Nordea provides comparative financial information following implementation of IFRS 17
Nordea Bank Abp
Stock exchange release – Other information disclosed according to the rules of the Exchange
28 March 2023 at 17.30 EET
Nordea has now implemented IFRS 17 Insurance contracts and today provides restated comparative results for the Nordea Group and its business areas.
Following the implementation of IFRS 17 Insurance contracts, Nordea has changed the measurement and presentation of insurance contracts in its financial statements as from 1 January 2023 and will report accordingly starting from the first quarter 2023 results, published on 27 April 2023.
In order to provide investors with comparative results Nordea is now providing restated financial information for 2022, including a new line item in the income statement called “Net insurance result”. Nordea’s restated 2022 quarterly and full-year income statements and business area results under IFRS 17 can be found attached and are also available at nordea.com/investors. The accounting policies covering insurance contracts, and the transition effects, are disclosed in Note G10.6 in the 2022 Annual Report.
As disclosed earlier, the quantitative impact at transition on 1 January 2022 was accounted for directly in equity (after tax) and reduced equity by EUR 573m and the Common Equity Tier 1 capital ratio by 23bp. The impact on return on equity was marginally positive.
For further information:
Matti Ahokas, Head of Investor Relations, +358 9 5300 8011
Media inquiries, +358 10 416 8023 or press@nordea.com
The information provided in this stock exchange release was submitted for publication, through the agency of the contacts set out above, at 17.30 EET on 28 March 2023.
We are a universal bank with a 200-year history of supporting and growing the Nordic economies – enabling dreams and aspirations for a greater good. Every day, we work to support our customers’ financial development, delivering best-in-class omnichannel customer experiences and driving sustainable change. The Nordea share is listed on the Nasdaq Helsinki, Nasdaq Copenhagen and Nasdaq Stockholm exchanges. Read more about us at nordea.com.
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