SlideShare a Scribd company logo
1 of 28
Download to read offline
Financial statements
1 January – 31 December 2023
Elo Mutual Pension Insurance Company
30.0
Key figures 31 December 2023
Financial statements 2023. The figures presented are preliminary and unaudited.
Investment assets
EUR billion
6.0
Return
%
5.4
10-year nominal return
%
121.3
Solvency ratio
%
1.5
Solvency position
4,5
Pensions and other
benefits paid
EUR billion
(28.2) (-3.7) (5.6)
(121.4) (1.5) (4.3)
Financial statements 2023. The figures presented are preliminary and unaudited.
493.200
Total number of self-employed
persons and employees insured
83.500
Number of YEL policyholders
Number of TyEL policyholders
46.400
249.800
We pay out pensions to
pensioners
(84.400)
(503.700) (248.000)
(47.000)
• Following the reform of the Self-Employed Workers' Pensions Act (YEL
Act), pension companies will review the earned income of YEL-insured
entrepreneurs every three years. The review ensures that the earned
income is up to date and that the entrepreneur’s livelihood is secured
during and after the entrepreneurial activity.
• We prepared for the reviews by implementing the YEL earned
income calculator, through training and by informing our
customers.
• We reviewed earned incomes from June to the end of the year. The
review of entrepreneurs’ earned income focused on YEL incomes of
less than EUR 15,000, which had not been changed for three years.
• Employment pension companies introduced a company-specific
employee pension insurance expense loading fee from the beginning
of 2023. Elo gives its customers a discount based on a long-term
customer relationship.
Reforms in insurance and pension
matters
Financial statements 2023. The figures presented are preliminary and unaudited.
Pensions paid increased by almost 10%. The biggest factor
underlying the growth was the index increase of 6.8%.
Financial statements 2023. The figures presented are preliminary and unaudited.
Pensions paid by pension type Pensions paid by pension type 2019-2023
Type of pension pcs. EUR million
Old-age pension 187,959 3,535.6
Disability pension 21,961 325.0
Survivors’ pension 29,649 241.1
Part-time pension 0 0.0
Partial early old-age pension 10,239 88.6
Years-of-service pension 22 0.7
Total 249,830 4,191.0
A decrease in the number of old-age pension decisions
Financial statements 2023. The figures presented are preliminary and unaudited.
Pension decisions by pension type
• We issued 29,052 pension decisions, which
was 8% less than the previous year.
• The number of old-age pension decisions
decreased by 21%, which was due to the
gradual rise in the lowest retirement age per
age group.
• The number of disability pension decisions is
increasing, and we issued up to 10% more
decisions than in the previous year.
1–12/2023 1–12/2022
Old-age pensions 7,541 9,505
Partial early old-age pensions 4,066 6,218
Disability pensions 12,923 11,765
Survivor's pensions 2,772 2,409
Decisions on rehabilitation 1,698 1,764
Career pensions 52 52
Total 29,052 31,713
The number of people retiring on disability pension
increased
Financial statements 2023. The figures presented are preliminary and unaudited.
New disability pension decisions
• The number of new disability pensions
increased by 4%.
• Disability pension decisions increased
especially among people over 60 years of
age, whose most common reason for the
pension was musculoskeletal disease.
• Disability pension decisions issued based on
mental health disorders increased in all age
groups and was the most common reason
for disability pension among young people.
76% stayed in employment and avoided going on
disability pension
Financial statements 2023. The figures presented are preliminary and unaudited.
Preliminary decisions on vocational rehabilitation
• The moderate downward trend in rehabilitation
decisions continued.
• Of the persons participating in Elo’s vocational
rehabilitation, 76% stayed in employment and
avoided going on disability pension.
• We spent EUR 1.9 million on supporting our
customer companies’ disability risk management
projects.
• A total of 2,808 representatives of our
customer companies attended our work ability
management webinars.
• More than 100 HR representatives of our
customer companies started Expert and Super
Expert training programmes on work ability
management.
Number of pension decisions by pension type
Financial statements 2023. The figures presented are preliminary and unaudited.
The total number of employees and self-employed persons
insured was almost 500,000
Financial statements 2023. The figures presented are preliminary and unaudited.
TyEL and YEL insurances TyEL insurance policyholders
• In 2022, TyEL insurance policies in which wages and salaries were not paid were terminated from the insurance portfolio.
• In 2019, the calculation of TyEL policyholders changed as the Incomes Register was introduced.
Premiums written amounted to EUR 4.4 billion
Financial statements 2023. The figures presented are preliminary and unaudited.
• Premiums written (including TyEL and YEL)
increased by 1.1%.
• Credit losses amounted to EUR 25.0 million
during the review period. In 2023, the amount
of credit losses increased compared to
previous years.
• The total TyEL payroll was approximately 2.0%
higher than in 2022.
• The increase in the total YEL earned income
was 3.7%.
• Elo revised the earned incomes of more
than 24,000 entrepreneurs during the year.
Premiums written 2019–2023
• We have enhanced our cost efficiency, and
we will refund EUR 10.4 million to our TyEL
customers as management fee refunds.
• Over the past five years, operating
expenses covered by loading profit have
decreased by 25%.
• Operating expenses decreased to EUR 74
million and were approximately 9% lower
than in 2022.
We will refund EUR 10.4 million to our customers
Financial statements 2023. The figures presented are preliminary and unaudited.
Operating expenses covered by loading profit
2019–2023
The total result was EUR 308 million
Financial statements 2023. The figures presented are preliminary and unaudited.
EUR million 2023 2022 2021 2020 2019
Total surplus 308.0 -1,381.1 1,616.5 0.7 1,229.9
Insurance business surplus 25.5 68.8 17.9 -8.0 -17.8
Investment surplus at fair values 267.8 -1,493.2 1,562.8 -30.0 1,207.0
Net investment income at fair values (+) 1,707.9 -1,078.6 3,621.3 900.9 2,915.7
Yield requirement on technical provision (-) -1,440.1 -414.6 -2,058.5 -930.9 -1,708.7
Loading profit 10.9 33.2 34.0 33.2 35.2
Other income 3.8 10.2 1.9 5.5 5.5
The solvency position remained at the previous year's
level and the solvency ratio was 121.3%
Financial statements 2023. The figures presented are preliminary and unaudited.
Solvency ratio and position
Summary of key figures
Financial statements 2023. The figures presented are preliminary and unaudited.
2023 2022 2021 2020 2019
Investment assets at fair value, EUR million 30,046.7 28,182.3 29,421.9 25,898.1 25,333.8
Net return from investment on capital employed, % 6.0 % -3.7 % 14.0 % 3.6 % 13.0 %
