EUR Luxembourg 87,630 Nordea 1 European Small and Mid Cap Equity Luxembourg 623 Nordea 1 Kehittyvät Tähdet BI Luxembourg 1,061 Nordea 1 Kehittyvät Tähdet Kasvu Luxembourg 58 Nordea 1 Nordic Ideas Equity BP Luxembourg 121 Nordea 1 Sicav Emerging Markets Small Cap Fund BP Luxembourg 95 Nordea 1 SICAV - International High Yield Bond Fund BP Luxembourg 80 Nordea 1 SICAV North American All Cap Fund BP Luxembourg 448 Nordea 1 SICAV North American Small Cap Fund Luxembourg 320 Nordea 1 Sicav US Corporate Bond Fund BP Luxembourg 431 Nordea Ins Inv FIS - Corporate Bond Fd BX-EUR Luxembourg 75,383 Nordea Ins Inv FIS - Covered Bond Fund BX-EUR Luxembourg 292,075 Nordea Ins Inv FIS - Global Equity Fund II BX-EUR Luxembourg 62,893 Nordea Ins Inv FIS - High Yield Bond Fd BX-EUR Luxembourg 104,256 Nordea Ins Inv FIS - Liquidity Fund BX-EUR Luxembourg 138,317 Nordea Sicav 1 Vakaat Osakkeet K Luxembourg 124 Nordea USA lyhyt Yrityslaina Plus BP Luxembourg 169 Schroder International Selection Fund - China Opportunities Luxembourg 3,905 Standard Life Global REIT Focus Fund Luxembourg 760 UBS Small Caps Europe B Luxembourg 4,025 Nordea AAA Government Bond B Growth Finland 4,261 Nordea AAA Government Bond I Growth Finland 380,978 Nordea Capital Protection 75 Growth Finland 9,675 Nordea China Fund Growth Finland 18,262 Nordea Corporate AM Conservative Growth Finland 2,225 Nordea Corporate Asset Management Balanced Growth Finland 17,226 Nordea Corporate Asset Management Growth Growth Finland 4,357 Nordea Corporate Asset Management Moderate Growth Finland 19,485 Nordea Corporate Bond A Growth Finland 15,845 28

Assets covering unit-linked insurance policies of parent company and Group Market value Domicile (=book value) Nordea Corporate Bond Fund Units kasvu IDH-Duration Hedged Finland 296 Nordea Corporate Bond I Growth Finland 502,204 Nordea Corporate Bond I Kasvu Finland 697 Nordea Corporate Bond ID Growth Finland 85,722 Nordea Eastern Europe Growth Finland 15,249 Nordea Emerging Market Bond Growth Finland 6,740 Nordea Emerging Market Equities Growth Finland 57,490 Nordea Equity Portfolio Growth Finland 76,772 Nordea Euro Bond Growth Finland 42,329 Nordea Euro Bond I Growth Finland 5,913 Nordea Euro Liquidity Fund B Growth Finland 26,736 Nordea Euro Liquidity Fund I Growth Finland 13,142 Nordea Euro Liquidity Fund S Growth Finland 103,436 Nordea Euro Medium Term Bond Growth Finland 17,058 Nordea Euro Midi Korko Kasvu Finland 200 Nordea Euro Obligaatio A Kasvu Finland 49 Nordea Eurooppa Indeksirahasto B Finland 28 Nordea Europe C Growth Finland 495 Nordea Europe Growth Finland 112,483 Nordea European High Yield Growth Finland 7,624 Nordea European Index Fund I Growth Finland 61,977 Nordea European New Frontiers Fund Growth Finland 2,075 Nordea European Smaller Companies Kasvu Finland 45 Nordea Far East Growth Finland 69,638 Nordea Finland C Growth Finland 249,672 Nordea Finland Growth Finland 124,889 Nordea Finnish Index Fund I Growth Finland 28,127 Nordea Finnish Small Cap Growth Finland 8,228 Nordea Global Dividend Fund A Growth Finland 96,067 Nordea Global Dividend Fund B Growth Finland 5,812 Nordea Global Dividend Fund I Growth Finland 28,666 Nordea Global High Yield Growth Finland 35,005 Nordea Global Index Fund B Growth Finland 6,928 Nordea Global Index Fund I Growth Finland 57,947 Nordea III Capital Guaranteed 100 Growth Finland 7,221 Nordea India Fund Growth Finland 19,868 Nordea Japan Fund Growth Finland 36,573 Nordea Japani Kasvu Finland 712 Nordea Kaukoitä Kasvu Finland 524 Nordea Kiina Kasvu Finland 166 Nordea Maailma Indeksirahasto I Finland 502 Nordea Maailma Osinko B Finland 967 Nordea Maailma Osinko I Finland 492 Nordea Moderate Yield A Growth Finland 14,103 Nordea Moderate Yield B Growth Finland 35,415 Nordea Moderate Yield I Growth Finland 4,676 Nordea Moderate Yield S Growth Finland 238,127 Nordea Nordic Fund Growth Finland 54,676 Nordea Nordic Small Cap Growth Finland 145,021 Nordea North America Fund Growth Finland 136,736 Nordea PB Equity Core Fund C Growth Finland 432,096 Nordea PB Equity Opportunities Fund C Growth Finland 256,874 Nordea PB Fixed Income Credit Opp. Fund C Growth Finland 694,890 Nordea Pohjois-Amerikka Kasvu Finland 1,561 Nordea Premium AM Conservative Growth Finland 56,702 Nordea Premium Asset Management Balanced Growth Finland 493,178 Nordea Premium Asset Management Growth Growth Finland 110,944 Nordea Premium Asset Management Moderate Growth Finland 969,427 Nordea Private Banking Focus FI Fund I Growth Finland 21,197 Nordea Private Banking Focus Nordic I Growth Finland 3,168 Nordea Pro Euro Bond I Growth Finland 680,212 Nordea Pro Euro Obligaatio Kasvu Finland 658 Nordea Pro Eurooppa Kasvu Finland 872 Nordea Pro European I growth Finland 39,555 Nordea Pro Finland B Growth Finland 3,503 Nordea Pro Finland I Growth Finland 77,967 Nordea Pro Stable Return I Growth Finland 122,408 Nordea Pro Stable Return Kasvu Finland 964 Nordea Russia Fund Growth Finland 11,777 Nordea Savings 10 Growth Finland 144,187 Nordea Savings 25 Growth Finland 636,378 Nordea Savings 50 Growth Finland 476,626 29

Assets covering unit-linked insurance policies of parent company and Group Market value Domicile (=book value) Nordea Savings 75 Growth Finland 212,908 Nordea Savings Fixed Income Growth Finland 86,067 Nordea Stable Return Fund A Growth Finland 133,782 Nordea Stable Return Fund I Growth Finland 26,536 Nordea Vakaa Tuotto I Finland 240 Nordea World Fund Growth Finland 80,070 Nordea Yield B Growth Finland 7,236 Nordea Yield I Growth Finland 399 Nordea Yield S Growth Finland 102,659 Nordea Yrityslaina Plus Kasvu Finland 568 Total 11,868,145 Finland ING Groep N.V. Netherlands 1,058 Siemens AG Netherlands 9 Unilever NV Netherlands 24 Schlumberger Limited Netherlands Antilles 131 Euronav NV Belgium 5 Axis Capital Holdings Limited Bermuda 52 Frontline Ltd Bermuda 13 Golden Ocean Group Ltd Bermuda 8 Jinhui Shipping and Transportation Ltd Bermuda 7 LANCASHIRE HOLDINGS Ltd Bermuda 42 Nordic American Tankers Ltd Bermuda 19 Ship Finance International Ltd Bermuda 9 Stolt-Nielsen Ltd Bermuda 33 Vostok Emerging Finance Ltd Bermuda 9 Vostok New Ventures Ltd Shs Bermuda 27 China Lodging Group Ltd Cayman Islands 43 Xinyuan Real Estate Ltd Cayman Islands 71 Ferrovial SA Spain 234 Telefonica S.A. Spain 24 Allergan PLC Ireland 57 Eaton Corporation Public Limited Company Ireland 62 Anglo American Plc. United Kingdom 91 AstraZeneca PLC United Kingdom 30 Centrica plc United Kingdom 22 Diageo plc United Kingdom 88 GlaxoSmithKline plc United Kingdom 104 Prudential plc United Kingdom 63 Rolls-Royce Holdings PLC United Kingdom 1 Royal Dutch Shell PLC -A Shs United Kingdom 75 SABMiller plc United Kingdom 55 Smith & Nephew PLC United Kingdom 134 Vodafone Group Plc United Kingdom 221 Stratasys Ltd Israel 4 PETROFAC Jersey 6 Africa Oil Corp Canada 40 Barrick Gold Corporation Canada 14 Subsea 7 SA Luxembourg 19 DHT Holdings Inc Marshall Islands 9 Diana Shipping Inc Marshall Islands 4 Dryships Inc Marshall Islands 2 Teekay Tankers Ltd Marshall Islands 11 Akastor ASA Norway 2 Aker Solutions Holdings Norway 25 Det norske oljeselskap ASA Norway 47 Norsk Hydro ASA Norway 43 Norske Skogindustrier ASA Shs Norway 8 Ocean Yield ASA Norway 11 Odfjell Norway 10 Petroleum Geo-Services ASA Norway 86 StatoilHydro ASA Shs Norway 317 Telenor ASA Norway 124 Yara International ASA Norway 24 Compagnie de Saint-Gobain France 22 Hermes International SA France 5 LVMH Ltd France 59 Sanofi-Aventis France 102 Total SA France 182 30

