Finland: Pensions and Investment News and Analysis
Finland’s supplementary pension system is dominated by pension insurance companies Varma, Ilmarinen and Elo. Keva manages local government pensions and VER is in charge of state pensions. The pension insurance companies manage a financed component of the first pillar, so are not IORPs under EU law. The government has recently been pushing social partners to agree stabilise contribution levels to the workplace pension system. Pension insurers would prefer reforms to solvency rules to allow them greater leeway to invest in equities, which could in turn lower contribution rates.
Pension Funds in the Nordic Region - Country Report
Nordic Region Report 2024: Denmark’s government urges pension funds to support defence
Danish schemes embrace defence – as long as ESG criteria and international conventions are adhered to
TOP FINNISH PENSION FUNDS 2024
Pension fund/entity | Assets (€’000)
- Keva | 68,500,000
- Varma Mutual Pension Insurance Co. | 62,069,000
- Ilmarinen | 61,144,000
- Elo Mutual Pension Insurance Co. | 30,922,574
- Valtion Eläkerahasto (VER) | 23,324,000
©IPE Research; View the Top 1000 European Pensions Funds 2024 for a comprehensive market overview
TELA defends pension fund principles amid calls for home-turf investment
Risto Murto-chaired report on spurring growth in Finland gets country talking about investing in domestic businesses
Veritas optimistic about real estate prospects after second year of losses
Finnish pensions insurer posts 8.4% return for 2024, as customer numbers surge
Hedge fund gains help Varma to 10.2% in 2024; Elo, VER return 8.5%, 9.0%
Weak economic situation in Finland reflected in increasing credit losses due to customers, Elo reveals
Keva, Ilmarinen funding rates boosted by 10.4%, 8.6% returns
Strong solvency and improved efficiency directly seen by clients as lower prices, says Ilmarinen CEO
Finns working longer than targeted as partial pension gains ground
Upward trend in retirement age seen continuing, central pensions body says
TOP MANAGERS: NORDIC REGION INSTITUTIONAL ASSETS
Company | Assets (€m)
- SEB | 65,000*
- BlackRock | 61,541
- DNB Asset Management | 53,712**
- Nordea Asset Management | 52,442
- Storebrand Asset Management | 35,386***
- State Street Global Advisors | 29,768
- Nykredit Asset Management | 26,163
- Northern Trust Asset Management | 22,607
- Morgan Stanley Investment Management | 8,936*
- Amundi | 8,344
As at 30.9.3.23, *30.16.23, **15.11.23, ***10.6.22
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IPE BEST PENSION FUND IN THE NORDIC REGION AWARD WINNERS
Nordic Region
- 2023 - The Swedish Fund Selection Agency
Denmark
- 2022 - Industriens Pension
- 2021 - PensionDanmark
- 2020 - PensionDanmark
- 2019 - ATP | PensionDanmark
Norway
- 2022 - KLP
Sweden
- 2022 - Alecta pension insurance, mutual
- 2021 - Fjärde AP-fonden (AP4)
- 2020 - Fjärde AP-fonden (AP4)
- 2019 - Swedish Pensions Agency
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Notes from the Nordics: Finland on the frontier
Fear and uncertainty are rattling markets, but financial concerns are dwarfed by the human suffering caused by the war in Ukraine. In Finland, people have particular reason to worry due to the country’s long land border with Russia.
TELA defends pension fund principles amid calls for home-turf investment
Risto Murto-chaired report on spurring growth in Finland gets country talking about investing in domestic businesses
European pension funds react to the anti-ESG backlash
Despite political and market headwinds, European pension funds remain firmly committed to achieving net-zero and long-term climate goals
European pension funds, APK and Ilmarinen, stay loyal to emerging markets
Despite poor returns and rising geopolitical tensions, pension funds are maintaining some level of exposure to emerging markets – and even anticipate that opportunities will emerge
Veritas optimistic about real estate prospects after second year of losses
Finnish pensions insurer posts 8.4% return for 2024, as customer numbers surge
Hedge fund gains help Varma to 10.2% in 2024; Elo, VER return 8.5%, 9.0%
Weak economic situation in Finland reflected in increasing credit losses due to customers, Elo reveals
IPE Nordic Briefing: Sweden’s national pensions buffer funds to be trimmed down
Plus: ATp on guarantee-based business model; Norway’s SWF returns
Keva, Ilmarinen funding rates boosted by 10.4%, 8.6% returns
Strong solvency and improved efficiency directly seen by clients as lower prices, says Ilmarinen CEO
Finns working longer than targeted as partial pension gains ground
Upward trend in retirement age seen continuing, central pensions body says
European pension funds on investing in their home market: a delicate balance
Pension funds in Europe have been reducing their allocation to European assets, especially listed ones. While valuations may be attractive, there is little else to convince them to raise their investments in their home market
Finnish pensions reform seen widening equity allocations by 10 points
Ilmarinen and Varma say increased volatility is price worth paying for the higher return potential that newly agreed investment reforms allow
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