Average nominal return, over 10 years 5.4 % 5.6 % 6.9 % 6.9 % 6.9 %
Average nominal return, over 5 years 6.4 % 4.9 % 7.2 % 7.2 % 7.2 %
Premiums written, EUR million 4,397.5 4,348.3 4,035.9 3,615.6 3,968.5
Pensions and other benefits paid, EUR million 4,461.0 4,147.9 4,030.2 3,891.9 3,915.3
Technical provisions, EUR million 25,733.7 24,252.8 23,750.4 22,381.4 21,876.6
Number of TyEL insured 409,700 419,300 415,500 393,100 410,200
Number of TyEL policyholders 46,400 47,000 51,200 48,300 46,300
Number of YEL policyholders 83,500 84,400 84,500 83,600 83,300
Number of pensioners 249,800 248,000 242,100 239,800 237,100
Solvency capital, EUR million 5,426.2 5,109.0 6,573.4 5,055.4 5,081.8
Solvency position 1.5 1.5 1.6 1.6 1.6
Solvency ratio, % 121.3 % 121.4 % 128.1 % 123.7 % 124.4 %
• Our sustainability program was completed, and it is based on three focus areas: We insure responsibly, We Build a
Humane Work Life and We Invest in the Future.
• We underwent an EcoVadis assessment and received the Silver rating in recognition of our responsibility work. We
are in the top quarter of assessed companies.
• We updated the climate policy for
investments and interim targets
until 2030
• We worked on a biodiversity
roadmap for investments
• Elo’s total carbon footprint
(excluding investments) was
reduced by 9 % year-on-year
We provide lifelong security – Our actions for sustainability
ENVIRONMENT PEOPLE & SOCIETY GOOD GOVERNANCE
Financial statements 2023. The figures presented are preliminary and unaudited.
• We prepared human rights
principles
• We increased awareness of DEI
(diversity, equity, inclusion)
• We joined PRI Advance, a
stewardship initiative for human
rights and social issues, as an
endorser
• We updated our Code of Conduct
• We participated in more than
1,100 general meetings
• We prepared for the new
Corporate Sustainability Reporting
Directive by working on a
comparison between existing
reporting and standards and a
description of the value chain
• The growth outlook for the global economy is uncertain, due to purchasing power eroded by rapid
inflation and tight monetary policy, among other factors. Central banks are cautious in guiding the
expectations of the public and financial market.
• In the euro zone, economic growth is weak and unit labour costs are rising rapidly.
• In Finland, private consumption needs household confidence, and the long-term growth outlook is
crucial to investments.
• Elo’s year 2024 has started well. We will continue the efficient implementation of the employment
pension system, and we want, in line with the strategy, to increase market share in TyEL insurance and
maintain our position as the market leader in YEL insurance. We will continue to invest in the
development of work ability services and create added value for our customers by reducing work ability
related risks. According to the strategy, we ensure an adequate solvency in all market situations.
Outlook
Financial statements 2023. The figures presented are preliminary and unaudited.
Financial statements 2023. The figures presented are preliminary and
unaudited.
Investment overview
• The main themes of 2023 were the moderation of inflation and the differentiation of economic growth
between Europe, China and the United States. In early spring, the financial market was challenged by
the US banking sector’s liquidity concerns, and in autumn by the conflict in the Middle East.
• The moderation of inflationary developments and expectations of monetary policy easing supported
the development of returns, especially in the last quarter of the year.
• Elo performed well in a varied market environment. The return on investment rose to 6.0%, well above
Elo’s and the sector’s ten-year average nominal return.
• The returns on listed equity and fixed income investments were strong. Returns on real estate
investments were burdened by changes in fair value due to rising market interest rates.
Investments performed better than the sector’s 10-
year average nominal return
Financial statements 2023. The figures presented are preliminary and unaudited.
Investment assets exceeded EUR 30 billion
Financial statements 2023. The figures presented are preliminary and unaudited.
Asset allocation Investment assets
Listed equities provided good returns
Financial statements 2023. The figures presented are preliminary and unaudited.
Return on investments by asset class
Return on investments 6.0%
Financial statements 2023. The figures presented are preliminary and unaudited.
Return Volatility
EUR million % EUR million % % %
Fixed-income investments 8,642.3 28.8 9,607.2 32.0 6.7
Loans 546.3 1.8 546.3 1.8 6.9
Bonds 6,958.9 23.2 8,616.0 28.7 7.4 4.2
Public bonds 2,344.5 7.8 3,309.5 11.0 7.0
Other bonds 4,614.3 15.4 5,306.5 17.7 7.6
Other money market instruments and deposits
incl. any receivables and liabilities related to investments 1,137.1 3.8 444.9 1.5 3.3
Equities 14,855.5 49.4 14,982.9 49.9 8.6
Listed equities 9,114.4 30.3 9,241.9 30.8 12.4 13.9
Private equity investments 5,110.1 17.0 5,110.1 17.0 3.8
Unlisted equity investments 631.0 2.1 631.0 2.1 -1.2
Real estate 3,922.4 13.1 3,922.4 13.1 -2.4
Direct real estate investments 2,581.3 8.6 2,581.3 8.6 -1.9
Real estate funds and joint investment companies 1,341.1 4.5 1,341.1 4.5 -3.4
Other investments 2,626.5 8.7 2,626.5 8.7 4.4
Hedge fund investments 2,623.7 8.7 2,623.7 8.7 4.8 4.7
Commodity investments 0.0 0.0 0.0 0.0 -
Other investments 2.9 0.0 2.9 0.0 -
Total investments 30,046.7 100.0 31,139.1 103.6 6.0 4.4
Effect of derivatives -1,092.4 -3.6
Total 30,046.7 100.0 30,046.7 100.0
The return on foreign currency derivatives is estimated for asset classes in proportion to the average foreign currency-denominated assets during the reporting period.
The total return includes returns, expenses and operating expenses not allocated to investment classes. The modified duration of bonds is 4.9.
The open currency exposure is 26.9% of market value.
Actual risk position
Basic allocation by market value
Nearly one fourth of investments in Finland
Financial statements 2023. The figures presented are preliminary and unaudited.
Geographical distribution of investments Investments in Finland by asset class
and private equity
investments
Bond distributions
Financial statements 2023. The figures presented are preliminary and unaudited.
Bonds by credit rating Fixed income investments ditribution
Geographical distribution of bonds and listed equities
Financial statements 2023. The figures presented are preliminary and unaudited.
Bonds EUR 6 billion* Listed equities EUR 9 billion
*Unlisted investments not included
Positive fourth-quarter return of 3.3%
The return for 1 January–31 December 2023 was 6.0%
Financial statements 2023. The figures presented are preliminary and unaudited.
Ten-year return was 5.4% per annum
Financial statements 2023. The figures presented are preliminary and unaudited.
Investment returns Average return on investments over time
Cumulative ten-year return around 70%
Financial statements 2023. The figures presented are preliminary and unaudited.