Assets covering unit-linked insurance policies of parent company and Group Market value Domicile (=book value) Vallourec France 97 ABB Ltd Sweden 79 Atlas Copco AB ser. A Sweden 18 Autoliv Inc. SDB Sweden 70 Betsson AB Sweden 73 Electrolux, AB ser. B Sweden 27 Elekta AB Sweden 61 Getinge AB Sweden 48 Hennes & Mauritz AB, H & M Sweden 33 Intrum Justitia AB Sweden 47 Investor AB ser. B Sweden 836 Lundin Petroleum AB Sweden 20 NCC B Sweden 140 Sandvik AB Sweden 89 Securitas AB ser. B Sweden 57 Skanska AB ser. B Sweden 72 SKF Ab B-Shs Sweden 15 SSAB Corporation A Sweden 81 SSAB Corporation B Sweden 634 SSAB Svenska Stal AB Sweden 74 Swedish Orphan Biovitrum AB Sweden 8 Svenska Cellulosa AB SCA ser. B Sweden 434 Tele2 Ab B-Shs Sweden 65 TeliaSonera AB Sweden 1,446 Volvo, AB ser. B Sweden 120 Adidas AG Germany 143 Allianz SE Germany 31 Bayer AG Germany 44 Bayerische Motoren Werke (BMW) AG Germany 309 Beiersdorf AG Germany 43 Continental Ag Germany 208 Daimler AG Germany 25 Deutsche Bank AG Germany 29 Deutsche Boerse AG Germany 24 Deutsche Post AG Germany 59 Deutsche Telekom AG Germany 67 K+S Aktiengesellscaft Germany 12 Merck KGaA Germany 29 SAP Germany 81 Volkswagen AG Germany 88 Affecto Oyj Finland 10 Ahlstrom Oyj Finland 1,634 Aktia Pankki Oyj A Finland 5,236 Amer Sports Oyj A Finland 2,161 Aspo Oyj Finland 29 Aspocomp Group Oyj Finland 324 Atria Oyj A Finland 167 Cargotec Oyj Finland 7,188 Caverion Oyj Finland 922 Citycon Oyj Finland 338 Componenta Oyj Finland 2,732 Comptel Finland 394 Cramo Oyj Finland 6,864 Digia Oyj Finland 1,424 Dovre Group Oyj Finland 365 Elecster Oyj Finland 362 Elisa Oyj Finland 1,181 Elisa Oyj Finland 17 Exel Composites Oyj Finland 7 Finnair Oyj Finland 31 Fiskars Oyj A Finland 420 Fortum Oyj Finland 2,148 Fortum Oyj Finland 7,443 F-Secure Oyj Finland 516 Glaston Oyj Abp Finland 29 HKScan Oyj Finland 1,524 Huhtamäki Oyj Finland 1,894 Ilkka-Yhtymä Oyj Finland 63 Kemira Oyj Finland 258 Kemira Oyj Finland 548 Kesko Corp Finland 738 Kesko Oyj B Finland 443 31

Assets covering unit-linked insurance policies of parent company and Group Market value Domicile (=book value) Kesko Oyj B Finland 1,467 Kone Oyj Finland 3,791 Kone Oyj B Finland 1,959 Konecranes Oyj Finland 87 Lassila & Tikanoja Oyj Finland 81 Lemminkäinen Oyj Finland 104 Marimekko Oyj Finland 11 Metso Oyj Finland 731 Metso Oyj Finland 5,566 Metsä Board Oyj B Finland 1,824 Munksjo Oyj Finland 4,015 Neste Corporation Shs Finland 11,245 Neste Oyj Finland 1,471 Nokia Oyj Finland 1,862 Nokia Oyj Finland 9,363 Nokian Renkaat Oyj Finland 1,139 Nokian Renkaat Oyj Finland 1,214 Nurminen Logistics Oyj Finland 1 Okmetic Oyj Finland 40 Olvi Oyj A Finland 46 Orava Residential Real Estate Investment Trust Plc Finland 277 Orion Oyj B Finland 846 Orion Oyj B Finland 188 Outokumpu Oyj Finland 863 Outotec Oyj Finland 308 Panostaja OYJ Finland 18 PKC Group Oyj Finland 724 Ponsse Oyj Finland 595 Pöyry Oyj Finland 390 Ramirent Oyj Finland 1,427 Raute Oyj A Finland 234 Saga Furs Oyj Finland 3 Sampo Oyj A Finland 1,890 Sampo Oyj A Finland 12,941 Sanoma Oyj Finland 3,297 Sponda Finland 51 SRV Yhtiöt Oyj Finland 23 Stockmann Oyj B Finland 225 Stora Enso Oyj R Finland 570 Stora Enso Oyj R Finland 3,611 Finlandnen Oyj Finland 50 Talvivaaran Kaivososakeyhtiö Oyj Finland 11 Technopolis Oyj Finland 209 Teleste Oyj Finland 10 Tieto Oyj Finland 7,178 Tikkurila Oyj Finland 161 UPM-Kymmene Oyj Finland 869 UPM-Kymmene Oyj Finland 3,509 Uponor Oyj Finland 497 Vaisala A Finland 282 Valmet Corporation Finland 1,352 Viking Line Abp Finland 618 Wärtsilä Oyj Finland 619 Wärtsilä Oyj B Finland 488 YIT Oyj Finland 521 Ålandsbanken Abp Finland 2,373 Novartis AG Switzerland 91 Roche Holding AG Switzerland 26 Coloplast A/S Denmark 149 Danske Bank A/S Denmark 54 Genmab A/S Denmark 123 Novo-Nordisk Denmark 2,146 Pandora A/S Denmark 76 Trigon Agri A/S Denmark 3 3-D Systems Corp (Delaware) United States 3 3M Co. United States 28 Accuray Inc United States 12 Alexion Pharmaceuticals Inc United States 31 Alphabet Inc United States 25 Alphabet Inc United States 125 AMAZON.COM INC United States 87 American Express Company United States 77 32

Assets covering unit-linked insurance policies of parent company and Group Market value Domicile (=book value) Anadarko Petroleum Corporation United States 31 Annaly Capital Management Inc United States 34 Apple Inc. United States 188 AT&T Inc. United States 32 Berkshire Hathaway Inc B United States 112 Caterpillar Inc. United States 84 Chevron Corporation United States 91 Cisco Systems Inc. United States 22 Citigroup Inc. United States 59 Crown Holdings Inc United States 5 Cummins Inc. United States 12 CVS Health Corp Shs United States 172 CYS Investments Inc. United States 12 East Chemical Company United States 62 ebay Inc United States 28 EOG Resources Inc United States 9 Facebook Inc. United States 144 Fedex corp. United States 14 First Republic Bank United States 61 Fitbit Inc. United States 8 General Electric Company United States 29 General Motors Co United States 46 Gilead Sciences Inc. United States 1,360 GoPro Inc United States 8 GrubHub Inc. United States 3 Hewlett Packard Enterprise Co. Shs United States 17 HP Inc Shs United States 13 Icahn Enterprises LP United States 56 Johnhon & Johnson United States 251 JPMorgan Chase & Co. United States 94 Kroger Co United States 56 L BRANDS INC United States 70 Las Vegas Sands Corp United States 36 MasterCard Inc. United States 55 Mead Johnson Nutrition Co United States 51 Morgan Stanley United States 29 Pfizer Inc. United States 59 Precision Castparts Corp United States 28 Priceline Group Inc United States 35 Qualcomm Inc United States 100 Square Inc. United States 5 Sutor Technology Group Ltd United States 2 Tesla Motors United States 7 The Walt Disney Company United States 171 Twitter Inc. United States 2 United Rentals Inc United States 60 UnitedHealth Group Incorporated United States 28 Wal-Mart Stores Inc. United States 23 Vanguard Energy Index Fund United States 86 Verizon Communication Inc. United States 17 Visa Inc. United States 103 VOC Energy Trust United States 2 Total 157,628 Index-linked bonds, Finland Nordea 4445A Indeksilaina Talouden Kasvukeskukset Perus 7.1.2016 Finland 204 Nordea 4445B Indeksilaina Talouden Kasvukeskukset Ekstra 7.1.2016 Finland 70 Nordea 4460A Indeksilaina Luksus Perus 25.2.2016 Finland 251 Nordea 4460B Indeksilaina Luksus Ekstra 25.2.2016 Finland 29 Nordea 4470A Indeksilaina BRIC + Afrikka Perus 11.3.2016 Finland 214 Nordea 4470B Indeksilaina BRIC + Afrikka Ekstra 11.3.2016 Finland 45 Nordea 4479A Indeksilaina Kiinteistö Perus 1.4.2016 Finland 384 Nordea 4479B Indeksilaina Kiinteistö Ekstra 1.4.2016 Finland 120 Nordea 4485 Indeksilaina Tuottoputki Kasvu I 15.4.2016 Finland 285 Nordea 4486A Indeksilaina Venäjä ja Itä-Eurooppa Perus 21.4.2016 Finland 386 Nordea 4486B Indeksilaina Venäjä ja Itä-Eurooppa Ekstra 21.4.2016 Finland 50 Nordea 4496A Indeksilaina Pohjoismaat Perus 20.5.2016 Finland 513 Nordea 4496B Indeksilaina Pohjoismaat Ekstra 20.5.2016 Finland 113 Nordea 4504 Indeksilaina Tuottoputki Kasvu II 16.5.2016 Finland 340 Nordea 4516 Indeksilaina Tuottoputki Kasvu III 15.6.2016 Finland 174 33

