Auditors’ report

To the Annual General Meeting of Suomi Mutual Life Assurance Company

We have audited the accounting records, the financial statements, the report of the Board of Directors and the administration of Suomi Mutual Life Assurance Company for the period January 1, - December 31, 2006. The Board of Directors and the President have prepared the report of the Board of Directors and the financial statements, which include the consolidated and parent company income statements, balance sheets, cash flow statements and notes to the financial statements. Based on our audit we express an opinion on these financial statements, as well as on the report of the Board of Directors and on administration of the parent company.

PricewaterhouseCoopers Oy, Authorised Public Accountants, have been responsible for the supervisory audit, on which a separate report has been submitted.

We have conducted the audit in accordance with Finnish Standards on Auditing. Those standards require that we perform the audit to obtain reasonable assurance about whether the report of the Board of Directors and the financial statements are free of material misstatement. An audit includes examining on a test basis evidence supporting the amounts and disclosures in the report of the Board of Directors and in the financial statements, assessing the accounting principles used and significant estimates made by the management as well as evaluating the overall financial statement presentation. The purpose of our audit of administration is to examine whether the members of the Supervisory Board as well as Board of Directors and the President of the parent company have complied with the rules of the Insurance Companies' Act and the Companies' Act.

In our opinion the financial statements and the report of the Board of Directors have been prepared in accordance with the Accounting Act and other rules and regulations governing the preparation of financial statements and the report of the Board of Directors in Finland. The financial statements and the report of the Board of Directors give a true and fair view, as defined in the Accounting Act, of both the consolidated parent company's result of operations as well as of the financial position. The report of the Board of Directors is consistent with the financial statements. The financial statements with the consolidated financial statements can be adopted and the members of the Supervisory Board as well as the Board of Directors and the President of the parent company can be discharged from liability for the period audited by us. The proposal by the Board of Directors regarding the disposal of result for the period is in compliance with law.