More Related Content

Similar to Elo’s result 2023: Return on investment increased to 6 per cent and cost efficiency reached a record high level

Elo Interim Report 1 January–30 June 2020
Elo Interim Report 1 January–30 June 2020Elo Interim Report 1 January–30 June 2020
Elo Interim Report 1 January–30 June 2020Työeläkeyhtiö Elo
 
Elo Mutual Pension Insurance Company - Financial statements 2020
Elo Mutual Pension Insurance Company - Financial statements 2020Elo Mutual Pension Insurance Company - Financial statements 2020
Elo Mutual Pension Insurance Company - Financial statements 2020Työeläkeyhtiö Elo
 
Elo Interim Report 1 January–30 September 2020
Elo Interim Report 1 January–30 September 2020Elo Interim Report 1 January–30 September 2020
Elo Interim Report 1 January–30 September 2020Työeläkeyhtiö Elo
 
Financial report : unemployment insurance in 2012
Financial report : unemployment insurance in 2012Financial report : unemployment insurance in 2012
Financial report : unemployment insurance in 2012Unédic
 
Elo Mutual Insurance Company: Pension assets grew at a record pace – return E...
Elo Mutual Insurance Company: Pension assets grew at a record pace – return E...Elo Mutual Insurance Company: Pension assets grew at a record pace – return E...
Elo Mutual Insurance Company: Pension assets grew at a record pace – return E...Työeläkeyhtiö Elo
 