Assets covering unit-linked insurance policies of parent company and Group Market value Domicile (=book value) Nordea 4518A Indeksilaina USA Perus 1.7.2016 Finland 221 Nordea 4518B Indeksilaina USA Ekstra 1.7.2016 Finland 60 Nordea 4522A Indeksilaina Puhdas Energia Perus 23.6.2016 Finland 5 Nordea 4526A Indeksilaina Tulevaisuuden Markkinat Perus 22.7.2016 Finland 59 Nordea 4526B Indeksilaina Tulevaisuuden Markkinat Ekstra 22.7.2016 Finland 50 Nordea 4531 Indeksilaina Tuottoputki Kasvu IV 15.7.2016 Finland 61 Nordea 4534A Indeksilaina Pohjois-Eurooppa Perus 19.8.2016 Finland 789 Nordea 4534B Indeksilaina Pohjois-Eurooppa Ekstra 19.8.2016 Finland 132 Nordea 4540 Indeksilaina Tuottoputki Kasvu V 15.8.2016 Finland 83 Nordea 4545 Indeksilaina Tuottoputki Kasvu VI 15.9.2016 Finland 211 Nordea 4548A Indeksilaina Venäjä Perus 30.9.2016 Finland 120 Nordea 4548B Indeksilaina Venäjä Ekstra 30.9.2016 Finland 61 Nordea 4552A Indeksilaina Aasia Perus 23.9.2016 Finland 114 Nordea 4552B Indeksilaina Aasia Ekstra 23.9.2016 Finland 36 Nordea 4557 Indeksilaina Tuottoputki Kasvu VII 17.10.2016 Finland 108 Nordea 4559A Indeksilaina Finland Perus 21.10.2016 Finland 355 Nordea 4559B Indeksilaina Finland Ekstra 21.10.2016 Finland 32 Nordea 4565A Indeksilaina Kiina Perus 11.11.2016 Finland 234 Nordea 4565B Indeksilaina Kiina Ekstra 11.11.2016 Finland 33 Nordea 4566A Valuuttaobligaatio Kiina Perus 11.11.2016 Finland 44 Nordea 4566B Valuuttaobligaatio Kiina Ekstra 11.11.2016 Finland 15 Nordea 4568 Indeksilaina Tuottoputki Kasvu VIII 15.11.2016 Finland 293 Nordea 4579A Indeksilaina Raaka-aineiden tuottajamaat perus 2.12.2016 Finland 402 Nordea 4579B Indeksilaina Raaka-ainetaloudet Ekstra 2.12.2016 Finland 77 Nordea 4582 Indeksilaina Tuottoputki Kasvu IX 15.12.2016 Finland 225 Nordea 4594A Indeksilaina Skandinavia Perus 16.12.2016 Finland 212 Nordea 4594B Indeksilaina Skandinavia Ekstra 16.12.2016 Finland 83 Nordea 4593 Yrityskorilaina Euro High Yield II 15.1.2017 Finland 145 Nordea 4599A Indeksilaina USA Perus 13.1.2017 Finland 254 Nordea 4599B Indeksilaina USA Ekstra 13.1.2017 Finland 99 Nordea 4602 Indeksilaina Tuottoputki Kasvu X 16.1.2017 Finland 1,268 Nordea 4608 Indeksilaina Tuottoputki Kasvu XI 15.2.2017 Finland 364 Nordea 4614A Osakeobligaatio Kehittyvä Aasia Perus 24.2.2017 Finland 550 Nordea 4614B Osakeobligaatio Kehittyvä Aasia Ekstra 24.2.2017 Finland 23 Nordea 4618 Korko-obligaatio Kiinteä Tuotto 1.4.2017 Finland 155,052 Nordea 4619 Korko-obligaatio Vaihtuva Tuotto 1.4.2017 Finland 106,459 Nordea 4629 Korko-obligaatio Tuottoputki Kasvu XII 15.3.2017 Finland 219 Nordea 4633A Osakeobligaatio Kiina & Venäjä Perus 13.4.2017 Finland 78 Nordea 4632 Osake-todistus Eurooppa Ylös ja Alas 30.3.2017 Finland 36 Nordea 4633B Osakeobligaatio Kiina & Venäjä Ekstra 13.4.2017 Finland 39 Nordea 4648 Korko-obligaatio Tuottoputki Kasvu XIII 17.4.2017 Finland 389 Nordea 4652A Osakeobligaatio Global 2012 Perus 4.5.2016 Finland 278 Nordea 4652B Osakeobligaatio Global 2012 Ekstra 4.5.2016 Finland 34 Nordea 4657 Korko-obligaatio Kasvu II 1.6.2017 Finland 36,099 Nordea 4658 Korko-obligaatio Vaihtuva Tuotto II 1.6.2017 Finland 15,729 Nordea 4662 Luottotodistus Eurooppa High Yield Kertyvä Tuotto 15.7.2017 Finland 63 Nordea 4663 Korko-obligaatio Tuottoputki Kasvu XIV 15.5.2017 Finland 112 Nordea 4664A Osakeobligaatio Finland Perus 4.5.2017 Finland 59 Nordea 4664B Osakeobligaatio Finland Ekstra 4.5.2017 Finland 107 Nordea 4666A Osakeobligaatio USA 2012 Perus 25.5.2017 Finland 283 Nordea 4666B Osakeobligaatio USA 2012 Extra 25.5.2017 Finland 49 Nordea 4667A Osakeobligaatio Energia Perus 24.5.2017 Finland 192 Nordea 4667B Osakeobligaatio Energia Ekstra 24.5.2017 Finland 34 Nordea 4677 Korko-obligaatio Kiinteä Tuotto III 1.8.2017 Finland 6,526 Nordea 4671A Osakeobligaatio Finland Premium Perus 24.5.2017 Finland 143 Nordea 4671B Osakeobligaatio Finland Premium Ekstra 24.5.2017 Finland 40 Nordea 4678 Korko-obligaatio Vaihtuva Tuotto III 1.8.2017 Finland 2,564 Nordea 4683A Osakeobligaatio BRIC Perus 6.7.2017 Finland 270 Nordea 4683B Osakeobligaatio BRIC Ekstra 6.7.2017 Finland 55 Nordea 4688 Korko-obligaatio Tuottoputki Kasvu XVI 15.6.2017 Finland 106 Nordea 4691 Osakeobligaatio Tulevaisuuden Markkinat 21.6.2017 Finland 20 Nordea 4695A Osakeobligaatio Terveydenhuolto Perus 20.7.2017 Finland 273 Nordea 4695B Osakeobligaatio Terveydenhuolto Ekstra 20.7.2017 Finland 75 Nordea 4698 Osakeobligaatio Eurooppa 2012 Perus 10.8.2017 Finland 238 Nordea 4698 Osakeobligaatio Eurooppa 2012 Extra 10.8.2017 Finland 57 Nordea 4701 Korko-obligaatio Tuottoputki Kasvu XVII 15.7.2017 Finland 58 Nordea 4703 Korko-obligaatio Tuottoputki Kasvu XVIII 15.8.2017 Finland 52 Nordea 4704 Osakeobligaatio Kiina Perus 21.9.2017 Finland 330 Nordea 4704 Osakeobligaatio Kiina Ekstra 21.9.2017 Finland 199 Nordea 4709 Osakeobligaatio Finland Perus 12.10.2017 Finland 357 Nordea 4709 Osakeobligaatio Finland Ekstra 12.10.2017 Finland 92 Nordea 4710 Korko-obligaatio Tuottoputki Kasvu XIX 15.9.2017 Finland 25 34

