Working together.
We are the proven no. 1 pension company in Finland – our customers have rated our service as the best in the field for 4 years in a row. *
* Taloustutkimus field-specific customer satisfaction survey 2017.
Carl Pettersson,
CEO
Key figures for 2017
The TyEL insurance portfolio strengthened slightly in 2017. Both the number of TyEL insurance policies and the TyEL payroll amount also increased. The number of YEL insurance policies decreased slightly. The premium income increased by 2.4 per cent to 520.9 million euro.
The number of pension recipients continued to grow. In 2017, Veritas paid pensions to 31,206 recipients.
In terms of the overall investments, 2017 was an extremely strong year with Veritas’ investments bringing an excellent return of 8.0 per cent. Our customers also gained benefit from the good result, which was reflected in an increase of 20 per cent in customer bonuses for a total of 8.6 million euro
2017 | 2016 | % | |
---|---|---|---|
Premiums written, EUR mill € | 520,9 | 508,9 | 2,4 |
Pension and other payments made, EUR mill 1) | 489,9 | 486,1 | 0,8 |
Net investment income at current value, EUR mill | 236,7 | 190,9 | |
ROCE, % | 8,0 | 6,6 | |
Total investments, EUR mill | 3 175,2 | 2 928,1 | |
Total profit, EUR mill | 107,9 | 79,0 | |
Operating expenses covered by expense loading components included in contributions EUR mill | 17,8 | 18,2 | |
Operating expenses as a percentage of loading profit 2) | 96,3 | 91,7 | |
Average number of personnel | 152 | 149 | |
Technical provisions, EUR mill | 2 730,1 | 2 493,4 | |
Solvency capital, EUR mill | 778,5 | 681,6 | |
Pension assets in relation to technical provisions 3) | 131,6 | 129,5 | |
Solvency capital in relation to solvency limits | 2,2 | 2,6 | |
Pension assets, EUR mill 4) | 3 241,9 | 2 984,0 | 8,6 |
Transferred to client bonuses, EUR mill | 8,6 | 7,1 | 20,4 |
% of Employees Pensions Act payroll incl. portion of co-insurance | 0,45 | 0,38 | |
Employees Pensions Act payroll, EUR mill | 1 708,8 | 1 692,5 | 1,0 |
Self-Employed Persons Pensions Act payroll, EUR mill | 241,7 | 252,5 | -4,3 |
Employees Pensions Act policies | 7 315 | 7 134 | 2,5 |
Insured under Employees Pensions Act | 54 960 | 56 503 | -2,7 |
Self-Employed Persons Pensions Act policies | 10 265 | 10 457 | -1,8 |
Pension recipients | 31 206 | 30 351 | 2,8 |
¹ Payments made and recorded in the income statement, without management charges and work capacity maintenance expenses.
² Expense loading ratios are not directly comparable. The expense loading component of the pension contribution was reduced at the start of 2017 by approximately 7 per cent in comparison to the previous year.
³ Pension assets in relation to technical provisions according to Section 11, Paragraph 10 of the Ministry of Social Affairs and Health’s decree governing pension institutions (614/2008).
⁴ Technical provisions (in accordance with Section 11, Paragraph 10 of the Ministry of Social Affairs and Health’s decree governing pension institutions, 614/2008) + solvency capital. Technical provisions + differences between current and book values in 2016.