Financial report – unemployment insurance in 2013
Financial report – unemployment  insurance in 2013Financial report – unemployment  insurance in 2013
Financial report – unemployment insurance in 2013Unédic
 
Mansard insurance annual report 2007
Mansard insurance annual report 2007Mansard insurance annual report 2007
Mansard insurance annual report 2007Michael Olafusi
 
Morgan Stanley European Financials Conference March 2014
Morgan Stanley European Financials Conference March 2014Morgan Stanley European Financials Conference March 2014
Morgan Stanley European Financials Conference March 2014Aegon
 
Elo’s return on investment 1.9 per cent – burdened by uncertainty, the first...
Elo’s return on investment  1.9 per cent – burdened by uncertainty, the first...Elo’s return on investment  1.9 per cent – burdened by uncertainty, the first...
Elo’s return on investment 1.9 per cent – burdened by uncertainty, the first...Työeläkeyhtiö Elo
 
Varma’s half-year result 1 January–30 June 2022
Varma’s half-year result 1 January–30 June 2022Varma’s half-year result 1 January–30 June 2022
Varma’s half-year result 1 January–30 June 2022Työeläkeyhtiö Varma
 
Session 8 b presentation for german reinsurance paper
Session 8 b presentation for german reinsurance paperSession 8 b presentation for german reinsurance paper
Session 8 b presentation for german reinsurance paperIARIW 2014
 
Kloeckner & Co Analysts and Investor Presentation 3rd Quarter results 2014
Kloeckner & Co Analysts and Investor Presentation 3rd Quarter results 2014Kloeckner & Co Analysts and Investor Presentation 3rd Quarter results 2014
Kloeckner & Co Analysts and Investor Presentation 3rd Quarter results 2014Klöckner & Co SE
 
2015 AGM Presentation
2015 AGM Presentation2015 AGM Presentation
2015 AGM PresentationAegon
 

Similar to Elo’s result 2023: Return on investment increased to 6 per cent and cost efficiency reached a record high level (20)

Elo Interim Report 31 March 2020
Elo Interim Report 31 March 2020Elo Interim Report 31 March 2020
Elo Interim Report 31 March 2020
 
Interim report 1 January – 30 September 2023.pdf
Interim report 1 January – 30 September 2023.pdfInterim report 1 January – 30 September 2023.pdf
Interim report 1 January – 30 September 2023.pdf
 
Elo Interim Report 1 January–30 June 2020
Elo Interim Report 1 January–30 June 2020Elo Interim Report 1 January–30 June 2020
Elo Interim Report 1 January–30 June 2020
 
Elo Mutual Pension Insurance Company - Financial statements 2020
Elo Mutual Pension Insurance Company - Financial statements 2020Elo Mutual Pension Insurance Company - Financial statements 2020
Elo Mutual Pension Insurance Company - Financial statements 2020
 
Elo Interim Report 1 January–30 September 2020
Elo Interim Report 1 January–30 September 2020Elo Interim Report 1 January–30 September 2020
Elo Interim Report 1 January–30 September 2020
 
Financial report : unemployment insurance in 2012
Financial report : unemployment insurance in 2012Financial report : unemployment insurance in 2012
Financial report : unemployment insurance in 2012
 
Interim Report 1 January – 30 September 2022
Interim Report 1 January – 30 September 2022Interim Report 1 January – 30 September 2022
Interim Report 1 January – 30 September 2022
 
Elo Mutual Insurance Company: Pension assets grew at a record pace – return E...
Elo Mutual Insurance Company: Pension assets grew at a record pace – return E...Elo Mutual Insurance Company: Pension assets grew at a record pace – return E...
Elo Mutual Insurance Company: Pension assets grew at a record pace – return E...
 
Financial report – unemployment insurance in 2013
Financial report – unemployment  insurance in 2013Financial report – unemployment  insurance in 2013
Financial report – unemployment insurance in 2013
 
Elo - Financial Statement´s 2022
Elo - Financial Statement´s  2022Elo - Financial Statement´s  2022
Elo - Financial Statement´s 2022
 
Mansard insurance annual report 2007
Mansard insurance annual report 2007Mansard insurance annual report 2007
Mansard insurance annual report 2007
 
Morgan Stanley European Financials Conference March 2014
Morgan Stanley European Financials Conference March 2014Morgan Stanley European Financials Conference March 2014
Morgan Stanley European Financials Conference March 2014
 
Elo’s return on investment 1.9 per cent – burdened by uncertainty, the first...
Elo’s return on investment  1.9 per cent – burdened by uncertainty, the first...Elo’s return on investment  1.9 per cent – burdened by uncertainty, the first...
Elo’s return on investment 1.9 per cent – burdened by uncertainty, the first...
 