Assets covering unit-linked insurance policies of parent company and Group Market value Domicile (=book value) Nordea 4733 Korko-obligaatio Tuottoputki Kasvu XX 15.11.2017 Finland 76 Nordea 4735A Osakeobligaatio Pohjois-Amerikka Perus 16.11.2017 Finland 493 Nordea 4735B Osakeobligaatio Pohjois-Amerikka Ekstra 16.11.2017 Finland 126 Nordea 4736A Osakeobligaatio Aasian Tiikerit Perus 16.11.2017 Finland 251 Nordea 4736B Osakeobligaatio Aasian Tiikerit Ekstra 16.11.2017 Finland 159 Nordea 4740 Finland Osaketodistus 30.11.2017 Finland 65 Nordea 4742 Luottotodistus Eurooppa High Yield 15.1.2018 Finland 14 Nordea 4743 Raaka-aineobligaatio Sähkö 15.12.2016 Finland 25 Nordea 4757 Korko-obligaatio Tuottoputki Kasvu XXI 15.1.2018 Finland 106 Nordea 4749 Osakeobligaatio Finland Perus 11.1.2018 Finland 375 Nordea 4749 Osakeobligaatio Finland Ekstra 11.1.2018 Finland 122 Nordea 4750 Osakeobligaatio Globaalit Brändit Perus 11.1.2018 Finland 765 Nordea 4750 Osakeobligaatio Globaalit Brändit Ekstra 11.1.2018 Finland 226 Nordea 4758 Osakeobligaatio Finland Perus 1.3.2018 Finland 698 Nordea 4758 Osakeobligaatio Finland Ekstra 1.3.2018 Finland 133 Nordea 4759 Korko-obligaatio Tuottoputki Kasvu XXII 15.2.2018 Finland 86 Nordea 4760 Osakeobligaatio Terveydenhuolto Perus 1.3.2018 Finland 803 Nordea 4760 Osakeobligaatio Terveydenhuolto Ekstra 1.3.2018 Finland 130 Nordea 4674 Korko-obligaatio Tuottoputki Kasvu XV 15.5.2017 Finland 21 Nordea 4794A Osakeobligaatio Finland Perus 3.5.2018 Finland 627 Nordea 4794B Osakeobligaatio Finland Ekstra 3.5.2018 Finland 122 Nordea 4798 Korko-obligaatio Tuottoputki Kasvu XXIII 15.4.2018 Finland 86 Nordea 4795A Osakeobligaatio Kaukoitä Perus 3.5.2018 Finland 506 Nordea 4795B Osakeobligaatio Kaukoitä Ekstra 3.5.2018 Finland 170 Nordea 4815 Korko-obligaatio Tuottoputki Kasvu XXIV 15.5.2018 Finland 51 Nordea A021 Osakeobligaatio USA Kiinteistö Perus 15.6.2018 Finland 485 Nordea A022 Osakeobligaatio USA Kiinteistö Ekstra 15.6.2018 Finland 119 Nordea A023 Korko-obligaatio Tuottoputki Kasvu XXV 15.6.2018 Finland 56 Nordea A024 Osakeobligaatio Aasia Perus 15.6.2018 Finland 244 Nordea A025 Osakeobligaatio Aasia Extra 15.6.2018 Finland 43 Nordea A054 Korkoputki 5/2013 20.7.2018 Finland 1,489 Nordea A084 Osakeobligaatio Finland Perus 15.8.2018 Finland 699 Nordea A085 Osakeobligaatio Finland Extra 15.8.2018 Finland 54 Nordea A089 Korko-obligaatio Tuottoputki Kasvu XXVI 15.8.2018 Finland 268 Nordea A135 Osakeobligaatio TähtiBrändit 8/2013 Perus 15.10.2018 Finland 1,044 Nordea A136 Osakeobligaatio TähtiBrändit 8/2013 Ekstra 15.10.2018 Finland 240 Nordea A137 Osakeobligaatio Finland Perus 15.10.2018 Finland 513 Nordea A138 Osakeobligaatio Finland Ekstra 15.10.2018 Finland 98 Nordea A160 Korko-obligaatio Tuottoputki Kasvu XXVII 15.10.2018 Finland 121 Nordea A159 Luottotodistus Eurooppa 16.7.2018 Finland 158 Nordea A167 Yhdistelmätodistus Eurooppa-USA Low Vol 16.7.2018 Finland 14 Nordea A158 Osaketodistus USA 18.10.2016 Finland 34 Nordea A199 Osakeobligaatio Pan-Aasia Perus 15.11.2018 Finland 636 Nordea A200 Osakeobligaatio Pan-Aasia Ekstra 15.11.2018 Finland 100 Nordea A201 Osakeobligaatio Terveydenhuolto Perus 15.11.2018 Finland 1,127 Nordea A202 Osakeobligaatio Terveydenhuolto Ekstra 15.11.2018 Finland 208 Nordea A203 Osakeobligaatio Pohjoismaat 15.11.2016 Finland 567 Nordea A221 Korko-obligaatio Tuottoputki Kasvu XXVIII 15.11.2018 Finland 85 Nordea A204 Osaketodistus Pan-Aasia 15.12.2016 Finland 84 Nordea A277 Osakeobligaatio Aasia Perus 20.12.2018 Finland 337 Nordea A278 Osakeobligaatio Aasia Ekstra 20.12.2018 Finland 302 Nordea A279 Osakeobligaatio Eurooppa 20.12.2016 Finland 315 Nordea A275 Osakeobligaatio Global 2013 Perus 20.12.2018 Finland 443 Nordea A276 Osakeobligaatio Global 2013 Ekstra 20.12.2018 Finland 116 Nordea A280 Korko-obligaatio Tuottoputki Kasvu XXIX 20.12.2018 Finland 80 Nordea A312 Osaketodistus Eurooppa 15.2.2017 Finland 21 Nordea A316 Osakeobligaatio Pan-Aasia 15.2.2017 Finland 396 Nordea A314 Osakeobligaatio Kiinteistö Perus 15.2.2019 Finland 329 Nordea A315 Osakeobligaatio Kiinteistö Ekstra 15.2.2019 Finland 304 Nordea A321 Osakeobligaatio Finland Perus 20.2.2020 Finland 159 Nordea A322 Osakeobligaatio Finland Ekstra 20.2.2020 Finland 44 Nordea A350 Osaketodistus Kiinteistö 15.3.2019 Finland 13 Nordea A368 Osakeobligaatio Tutkimuksen Tähdet Perus 20.3.2019 Finland 475 Nordea A369 Osakeobligaatio Tutkimuksen tähdet - Kuluttajabrändit Ekstra 20.3.2019 Finland 365 Nordea A370 Osakeobligaatio Terveydenhuolto 15.3.2017 Finland 1,088 Nordea A410 Osaketodistus Terveydenhuolto 20.4.2017 Finland 7 Nordea A412 Osakeobligaatio Tutkimuksen tähdet Perheyhtiöt Perus 15.5.2019 Finland 784 Nordea A413 Osakeobligaatio Tutkimuksen tähdet Perheyhtiöt Ekstra 15.5.2019 Finland 373 Nordea A414 Osakeobligaatio Finland Perus 15.5.2019 Finland 375 Nordea A415 Osakeobligaatio Finland Ekstra 15.5.2019 Finland 5 Nordea A416 Valuuttaobligaatio Kehittyvät Valuutat 20.5.2016 Finland 462 Nordea A471 Osaketodistus Global Maltti 15.5.2017 Finland 11 35

Assets covering unit-linked insurance policies of parent company and Group Market value Domicile (=book value) Nordea A483 Osakeobligaatio United Kingdom Perus 15.6.2020 Finland 96 Nordea A484 Osakeobligaatio United Kingdom Ekstra 15.6.2020 Finland 112 Nordea A485 Osakeobligaatio Mid Cap Eurooppa Perus 20.6.2019 Finland 564 Nordea A486 Osakeobligaatio Mid Cap Eurooppa Ekstra 20.6.2019 Finland 167 Nordea A487 Valuuttaobligaatio Kehittyvät Valuutat 15.6.2016 Finland 275 Nordea A533 Osaketodistus Eurooppa Maltti 15.7.2019 Finland 48 Nordea A550 Osakeobligaatio Global Perus 15.8.2019 Finland 511 Nordea A551 Osakeobligaatio Global Ekstra 15.8.2019 Finland 164 Nordea A552 Osakeobligaatio Terveydenhuolto 15.8.2017 Finland 523 Nordea A607 Osakeobligaatio Tutkimuksen tähdet Perheyhtiöt USA Perus 15.9.2020 Finland 484 Nordea A608 Osakeobligaatio Tutkimuksen tähdet Perheyhtiöt USA Ekstra 15.9.2020 Finland 59 Nordea A609 Osakeobligaatio Kestävä Kehitys 15.9.2017 Finland 496 Nordea A644 Osakeobligaatio Tutkimuksen Tähdet - Maailma Perus 15.10.2020 Finland 285 Nordea A645 Osakeobligaatio Tutkimuksen Tähdet - Maailma Ekstra 15.10.2020 Finland 67 Nordea A646 Osakeobligaatio Germany Perus 15.10.2020 Finland 169 Nordea A647 Osakeobligaatio Germany Ekstra 15.10.2020 Finland 86 Nordea A648 Valuuttaobligaatio Kiina 17.10.2016 Finland 103 Nordea A699 Osakeobligaatio Eurooppa Perus 15.12.2020 Finland 287 Nordea A700 Osakeobligaatio Eurooppa Ekstra 15.12.2020 Finland 111 Nordea A701 Osakeobligaatio Terveydenhuolto Perus 15.12.2020 Finland 803 Nordea A702 Osakeobligaatio Terveydenhuolto Ekstra 15.12.2020 Finland 187 Nordea A771 Osakeobligaatio Eurooppa Perus 15.2.2021 Finland 550 Nordea A772 Osakeobligaatio Eurooppa Ekstra 15.2.2021 Finland 203 Nordea A773 Valuuttaobligaatio Kehittyvät Maat 15.2.2018 Finland 311 Nordea A805 Osakeobligaatio Finland Perus 15.3.2021 Finland 726 Nordea A806 Osakeobligaatio Finland Ekstra 15.3.2021 Finland 113 Nordea A837 Osaketodistus Energia 15.4.2020 Finland 34 Nordea A844 Sijoittajan Joukkolaina Tasapaino 31.5.2021 Finland 662 Nordea A845 Sijoittajan Joukkolaina Tuotto 31.5.2021 Finland 750 Nordea A846 Sijoittajan Joukkolaina Tuotto Ekstra 31.5.2021 Finland 109 Nordea A890 Osakeobligaatio Öljy-yhtiöt Perus 17.5.2021 Finland 459 Nordea A891 Osakeobligaatio Öljy-yhtiöt Ekstra 17.5.2021 Finland 154 Nordea A952 Osakeobligaatio Terveydenhuolto Perus 15.7.2021 Finland 1,058 Nordea A953 Osakeobligaatio Terveydenhuolto Ekstra 15.7.2021 Finland 743 Nordea A963 Osaketodistus Öljy-yhtiöt 15.7.2020 Finland 25 Nordea A989 Sijoittajan Joukkolaina Tasapaino 20.9.2021 Finland 290 Nordea A990 Sijoittajan Joukkolaina Tuotto 20.9.2021 Finland 305 Nordea A991 Sijoittajan Joukkolaina Tuotto Ekstra 20.9.2021 Finland 49 Nordea B005 Osakeobligaatio Terveydenhuolto Perus 2.9.2021 Finland 612 Nordea B006 Osakeobligaatio Terveydenhuolto Ekstra 2.9.2021 Finland 405 Nordea B052 Osakeobligaatio Perheyhtiöt Perus 21.10.2021 Finland 1,023 Nordea B053 Osakeobligaatio Perheyhtiöt Ekstra 21.10.2021 Finland 156 Nordea B078 Osakeobligaatio Eurooppa Sharpe Perus 4.11.2021 Finland 304 Nordea B079 Osakeobligaatio Eurooppa Sharpe Ekstra 4.11.2021 Finland 58 Nordea B083 Sijoittajan Joukkolaina Tasapaino 18.12.2021 Finland 344 Nordea B084 Sijoittajan Joukkolaina Tuotto 18.12.2021 Finland 174 Nordea B120 Osakeobligaatio Finland Perus 2.12.2021 Finland 214 Nordea B121 Osakeobligaatio Finland Ekstra 2.12.2021 Finland 109 Nordea B125 Osakeobligaatio Eurooppa Arvoyhtiöt Perus 2.12.2021 Finland 427 Nordea B126 Osakeobligaatio Eurooppa Arvoyhtiöt Ekstra 2.12.2021 Finland 399 Nordea B173 Osakeobligaatio Perheyhtiöt Perus 7.1.2022 Finland 320 Nordea B174 Osakeobligaatio Perheyhtiöt Ekstra 7.1.2022 Finland 99 Nordea B169 Osakeobligaatio Terveydenhuolto Perus 7.1.2022 Finland 535 Nordea B170 Osakeobligaatio Terveydenhuolto Ekstra 7.1.2022 Finland 214 Nordea 4767 Korkotodistus ArcelorMittal 4/2018 15.4.2018 Finland 35 Nordea A040 Erillislaina Luottotodistus Metsä 15.7.2018 Finland 42 Nordea A416 Valuuttaobligaatio Kehittyvät Maat 20.5.2016 Finland 49 Nordea A530 Yhdistelmätodistus Kiina Pankit 15.7.2021 Finland 720 Nordea A837 Osaketodistus Öljy-Yhtiöt 15.4.2020 Finland 35 Nordea A253 Erillislaina YhdistelmäTodistus Kiina 15.1.2019 Finland 107 Nordea 4762 Korkotodistus Nokia 4/2018 15.4.2018 Finland 98 Nordea 4766 Korkotodistus Stena 15.4.2018 Finland 140 Nordea A214 Luottotodistus Eurooppa High Yield 15.1.2019 Finland 21 Nordea A389 Luottotodistus Metsä 2020 15.4.2020 Finland 1,121 Nordea A532 Luottotodistus KertyväHighYield Tuotto 15.7.2021 Finland 57 Nordea A750 Luottotodistus Finland 15.1.2020 Finland 43 Nordea A908 Luottotod. Eur High Yield Kiint&vaiht 15072022 Finland 69 Nordea A964 Luottotodistus Eur High Yield Kiinteä & Vaihtuva Finland 35 Nordea A158 Osaketodistus USA 18.10.2016 Finland 51 Nordea A204 Pan-Aasia 15.12.2016 Finland 21 Nordea A949 Yhdistelmätodistus Eurooppa Low 15.7.2020 Finland 17 Nordea A974 Yhdistelmätodistus Eurooppa Sharpe 15.7.2022 Finland 218 36