Financial statement presentation
Financial statement presentationFinancial statement presentation
Financial statement presentation
 
Interim report 1 January – 30 june 2022
Interim report 1 January – 30 june 2022Interim report 1 January – 30 june 2022
Interim report 1 January – 30 june 2022
 
Varma’s half-year result 1 January–30 June 2022
Varma’s half-year result 1 January–30 June 2022Varma’s half-year result 1 January–30 June 2022
Varma’s half-year result 1 January–30 June 2022
 
Interim report 1 January – 30 September 2020
Interim report 1 January – 30 September 2020Interim report 1 January – 30 September 2020
Interim report 1 January – 30 September 2020
 
Session 8 b presentation for german reinsurance paper
Session 8 b presentation for german reinsurance paperSession 8 b presentation for german reinsurance paper
Session 8 b presentation for german reinsurance paper
 
Kloeckner & Co Analysts and Investor Presentation 3rd Quarter results 2014
Kloeckner & Co Analysts and Investor Presentation 3rd Quarter results 2014Kloeckner & Co Analysts and Investor Presentation 3rd Quarter results 2014
Kloeckner & Co Analysts and Investor Presentation 3rd Quarter results 2014
 
2015 AGM Presentation
2015 AGM Presentation2015 AGM Presentation
2015 AGM Presentation
 

More from Työeläkeyhtiö Elo

Delårsrapport 1.1–31.3.2024 Ömsesidiga Arbetspensionsförsäkringsbolaget Elo
Delårsrapport 1.1–31.3.2024  Ömsesidiga Arbetspensionsförsäkringsbolaget EloDelårsrapport 1.1–31.3.2024  Ömsesidiga Arbetspensionsförsäkringsbolaget Elo
Delårsrapport 1.1–31.3.2024 Ömsesidiga Arbetspensionsförsäkringsbolaget EloTyöeläkeyhtiö Elo
 
Interimreport1 January–31 March2024 Elo Mutual Pension Insurance Company
Interimreport1 January–31 March2024 Elo Mutual Pension Insurance CompanyInterimreport1 January–31 March2024 Elo Mutual Pension Insurance Company
Interimreport1 January–31 March2024 Elo Mutual Pension Insurance CompanyTyöeläkeyhtiö Elo
 
Työeläkeyhtiö Elon osavuosikatsaus 1.1.–31.3.2024
Työeläkeyhtiö Elon osavuosikatsaus 1.1.–31.3.2024Työeläkeyhtiö Elon osavuosikatsaus 1.1.–31.3.2024
Työeläkeyhtiö Elon osavuosikatsaus 1.1.–31.3.2024Työeläkeyhtiö Elo
 
Elon tulos 2023: Sijoitustoiminnan tuotto nousi 6 prosenttiin ja kustannusteh...
Elon tulos 2023: Sijoitustoiminnan tuotto nousi 6 prosenttiin ja kustannusteh...Elon tulos 2023: Sijoitustoiminnan tuotto nousi 6 prosenttiin ja kustannusteh...
Elon tulos 2023: Sijoitustoiminnan tuotto nousi 6 prosenttiin ja kustannusteh...Työeläkeyhtiö Elo
 
Elos resultat 2023: placeringsintäkterna uppgick till 6 procent och kostnads...
Elos resultat 2023:  placeringsintäkterna uppgick till 6 procent och kostnads...Elos resultat 2023:  placeringsintäkterna uppgick till 6 procent och kostnads...
Elos resultat 2023: placeringsintäkterna uppgick till 6 procent och kostnads...Työeläkeyhtiö Elo
 
Elos delårsrapport 1.1–30.9.2023
Elos delårsrapport 1.1–30.9.2023Elos delårsrapport 1.1–30.9.2023
Elos delårsrapport 1.1–30.9.2023Työeläkeyhtiö Elo
 
Elon osavuosikatsaus 1.1. - 30.9.2023
Elon osavuosikatsaus 1.1. - 30.9.2023Elon osavuosikatsaus 1.1. - 30.9.2023
Elon osavuosikatsaus 1.1. - 30.9.2023Työeläkeyhtiö Elo
 
Työeläkeyhtiö Elon osavuosikatsaus 1.1.-30.6.2023
Työeläkeyhtiö Elon osavuosikatsaus 1.1.-30.6.2023Työeläkeyhtiö Elon osavuosikatsaus 1.1.-30.6.2023
Työeläkeyhtiö Elon osavuosikatsaus 1.1.-30.6.2023Työeläkeyhtiö Elo
 
Työeläkeyhtiö Elon osavuosikatsaus 1.1.-31.3.2023
Työeläkeyhtiö Elon osavuosikatsaus 1.1.-31.3.2023Työeläkeyhtiö Elon osavuosikatsaus 1.1.-31.3.2023
Työeläkeyhtiö Elon osavuosikatsaus 1.1.-31.3.2023Työeläkeyhtiö Elo
 
Työeläkeyhtiö Elon tilinäästös 2022
Työeläkeyhtiö Elon tilinäästös 2022Työeläkeyhtiö Elon tilinäästös 2022
Työeläkeyhtiö Elon tilinäästös 2022Työeläkeyhtiö Elo
 
Elos Delårsrapport 1.1. - 30.9.2022
Elos Delårsrapport 1.1. - 30.9.2022Elos Delårsrapport 1.1. - 30.9.2022
Elos Delårsrapport 1.1. - 30.9.2022Työeläkeyhtiö Elo
 
Elo: Delårsrapport 1.1–30.9.2022
Elo: Delårsrapport 1.1–30.9.2022Elo: Delårsrapport 1.1–30.9.2022
Elo: Delårsrapport 1.1–30.9.2022Työeläkeyhtiö Elo
 
Työeläkeyhtiö Elon osavuosikatsaus 1.1. - 30.9.2022
Työeläkeyhtiö Elon osavuosikatsaus 1.1. - 30.9.2022Työeläkeyhtiö Elon osavuosikatsaus 1.1. - 30.9.2022
Työeläkeyhtiö Elon osavuosikatsaus 1.1. - 30.9.2022Työeläkeyhtiö Elo
 
Elo: Delårsrapport 1.1.-30.6.2022
Elo: Delårsrapport 1.1.-30.6.2022Elo: Delårsrapport 1.1.-30.6.2022
Elo: Delårsrapport 1.1.-30.6.2022Työeläkeyhtiö Elo
 
Työeläkeyhtiö Elo: osavuosikatsaus 1.1. - 30.6.2022
Työeläkeyhtiö Elo: osavuosikatsaus 1.1. - 30.6.2022Työeläkeyhtiö Elo: osavuosikatsaus 1.1. - 30.6.2022
Työeläkeyhtiö Elo: osavuosikatsaus 1.1. - 30.6.2022Työeläkeyhtiö Elo
 
Elos placeringsavkastning var -1,9 procent – osäkerheten i början av året try...
Elos placeringsavkastning var -1,9 procent – osäkerheten i början av året try...Elos placeringsavkastning var -1,9 procent – osäkerheten i början av året try...
Elos placeringsavkastning var -1,9 procent – osäkerheten i början av året try...Työeläkeyhtiö Elo
 
Työeläkeyhtiö Elon sijoitustuotto –1,9 prosenttia - epävarmuuden varjostama a...
Työeläkeyhtiö Elon sijoitustuotto –1,9 prosenttia - epävarmuuden varjostama a...Työeläkeyhtiö Elon sijoitustuotto –1,9 prosenttia - epävarmuuden varjostama a...
Työeläkeyhtiö Elon sijoitustuotto –1,9 prosenttia - epävarmuuden varjostama a...Työeläkeyhtiö Elo
 

More from Työeläkeyhtiö Elo (20)

Delårsrapport 1.1–31.3.2024 Ömsesidiga Arbetspensionsförsäkringsbolaget Elo
Delårsrapport 1.1–31.3.2024  Ömsesidiga Arbetspensionsförsäkringsbolaget EloDelårsrapport 1.1–31.3.2024  Ömsesidiga Arbetspensionsförsäkringsbolaget Elo
Delårsrapport 1.1–31.3.2024 Ömsesidiga Arbetspensionsförsäkringsbolaget Elo
 
Interimreport1 January–31 March2024 Elo Mutual Pension Insurance Company
Interimreport1 January–31 March2024 Elo Mutual Pension Insurance CompanyInterimreport1 January–31 March2024 Elo Mutual Pension Insurance Company
Interimreport1 January–31 March2024 Elo Mutual Pension Insurance Company
 
Työeläkeyhtiö Elon osavuosikatsaus 1.1.–31.3.2024
Työeläkeyhtiö Elon osavuosikatsaus 1.1.–31.3.2024Työeläkeyhtiö Elon osavuosikatsaus 1.1.–31.3.2024
Työeläkeyhtiö Elon osavuosikatsaus 1.1.–31.3.2024
 
Elon tulos 2023: Sijoitustoiminnan tuotto nousi 6 prosenttiin ja kustannusteh...
Elon tulos 2023: Sijoitustoiminnan tuotto nousi 6 prosenttiin ja kustannusteh...Elon tulos 2023: Sijoitustoiminnan tuotto nousi 6 prosenttiin ja kustannusteh...
Elon tulos 2023: Sijoitustoiminnan tuotto nousi 6 prosenttiin ja kustannusteh...
 
Elos resultat 2023: placeringsintäkterna uppgick till 6 procent och kostnads...
Elos resultat 2023:  placeringsintäkterna uppgick till 6 procent och kostnads...Elos resultat 2023:  placeringsintäkterna uppgick till 6 procent och kostnads...
Elos resultat 2023: placeringsintäkterna uppgick till 6 procent och kostnads...
 