Assets covering unit-linked insurance policies of parent company and Group Market value Domicile (=book value) Nordea 4764 Korkotodistus Metsä Board 4/2018 15.4.2018 Finland 42 Nordea 4831 Korkotodistus ThyssenKrupp 7/2018 15.7.2018 Finland 40 Nordea A294 Korkotodistus Eurooppa High Yield 20.1.2019 Finland 81 Nordea A464 Korkotodistus DELL 7/2019 20.7.2019 Finland 97 Nordea 4716 Korkotodistus Metsä Board 15.1.2018 Finland 27 Total 379,001 Private equity funds Bridgepoint Europe III L.P. United Kingdom 15,792 STAR II Fund L.P United Kingdom 330 MB Equity Fund IV Ky Finland 7,130 Blackstone Capital Partners V United States 17,993 Centerbridge Capital Partners L.P United States 14,545 LCP VI-A (Offshore) United States 15,915 The Resolute Fund II L.P United States 7,923 Total 79,627 Real estate investments Asunto Oy Helsingin Kapteeninranta Finland 46,629 Asunto Oy Hämeentie 5 B Finland 9,951 Asunto Oy Kalliomatti Finland 13,665 Asunto Oy Keravan Heikkilänrinne Finland 10,702 Asunto Oy Lapinlahdenkatu 14 Finland 7,153 Asunto Oy Malminkatu 36 Finland 15,930 Asunto Oy Munkkiniemen Puistotie 14 Finland 8,301 Eteläranta 12/ Unioninkatu 13 Finland 19,258 Fastighets Ab Uniongatan 17 Finland 32,734 Kiinteistö Oy Helsingin Kaisaniemenkatu 6 Finland 14,636 Kiinteistö Oy Kasarminkatu 44 Finland 13,703 Kiinteistö Oy Lauttasaaren Horisontti Finland 7,391 Kiinteistö Oy Pakkalan Kartanonkoski 6 Finland 15,150 Kiinteistö Oy Vantaan Muuntotie 1 Finland 5,605 Kiinteistö Oy Espoon Portti 1-5 Finland 22,609 Kiinteistö Oy Espoon Retail Park Glomson Finland 20,034 Kiinteistö Oy H. Kalevankatu 20 Finland 11,160 Kiinteistö Oy Museokatu 8 Finland 8,689 Kiinteistö Oy Pirkkalan Keidas Finland 13,574 Kiinteistö Oy Ratavartijankatu 3 Finland 30,486 Kiinteistö Oy Turvesuonkatu 17 Finland 8,473 Kiinteistö Oy Vantaan Vehkatie 29 Finland 8,429 Kiinteistö Oy Hgin Siltasaarenkatu 16 Finland 22,018 Oy Helsingfors Saluhallar Ab Finland 21,313 Total 387,596 Bonds Norske Skogindustrier ASA 7.000% 26.6.2017 Norway Volvo Treasury Ab 4,850% 10.3.2078 Sweden 288 Ahlström Oyj 2013 7,875% Finland 314 Nordea 4686 Metsä Board Vaihtuvatuottoinen 17.7.2017 Finland 53 Outokumpu 6.625% 30.9.2019 Finland 89 Paroc Group 6,25% 15.05.2020 Finland 96 Sanoma OYJ 7,25% Perpetual Finland 101 Sanoma Corporation 5,00% 20.03.2017 Finland 101 Stora Enso OYJ 1144A 7,25% 15.04.2036 Finland 96 Talvivaara Mining Company PLC 9.750% 4.4.2017 Finland 0 UPM-Kymmene Corp 7,450% 23.11.2027 Finland 549 Apple Notes 2.4% 3.5.2023 United States 469 Coca-Cola Notes 3.2% 01112023 United States 284 Total 2,538 37

Assets covering unit-linked insurance policies of parent company and Group Domicile Market value (=book value) ETFs ishares III PLC MSCI Emerging Markets ETF Ireland 31 ishares EURO STOXX 50 ETF Ireland 33 ishares MSCI Emerging Markets UCITS ETF Ireland 28 ishares STOXX Europe 600 ETF Ireland 369 ishares VII PLC - ishares MSCI EM Asia UCITS ETF Ireland 151 DB X-Trackers SICAV FTSE CHINA 25 UCITS ETF Luxembourg 51 DB X-Trackers SICAV FTSE VIETNAM UCITS ETF Luxembourg 33 DB X-Trackers SICAV MSCI AC Asia Ex Japan Index UCITS ETF Luxembourg 4 DB X-Trackers SICAV -DB X-TRACKERS MSCI EUROPE INDEX ETF Luxembourg 71 DB X-Trackers SICAV MSCI PAKISTAN IM INDEX UCITS ETF Luxembourg 16 DB X-Trackers SICAV MSCI Russia Capped Index UCITS ETF Luxembourg 23 DB X-Trackers MSCI WORLD HEALTH CARE INDEX UCITS ETF Luxembourg 142 DB X-Trackers SICAV Nikkei 225 UCITS ETF Luxembourg 13 DB X-Trackers SICAV S&P 500 UCITS ETF Luxembourg 52 DB X-Trackers SICAV STOXX EUROPE 600 HEALTH CARE UCITS ETF Luxembourg 58 DB X-Trackers SICAV STOXX EUROPE 1 Capitalisation ETF Luxembourg 923 Amundi ETF Euro Stoxx 50 UCITS ETF FCP France 81 Lyxor ETF India FCP UCITS ETF France 29 Xact Omxs30 Unit Linked to the OMXS30 ETF Sweden 221 Nordea Global Emerging Markets Equities UCITS ETF Growth Finland 47 Seligson & Co OMX Helsinki 25 Exchange Traded Fund Finland 265 Cambria Shareholder Yield ETF United States 38 ishares iboxx USD High Yield Corporate Bond ETF United States 43 ishares MSCI Brazil Capped ETF United States 17 ishares Select Dividend ETF United States 114 ishares MSCI USA Minimum Volatility Index Fund ETF United States 153 ishares MSCI Hong Kong ETF United States 54 ProShares Ultra 20+ Year Treasury United States 10 ProShares UltraShort Nasdaq Biotechnology United States 5 PowerShares Exchange-Traded Funds Trust United States 33 Powershares QQQ Trust Series I ETF United States 634 SPDR Dow Jones Industrial Average ETF Trust United States 4 SPDR S&P 500 ETF United States 456 Vanguard Health Care Index Fund United States 91 Vanguard High Dividend Yield Index Fund ETF United States 93 Vanguard Total Stock Market Index Fund ETF United States 431 WisdomTree Europe Hedget Equity Fund United States 243 Total 5,062 Stock purchase warrants Kone Warrants 2013-30.4.17 Finland 263 Total 263 Certificates / Warrants Nordea Bank AB 2012 open end on DAX-index Sweden Nordea Bank AB 2012 open end on S&P 500 Sweden 157 Nordea Euro STOXX 50 Index Exchange Traded Notes Sweden 143 Nordea Bank Certificate 2012 - Open end on Crude Oil Futures Sweden 14 Nordea Bank Certificate 2012- Open end on Crude Oil Futures2 Sweden 4 Nordea Bank Bull Certificate OMXS30 15.4.2016 Sweden 4 Total 517 Cash at bank and in hand Bank accounts 208,325 Total 208,325 38