Elos delårsrapport 1.1–30.9.2023
Elos delårsrapport 1.1–30.9.2023Elos delårsrapport 1.1–30.9.2023
Elos delårsrapport 1.1–30.9.2023
 
Elon osavuosikatsaus 1.1. - 30.9.2023
Elon osavuosikatsaus 1.1. - 30.9.2023Elon osavuosikatsaus 1.1. - 30.9.2023
Elon osavuosikatsaus 1.1. - 30.9.2023
 
Delårsrapport 1.1–30.6.2023
Delårsrapport 1.1–30.6.2023Delårsrapport 1.1–30.6.2023
Delårsrapport 1.1–30.6.2023
 
Työeläkeyhtiö Elon osavuosikatsaus 1.1.-30.6.2023
Työeläkeyhtiö Elon osavuosikatsaus 1.1.-30.6.2023Työeläkeyhtiö Elon osavuosikatsaus 1.1.-30.6.2023
Työeläkeyhtiö Elon osavuosikatsaus 1.1.-30.6.2023
 
Delårsrapport 1.1–31.3.2023
Delårsrapport 1.1–31.3.2023Delårsrapport 1.1–31.3.2023
Delårsrapport 1.1–31.3.2023
 
Työeläkeyhtiö Elon osavuosikatsaus 1.1.-31.3.2023
Työeläkeyhtiö Elon osavuosikatsaus 1.1.-31.3.2023Työeläkeyhtiö Elon osavuosikatsaus 1.1.-31.3.2023
Työeläkeyhtiö Elon osavuosikatsaus 1.1.-31.3.2023
 
Elo - Bokslut 2022
Elo - Bokslut 2022Elo - Bokslut 2022
Elo - Bokslut 2022
 
Työeläkeyhtiö Elon tilinäästös 2022
Työeläkeyhtiö Elon tilinäästös 2022Työeläkeyhtiö Elon tilinäästös 2022
Työeläkeyhtiö Elon tilinäästös 2022
 
Elos Delårsrapport 1.1. - 30.9.2022
Elos Delårsrapport 1.1. - 30.9.2022Elos Delårsrapport 1.1. - 30.9.2022
Elos Delårsrapport 1.1. - 30.9.2022
 
Elo: Delårsrapport 1.1–30.9.2022
Elo: Delårsrapport 1.1–30.9.2022Elo: Delårsrapport 1.1–30.9.2022
Elo: Delårsrapport 1.1–30.9.2022
 
Työeläkeyhtiö Elon osavuosikatsaus 1.1. - 30.9.2022
Työeläkeyhtiö Elon osavuosikatsaus 1.1. - 30.9.2022Työeläkeyhtiö Elon osavuosikatsaus 1.1. - 30.9.2022
Työeläkeyhtiö Elon osavuosikatsaus 1.1. - 30.9.2022
 
Elo: Delårsrapport 1.1.-30.6.2022
Elo: Delårsrapport 1.1.-30.6.2022Elo: Delårsrapport 1.1.-30.6.2022
Elo: Delårsrapport 1.1.-30.6.2022
 
Työeläkeyhtiö Elo: osavuosikatsaus 1.1. - 30.6.2022
Työeläkeyhtiö Elo: osavuosikatsaus 1.1. - 30.6.2022Työeläkeyhtiö Elo: osavuosikatsaus 1.1. - 30.6.2022
Työeläkeyhtiö Elo: osavuosikatsaus 1.1. - 30.6.2022
 
Elos placeringsavkastning var -1,9 procent – osäkerheten i början av året try...
Elos placeringsavkastning var -1,9 procent – osäkerheten i början av året try...Elos placeringsavkastning var -1,9 procent – osäkerheten i början av året try...
Elos placeringsavkastning var -1,9 procent – osäkerheten i början av året try...
 
Työeläkeyhtiö Elon sijoitustuotto –1,9 prosenttia - epävarmuuden varjostama a...
Työeläkeyhtiö Elon sijoitustuotto –1,9 prosenttia - epävarmuuden varjostama a...Työeläkeyhtiö Elon sijoitustuotto –1,9 prosenttia - epävarmuuden varjostama a...
Työeläkeyhtiö Elon sijoitustuotto –1,9 prosenttia - epävarmuuden varjostama a...
 

Recently uploaded

(办理学位证)加拿大萨省大学毕业证成绩单原版一比一
(办理学位证)加拿大萨省大学毕业证成绩单原版一比一(办理学位证)加拿大萨省大学毕业证成绩单原版一比一
(办理学位证)加拿大萨省大学毕业证成绩单原版一比一S SDS
 
project management information system lecture notes
project management information system lecture notesproject management information system lecture notes
project management information system lecture notesongomchris
 
2024 Q1 Crypto Industry Report | CoinGecko
2024 Q1 Crypto Industry Report | CoinGecko2024 Q1 Crypto Industry Report | CoinGecko
2024 Q1 Crypto Industry Report | CoinGeckoCoinGecko
 
House of Commons ; CDC schemes overview document
House of Commons ; CDC schemes overview documentHouse of Commons ; CDC schemes overview document
House of Commons ; CDC schemes overview documentHenry Tapper
 
government_intervention_in_business_ownership[1].pdf
government_intervention_in_business_ownership[1].pdfgovernment_intervention_in_business_ownership[1].pdf
government_intervention_in_business_ownership[1].pdfshaunmashale756
 
(办理原版一样)QUT毕业证昆士兰科技大学毕业证学位证留信学历认证成绩单补办
(办理原版一样)QUT毕业证昆士兰科技大学毕业证学位证留信学历认证成绩单补办(办理原版一样)QUT毕业证昆士兰科技大学毕业证学位证留信学历认证成绩单补办
(办理原版一样)QUT毕业证昆士兰科技大学毕业证学位证留信学历认证成绩单补办fqiuho152
 