10. Assets Covering Parent Company s Unit-Linked Insurances 2015 2014 Original acquisition cost Market value (=book value) Original acquisition cost Market value (=book value) Shares and participations 10,418,847 12,120,729 9,640,377 10,733,502 Debt securities 342,692 375,835 6,225 6,583 Deposits 39,571 39,571 12,766 12,766 Real estates 367,815 387,596 321,667 323,890 Cash in hand and at bank 141,315 155,169 98,635 98,327 Total 11,310,240 13,078,900 10,079,671 11,175,069 Investments acquired in advance Investments covering technical provisions on unit-linked insurances 11,310,240 13,078,900 10,079,671 11,175,069 11. Assets Covering Group s Unit-Linked Insurances Original acquisition cost Market value (=book value) Original acquisition cost Market value (=book value) Shares and participations 10,418,847 12,120,729 9,640,377 10,733,502 Debt securities 342,692 375,835 6,225 6,583 Deposits 39,571 39,571 12,766 12,766 Real estates 367,815 387,596 321,667 323,890 Cash in hand and at bank 141,315 155,169 98,327 98,327 Total 11,310,240 13,078,900 10,079,363 11,175,069 Investments acquired in advance Investments covering technical provisions on unit-linked insurances 11,310,240 13,078,900 10,079,363 11,175,069 Cash in hand and at bank as well as deposits consist of paid net premiums on current policies that were not yet invested when the accounts were closed. 12. Change In Parent Company s And Group s Tangible And Intangible Assets Intangible rights and other long-term expenses Machinery and equipment Acquisition cost 1.1 5,847 4,940 10,788 Increases 323 323 Decreases Acquisition cost 31.12 5,847 5,264 11,111 Total Accumulated depreciation 1.1 5,847 1,825 7,672 Depreciation for the accounting period Accumulated depreciation 31.12 5,847 1,825 7,672 Book value 31.12 3,439 3,439 39

13. Amounts Due To Or From Group Companies Group 2015 Group 2014 Parent company 2015 Parent company 2014 Assets Receivables Arising from direct insurance operations Arising from policy holders 6,215 6,667 6,215 6,667 Other receivables 77,488 52,949 77,391 57,576 83,704 59,616 83,606 64,243 Liabilities Creditors Arising from direct insurance operations 1 20 1 20 Other creditors 56,726 33,690 48,859 24,139 56,726 33,711 48,860 24,160 Group companies also include Nordea Bank AB Group companies. 14. Statement Of Changes In Parent Company s Equity Capital Share capital 31.12 24,500 Issue premium fund 1.1 and 31.12 20,657 Ordinary reserve 1.1 and 31.12 46,030 91,187 Reserve of invested unrestricted equity 31.12 1,300 Retained earnings 1.1 481,679 Retained earnings 31.12 281,679 Profit for the year 182,646 Preliminary dividend 465,626 Total 556,812 The distributable equity capital in the Nordea Life Assurance Finland Ltd consolidated balance sheet is in total EUR 465,625,524 (EUR 482,979,392) and in the Nordea Life Assurance Finland Group equity capital total EUR 438,918,536 (EUR 466,315,148). Group 2015 Parent company 2015 Invested unrestricted equity fund 1,300 1,300 Retained earnings including translation gain 273,860 281,679 Result for the year 163,758 182,646 438,919 465,626 15. Provisions For Unit-Linked Insurance Technical provisions 2015 2014 Provision for unearned premiums 13,066,011 11,148,777 Claims outstanding 28,668 20,629 13,094,679 11,169,406 16. Parent Company And Group Subordinated Loans Subordinated loans 70,000 70,000 The subordinated loan was issued for an undetermined period. The notice period on the part of the creditor is five years. Repayment of the loan is tied to the debtor s solvency. The annual interest rate is tied to a 12-month reference rate, added with a 85 basis point margin. The interest for the subordinated loan was EUR 826,327.11 in 2015. The creditor is Nordea Bank AB. 40

17. Parent Company And Group Off-Balance Sheet Commitments 2015 2014 Investment commitments 96,894 116,171 Market value of shares lent as a securities loan, total 439 Leasing and rental commitments Amount payable during current financial year 442 498 Amount payable later 156 186 Pension liabilities 125 575 Derivative contracts, hedging Interest rate derivatives Forward contracts Interest rate swaps Option contracts underlying asset market value underlying asset market value underlying asset written, market value underlying asset Exchange rate derivatives Forward contracts underlying asset 126,296 251,285 market value -1,711-8,762 Equity derivatives Forward contracts underlying asset 101,957 market value -1,499 Derivative contracts, non-hedging Equity derivatives Option contracts purchased, market value underlying asset written, market value underlying asset Nordea Life Assurance has the right to cancel its rental agreements with a notice period of 6 months. Thus, the liability arising from rental agreement equals 6 months rent expense. Leasing agreements can be cancelled with a notice period of 30 days. The cancellation fee is 30 % of the taxable rent for the period between the return date of the car and the contractual end date. In addition to statutory pension insurances, Nordea Life Assurance has defined benefit pension plans at Nordea Pension Foundation, and their defined benefit liability has been specified in the pension liabilities section. The liability concerning the real estate investments according to VAT law section 120 on 31.12.2015 is EUR 2,670,536 (EUR 3,656,334). More detailed specifications can be found in the separate annual accounts for each real estate company. Regarding VAT group registration, Nordea Life Assurance Finland Ltd is, with the other members of the Nordea Bank Finland. Plc taxliability group, jointly and severally liable for the value added tax to be rendered in the accounts according to section 188 of the Value Added Tax Act. 41

18. Key Figures For General Economic Development 2015 2014 2013 2012 2011 Turnover of life assurance business Premium income before the reinsurers share + investment income and unrealized gains + other income 3,264,981 3,913,981 3,478,741 2,528,207 1,830,558 Operating profit or loss Profit or loss before changes in equalization provision, additional benefits, extraordinary items, appropriations and taxes 194,332 213,092 251,392 201,389 53,300 Total profit or loss Operating profit or -loss +/- changes in valuation differences, fair value and revaluation reserves 86,524 308,334 210,430 345,608 11,542 Return on assets -% without unit-linked insurance (at market value) 100 x (Operating profit or loss + interest and other financing expenses + calculated interest +/- revaluation/revaluation reversed in revaluation or fair value reserve +/- changes in valuation differences) / (total assets -technical provisions on unit-linked insurances +/- valuation differences on investments) (average at the beginning and the end of the year) 4.3 % 6.7 % 9.6 % 1.6 % 5.5 % 2015 2014 Investment allocation at market values Bonds 1,719,645 55.7 % 1,534,769 Real estate investments 246,074 8.0 % 312,895 Shares 228,660 7.4 % 205,424 Alternative investments 283,590 9.2 % 675,839 Money market investments 231,504 7.5 % 581,003 Cash in hand and at bank 379,935 12.3 % 3,089,407 100.0 % 3,309,929 Modified duration of bond portfolio 5.3 (previous year 5.1) Net investment income Direct net income Bonds 20,438 21,944 Real estate investments 16,827 7,606 Shares 1,232 5,998 Alternative investments 98,188 48,438 Money market investments 623-937 Value adjustments in annual accounts 1) Bonds 39,660 24,303 Real estate investments -11,456 33,352 Shares 4,562 26,128 Alternative investments -13,449-1,582 Money market investments 4,422 7,387 Net investment income in the profit and loss account 161,048 172,637 Changes in valuation differences Bonds -41,135 81,830 Real estate investments -3,368-35,047 Shares 2,273-7,993 Alternative investments -44,920 37,997 Money market investments -3,981 1,077 Net investment income at market values 72,854 175,199 Net investment income of unit-linked insurances 457,948-598,645 Investment income from derivatives of total investment income -32,193-8,762 1) Realized gains and losses and other value adjustments in annual accounts 42

Net investment income on invested capital Net income - % 2015 2014 Net investment income at market values Net income - % Net investment income at market values Bonds 0.1 % 21,327 9.8 % 133,696 Real estate investments 0.0 % 2,004 1.6 % 5,581 Shares -0.7 % 8,067 9.9 % 24,133 Alternative investments 11.2 % 40,392 13.3 % 79,564 Money market investments -0.2 % 1,064 1.3 % 7,526 Net investment income at market values 2.0 % 72,854 7.5 % 250,501 19. Key Figures For Life Assurance Company s Economic Development 2015 2014 2013 2012 2011 Premium income Premium income before reinsurer s share 2,407,164 2,626,044 2,346,366 1,387,338 1,427,068 Operating cost ratio 100 x operating expenses / loading income 42.0 % 51.5 % 48.3 % 56.7 % 64.1 % 100 x operating expenses / total assets 1.1. 0.2 % 0.3 % 0.4 % 0.4 % 0.5 % Solvency margin Equity capital after deduction of proposed profit distribution 256,812 374,166 395,975 424,974 292,385 Valuation difference between market value and balance sheet book value of assets 330,786 438,593 355,893 396,855 252,636 Subordinated loans 54,068 58,784 70,000 70,000 70,000 Other items 1,118-94 -116 641,666 871,543 822,986 891,736 614,905 Minimum solvency margin required by chapter 11, section 9, of the Insurance Companies Act 108,136 117,569 132,973 149,702 190,863 Equalization provision for years with heavy losses included in technical provision 26,693 24,920 21,770 18,600 Solvency margin ratio 100 x solvency margin / minimum solvency margin 593.4 % 741.3 % 618.9 % 595.7 % 322.2 % Solvency capital 641,666 898,236 847,906 913,506 633,505 Solvency capital ratio 100 x solvency capital / (net technical provisions at own liability -equalization provision - 0,75 x technical provisions on unit-linked insurances) 11.9 % 17.3 % 16.3 % 17.7 % 10.9 % 43

20. Profit analysis 2015 2014 Premium income 2,406,985 2,625,866 Investment income and expenses, unrealized gains 618,996-425,990 and losses on investments and revaluations Other technical income 11,455 Claims paid -1,110,530-1,129,788 Change in technical provisions before future bonuses and change in equalization -1,687,560-832,734 provision Net operating expenses -33,559-35,716 Balance on technical account 194,332 213,092 Investments in associates Operating profit/-loss 194,332 213,092 Change in equalization provision 26,693-1,773 Future bonuses 6,650 10,372 Profit/loss before extraordinary items 227,675 221,691 Extraordinary items Profit/loss before closing entries and taxes Income tax and other direct taxes -45,029-43,500 Minority interest Profit for the year 182,646 178,191 21. Auditors Fees The auditors fees per category were 2015 2014 Audit 70 120 Mandates based on audit law 1(2) Tax consultation 4 9 Other services 59 156 Total 133 285 44

22. 10-Year Interest Rate And Total Customer Return 2002 2015 Endowment and Pension insurance 6 5 German government bond 10 years Pension insurance Endowment insurance 4 3 2 1 0 1.12. 2001 1.6.2002 1.12.2002 1.6.2003 1.12.2003 1.6.2004 1.12.2004 1.6.2005 1.12.2005 1.6.2006 1.12.2006 1.6.2007 1.12.2007 1.6.2008 1.12.2008 1.6.2009 1.12.2009 1.6.2010 1.12.2010 1.6.2011 1.12.2011 1.6.2012 1.12.2012 1.6.2013 1.12.2013 1.6.2014 1.12.2014 1.6.2015 1.12.2015 23. Estimate Of Equity Principle Realization In 2015 In 2015, bonuses for the insurance portfolio subject to the equity principle were divided as follows: Fixed calculated interest rate Product Calculated interest Customer bonus Total Endowment insurance 4.50 % 0.00 % 4.50 % Endowment insurance 3.50 % 0.00 % 3.50 % Endowment insurance 2.50 % 0.00 % 2.50 % Pension insurance 4.50 % 0.00 % 4.50 % Pension insurance 3.50 % 0.00 % 3.50 % Pension insurance 2.50 % 0.00 % 2.50 % Capital redemption plan 3.50 % 0.00 % 3.50 % Capital redemption plan 2.50 % 0.00 % 2.50 % Calculated interest rate 0 % Product Annual interest Additional interest Total Endowment insurance 0.50 % 0.50 % 1.00 % Pension insurance 0.80 % 0.50 % 1.30 % Capital redemption plan 0.50 % 0.50 % 1.00 % 45

24. RISK MANAGEMENT The objective of risk management is to identify and measure as well as manage the risks directed to the company. At the company level, the most significant risks are the risks associated with the business strategy and operational environment, investment activity risks, risks associated with the structure of the technical provisions, underwriting risks and operational risks. Potential changes in legislation may also significantly affect the operational environment of the life and pension insurance business. The company has a separate Risk Management Department, which is led by the Chief Risk Officer (CRO). The CRO develops and directs the risk management practises of the company. Also the assessment and monitoring of operational risks belong to the duties of the CRO. The risk management strategy is updated when necessary, but at least once a year. In the strategy the principles for identifying and measuring the risks are defined. The strategy also states the actions that are to be taken to manage the risks and outlines any necessary future actions. The risk management processes and tools of the Nordea Group support managing operational risks. UNDERWRITING RISKS 1. Underwriting risks in insurance products and the structure of technical provisions The most significant of the risks in the technical provisions is the interest rate risk related to the interest rates guaranteed. Individual life assurance and pension insurance policies as well as capital redemption policies apply two different types of interest structures. A fixed calculated interest rate is credited monthly on policies that commenced before 5 May 2003. In addition, a possible customer bonus, which is confirmed in arrears for each calendar year, is credited. The fixed calculated interest rate is dependent on the commencing date of the policy in question and has been 4.5 per cent, 3.5 per cent or 2.5 per cent. The endowment policies to which a fixed calculated interest rate of 4.5 per cent is credited were funded by a socalled upfront reserve, resulting in a fixed calculated interest rate of 3.3 per cent. In the financial statements of 2015, the company made a fixed term upfront reserve, resulting in the decrease of fixed calculated interest rate for life assurance and pension insurance policies to 1.0 per cent during years 2016 2018. The company has an own risk and solvency assessment that contains descriptions of the key risks. The essential key indicators and their trends, which describe the risk position of the company, along with the results of various stress tests and remarks on the compliance function, are regularly reported to the executive management and to the Board of Directors. Strategic risks and risk factors that affect the operational environment are assessed annually as part of the strategy process. The targeted return/risk level for investments and methods for managing investment risks are defined in the investment strategy and investment plan of the company. Underwriting risks are limited by using a detailed risk selection process, a premium setting and reinsurance. Insurance policies that commenced on or following 5 May 2003 are credited monthly by an annual interest rate confirmed in advance by the company for a maximum period of one year and on each calendar year by a possible additional interest rate confirmed in arrears. The annual interest rate in 2015 has been 0.5 per cent (excluding pension insurance policies, which had an annual interest rate of 0.8 per cent). In 2015, the additional interest rate for all annual interestrated policies was 0.5 per cent. The fixed calculated annual interest rate for these policies and agreements is zero. The average expected term-to-maturity of the technical provision is six years for the fixed calculated interest rate of 4.5 per cent, fifteen years for the fixed calculated interest rate of 3.3 per cent, nine years for the fixed calculated interest rate of 3.5 per cent and eleven years for the fixed calculated interest rate of 2.5 per cent. The average expected term-to-maturity of the annual interest and unit-linked technical provisions is eleven years. The calculation of maturities is based on 46

Distribution of technical provisions 31.12.2015 the known maturity dates of the policies and historical observations concerning surrenders and mortality. As a calculation technique when calculating maturities, the corresponding calculation method has been used in the applicable sections as was used when calculating the modified duration of bonds. Individual life insurance 41 % Individual pension insurance 14.3 % Capital redemption policies 44.6 % Other 0.2 % The most significant life assurance risks in individual life assurance policies are coverage for death and permanent disability. Because of the fact that fixedterm policies are fairly common and because of the nature of the product structure otherwise, increased life expectancy does not constitute a significant risk in individual pension insurance. Distribution of technical provisions 31.12.2015 The insurance risks for loan insurances include coverage for death, permanent handicap caused by an accident, death caused by an accident, serious illness and permanent disability for work. The insurance risks for personal life cover policies include coverage for death, death caused by an accident, permanent disability or a permanent handicap caused by an accident, serious illness or permanent disability for work. 2. Control processes for underwriting risks Calculated interest (4.5%) 2.5 % Calculated interest (3.3%) 3.4 % Calculated interest (3.5%) 1.9 % Calculated interest (2.5%) 0.1 % Annual interest 4.6 % Unit linked 85.9 % Other 1.6 % Loan protection insurance risk sums 31.12.2015 (EUR millions) 2.1. Risk selection The company has a detailed documented policy for risk selection approved by the Board of Directors, in accordance with which the company complies with the requirements of the law, good insurance practice and the general principles of risk selection. The aim of risk selection is to ensure that the company does not take on risks exceeding the limits provided by the Board of Directors and that the insurance premiums applied are adequate. Death cover 6,329 Permanent disability for work 291 Serious illness 2,064 Death, permanent handicap or permanent disability for work caused by an accident 561 Permanent handicap or permanent disability for work caused by an accident 3,827 2.2. Claims The risk selection of the company also contributes to a cost-efficient claims process in which it is complied with the principles of the law and the good insurance practice documented in the claims policy of the company. Accordingly to the said policies, a special effort is made to give decisions on claims promptly and with understandable justifications. In handling claims, also the security regulations of the Nordea Group, such as the instructions issued on prevention of money laundering, are complied with. 47

2.3. Premium setting (Rating) For the most significant risk life insurance products, the policy terms and calculation bases include the possibility of amending the insurance premium rate if the claims experience deteriorates. Fixed income holdings according to credit rating A majority of the insurance policies and capital redemption policies apply flexible pricing for costs. Some of the fees charged have maximum limits defined in the contract documents. It has been agreed, however, that these fees shall be charged in accordance with a currently valid price list. For the time being, the amounts charged are lower than the maximum values. When planning the premium setting of the new insurance products a thorough product profitability test is conducted, which is based on an analysis, as precise as possible, of corporate and national statistics. AAA 48 % AA 10 % A 20 % BBB 16 % BB 4 % B 1 % CCC 0 % Other / unknown 1 % The profitability of the existing products is monitored by means of monthly calculations. Also overall profitability through various product group level profitability benchmarks is monitored, such as the operating cost ratio and the risk ratios of various risk types. Fixed income allocation 2.4. Reinsurance According to the reinsurance practice followed by the company, the company accepts liability for a maximum risk of EUR 250,000 per death or permanent disability for work caused by an accident of an individual insured person, and a maximum risk of EUR 150,000 for serious illness or permanent disability. For cases involving death, the company has reinsured risks exceeding EUR 250,000; for cases involving permanent disability for work, the company has reinsured risks exceeding EUR 150,000 through an excess loss reinsurance policy. The company complies with the guidelines of the reinsurer for risk assessment regarding these reinsurances. 2.5. Management of catastrophe risks Finnish life assurance companies have negotiated a catastrophe protection agreement with an international reinsurer. By taking catastrophe protection from abroad, the final result shall be a more functional protection under circumstances where the potential catastrophe concerns Finland alone. Finland 21 % Other Nordics 8 % Other Europe 61 % USA 7 % Other 3 % 3. Management of investment risk The aim of risk management for investment operations is to secure a sufficient profit for policyholders and owners and maintain the adequacy of the solvency capital as effectively as possible under all conditions. Investment operations in Nordea Life Assurance Finland Ltd are based on the investment strategy and investment plan confirmed annually by the Board of Directors of the company. These documents define the target allocation of investment portfolio, the minimum and maximum allocation limits for each asset class and 48

the organising of the investment operations, including decision-making powers and authorisations. Regular reports are submitted to the Board of Directors of the company on investment returns and risks as well as on changes in the investment portfolio. operations. In business, attention is constantly focused on assessing the probability of the risks and on their effect. The services and processes of the Nordea Group functions specialising in risk management are also utilised in risk management. When creating the investment strategy, the structure of technical provisions, the financial guarantees associated with insurance contracts and the amount of solvency capital of the company are considered. Calculation models are applied to monitoring that the solvency of the company will remain within the desired range. The methods for managing investment and balance sheet risks were steadily developed during 2015. In addition to supporting the daily risk management, the process of developing the methods supports the preparations of the company for the upcoming Solvency II regulations. When making investments, diversification benefits are sought via both qualitative and quantitative methods. Every prospective investment is analysed carefully before a decision to invest is made. Particular attention is paid to determining whether the investment is suitable for the investment portfolio of the company in terms of the entire portfolio, capital structure and corporate strategy. The company maintained the level of risk of its investment portfolio at a moderate level in 2015. At the end of 2015, the investment portfolio without assets covering technical provisions of the unit-linked insurance portfolio was EUR 3,089 (3,410) million, of which 7.4 (6.0) per cent was invested in equities and equity-related instruments, 63.3 (68.2) per cent in fixed income investments, 9.1 (16.6) per cent in alternative investments, 8.0 (9.2) per cent in direct and indirect real estate and 12.2 per cent in cash. The equivalent figure for the end of 2014 is given in parentheses. 1 The size of the investment portfolio has decreased because the company is no longer actively selling new insurance policies with fixed calculated interest rate. The most significant operational risks to Nordea Life Assurance Finland Ltd are defined in the unit-specific risk matrix of the risk management plan. The matrix assesses the likelihood and economic impact of risk actualisation. Among others, an emergency plan, a continuation plan, an IT recovery plan, instructions for security, travel and authorisation, guidelines preventing money laundering and the funding of terrorism, are attached to the plan. The company crisis team participates in an annual drill, which is used to test the emergency and disaster plan and the business continuity plan. Any discrepancies or development needs are updated in the respective plan. The self-assessment of the Nordea Group concerning operational risks, internal controls and compliance with the policies is performed annually and the results of the assessment are used to develop operational risk management. A Quality and Risk Analysis (QRA) is conducted in connection with major changes in product development projects and operating processes. The QRA is used to identify and control operational risks associated with a new product or a coming change. In addition, the Product Approval procedures of the Nordea Group are applied to new products and changes made to existing products. In accordance with the policies of the Nordea Group, Incident Reporting is divided into events or deficiencies that incur large costs exceeding EUR 20,000 or result in other major consequences, or into smaller ones that exceed EUR 1,000 or result in other smaller consequences. The analysing of incidents is used to determine ways to avoid repetition of incidents, e.g. by revising processes or guidelines. 4. Management of operational risks The operational risks within the business of the company can be divided into internal and external risks, the effects of which the company repeatedly makes an effort to analyse and eliminate by organising its The compliance function of the company advises business on following external and internal regulations and independently identifies, assesses and reports on compliance risk. In the monthly and quarterly reports of the compliance function have also been described the significant incidents with compliance risk. 1 The equivalent figures do not include cash. 49

ADMINISTRATION AND AUDITORS OF NORDEA LIFE ASSURANCE FINLAND LTD The Board of Directors of the company consists of the following three members: Head of Life and Pensions, Nils Bolmstrand, Chairman from 22.12.2015 onwards; Jussi Mekkonen, Executive Vice President, Vice- Chairman of the Board; and Johan Nystedt, Chief Financial Officer of Life and Pensions During the operating year, the Board of Directors has included: Head of Life and Pensions Snorre Storset, Chairman until 22.12.2015. The Managing Director of the company is Pekka Luukkanen, M.Sc. The Chief Actuary of the company is Sari Martikainen, M.Sc, actuary approved by the Ministry of Social Affairs and Health The auditor of the company is APA Martin Grandell and PricewaterhouseCoopers Oy, with APA Juha Wahlroos acting as the principal auditor. The Annual General Meeting was held on 9 April 2015. THE PROPOSAL OF THE BOARD OF DIRECTORS FOR DISTRIBUTION OF PROFIT The retained earnings of Nordea Life Assurance Finland Ltd, including the profit for the financial year of EUR 182,646,133.46, are EUR 464,325,524.89. The distributable equity capital of the Nordea Life Assurance Finland Ltd is EUR 465,625,524.89. The Board of Directors proposes that dividends of EUR 2,000.00 per share are distributed, resulting in EUR 300,000,000.00 and that EUR 182,646,133.46 are transferred to the retained earnings account. Signatures of Report of the Board of Directors and Annual Accounts Helsinki, 21 March 2016 Nils Bolmstrand Chairman of the Board of Directors Jussi Mekkonen Vice-Chairman of the Board of Directors Johan Nystedt Member of the Board of Directors Pekka Luukkanen Managing Director An auditor s report on the audit has been issued today. Helsinki, 1 April 2016 PricewaterhouseCoopers Oy Authorized Public Accountants Juha Wahlroos Authorized Public Accountant Martin Grandell Authorized Public Accountant 50

AUDITOR S REPORT TO THE ANNUAL GENERAL MEETING OF NORDEA LIFE ASSURANCE FINLAND LTD We have audited the accounting records, the financial statements, the report of the Board of Directors and the administration of Nordea Life Assurance Finland Ltd for the year ended 31 December, 2015. The financial statements comprise the consolidated balance sheet, income statement and cash flow statement and notes to the consolidated financial statements, as well as the parent company s balance sheet, income statement, cash flow statement and notes to the financial statements. RESPONSIBILITY OF THE BOARD OF DIRECTORS AND THE MANAGING DIRECTOR The Board of Directors and the Managing Director are responsible for the preparation of financial statements and report of the Board of Directors that give a true and fair view in accordance with the laws and regulations governing the preparation of the financial statements and the report of the Board of Directors in Finland. The Board of Directors is responsible for the appropriate arrangement of the control of the company s accounts and finances, and the Managing Director shall see to it that the accounts of the company are in compliance with the law and that its financial affairs have been arranged in a reliable manner. AUDITOR S RESPONSIBILITY Our responsibility is to express an opinion on the financial statements, on the consolidated financial statements and on the report of the Board of Directors based on our audit. The Auditing Act requires that we comply with the requirements of professional ethics. We conducted our audit in accordance with good auditing practice in Finland. Good auditing practice requires that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and the report of the Board of Directors are free from material misstatement, and whether the members of the Board of Directors of the parent company or the Managing Director are guilty of an act or negligence which may result in liability in damages towards the company or whether they have violated the Insurance Companies Act or the articles of association of the company. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements and the report of the Board of Directors. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation of financial statements and report of the Board of Directors that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements and the report of the Board of Directors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. OPINION In our opinion, the financial statements and the report of the Board of Directors give a true and fair view of both the consolidated and the parent company s financial performance and financial position in accordance with the laws and regulations governing the preparation of the financial statements and the report of the Board of Directors in Finland. The information in the report of the Board of Directors is consistent with the information in the financial statements. Helsinki 4 April 2016 PricewaterhouseCoopers Oy Authorised Public Accountants Juha Wahlroos Authorised Public Accountant Martin Grandell Authorised Public Accountant 51

DEFINITIONS FOR KEY FIGURES SOLVENCY MARGIN The fair value of the company s assets in excess of liabilities available for ensuring the continuity of the company s operations. MINIMUM SOLVENCY MARGIN The minimum requirement for the company s assets in excess of liabilities as specified in the legislation. This is the prerequisite for the continuity of the company s operations without specific control by the authorities. SOLVENCY CAPITAL The total solvency margin and equalization provision. SOLVENCY MARGIN RATIO The ratio of the company s solvency margin to the minimum solvency margin prescribed in the legislation. The ratio is 870.8 %, which means that the company s solvency margin is 8.708 times the minimum solvency margin prescribed in the legislation based on EU regulations. EQUALIZATION PROVISION The part of technical provisions required to fulfil the solvency requirements. The aim of the equalization provision is to ensure sufficient technical provisions in case of unfavourable fluctuations in factors affecting them. The controlling authority has prescribed minimum requirements and calculation regulations for the equalization provision. SOLVENCY CAPITAL AS A PERCENTAGE OF TECHNICAL PROVISIONS The ratio of the company s assets to its technical provisions. The ratio is 17.4 %, which means that the company has assets amounting to EUR 1.174 per each euro due to customers. The extra EUR 0.174 secures the insurance savings managed by the company and the continuity of the bonus level based on the company s bonus policy. OPERATING EXPENSES Operating expenses are expenses arising from the acquisition and management of insurances, general administration costs and reinsurance fees. Expenses related to claims are included in claims incurred and expenses related to investment expenses. OPERATING COST RATIO When calculating this ratio, expenses arising from claims settlements entered in claims incurred and depreciation on fixed assets are included in the operating expenses. Correspondingly, all loading items are included in loading income. 52