BPPG response - Options for Defined Benefit schemes - 19Apr24.pdf
BPPG response - Options for Defined Benefit schemes - 19Apr24.pdfBPPG response - Options for Defined Benefit schemes - 19Apr24.pdf
BPPG response - Options for Defined Benefit schemes - 19Apr24.pdfHenry Tapper
 
NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...
NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...
NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...Amil baba
 
Managing Finances in a Small Business (yes).pdf
Managing Finances  in a Small Business (yes).pdfManaging Finances  in a Small Business (yes).pdf
Managing Finances in a Small Business (yes).pdfmar yame
 
《加拿大本地办假证-寻找办理Dalhousie毕业证和达尔豪斯大学毕业证书的中介代理》
《加拿大本地办假证-寻找办理Dalhousie毕业证和达尔豪斯大学毕业证书的中介代理》《加拿大本地办假证-寻找办理Dalhousie毕业证和达尔豪斯大学毕业证书的中介代理》
《加拿大本地办假证-寻找办理Dalhousie毕业证和达尔豪斯大学毕业证书的中介代理》rnrncn29
 
(中央兰开夏大学毕业证学位证成绩单-案例)
(中央兰开夏大学毕业证学位证成绩单-案例)(中央兰开夏大学毕业证学位证成绩单-案例)
(中央兰开夏大学毕业证学位证成绩单-案例)twfkn8xj
 
AnyConv.com__FSS Advance Retail & Distribution - 15.06.17.ppt
AnyConv.com__FSS Advance Retail & Distribution - 15.06.17.pptAnyConv.com__FSS Advance Retail & Distribution - 15.06.17.ppt
AnyConv.com__FSS Advance Retail & Distribution - 15.06.17.pptPriyankaSharma89719
 
Economics, Commerce and Trade Management: An International Journal (ECTIJ)
Economics, Commerce and Trade Management: An International Journal (ECTIJ)Economics, Commerce and Trade Management: An International Journal (ECTIJ)
Economics, Commerce and Trade Management: An International Journal (ECTIJ)ECTIJ
 
原版1:1复刻温哥华岛大学毕业证Vancouver毕业证留信学历认证
原版1:1复刻温哥华岛大学毕业证Vancouver毕业证留信学历认证原版1:1复刻温哥华岛大学毕业证Vancouver毕业证留信学历认证
原版1:1复刻温哥华岛大学毕业证Vancouver毕业证留信学历认证rjrjkk
 
The Inspirational Story of Julio Herrera Velutini - Global Finance Leader
The Inspirational Story of Julio Herrera Velutini - Global Finance LeaderThe Inspirational Story of Julio Herrera Velutini - Global Finance Leader
The Inspirational Story of Julio Herrera Velutini - Global Finance LeaderArianna Varetto
 
PMFBY , Pradhan Mantri Fasal bima yojna
PMFBY , Pradhan Mantri  Fasal bima yojnaPMFBY , Pradhan Mantri  Fasal bima yojna
PMFBY , Pradhan Mantri Fasal bima yojnaDharmendra Kumar
 
Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...
Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...
Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...amilabibi1
 
The Triple Threat | Article on Global Resession | Harsh Kumar
The Triple Threat | Article on Global Resession | Harsh KumarThe Triple Threat | Article on Global Resession | Harsh Kumar
The Triple Threat | Article on Global Resession | Harsh KumarHarsh Kumar
 
原版1:1复刻堪萨斯大学毕业证KU毕业证留信学历认证
原版1:1复刻堪萨斯大学毕业证KU毕业证留信学历认证原版1:1复刻堪萨斯大学毕业证KU毕业证留信学历认证
原版1:1复刻堪萨斯大学毕业证KU毕业证留信学历认证jdkhjh
 

Recently uploaded (20)

(办理学位证)加拿大萨省大学毕业证成绩单原版一比一
(办理学位证)加拿大萨省大学毕业证成绩单原版一比一(办理学位证)加拿大萨省大学毕业证成绩单原版一比一
(办理学位证)加拿大萨省大学毕业证成绩单原版一比一
 
project management information system lecture notes
project management information system lecture notesproject management information system lecture notes
project management information system lecture notes
 
2024 Q1 Crypto Industry Report | CoinGecko
2024 Q1 Crypto Industry Report | CoinGecko2024 Q1 Crypto Industry Report | CoinGecko
2024 Q1 Crypto Industry Report | CoinGecko
 
Monthly Economic Monitoring of Ukraine No 231, April 2024
Monthly Economic Monitoring of Ukraine No 231, April 2024Monthly Economic Monitoring of Ukraine No 231, April 2024
Monthly Economic Monitoring of Ukraine No 231, April 2024
 
House of Commons ; CDC schemes overview document
House of Commons ; CDC schemes overview documentHouse of Commons ; CDC schemes overview document
House of Commons ; CDC schemes overview document
 
government_intervention_in_business_ownership[1].pdf
government_intervention_in_business_ownership[1].pdfgovernment_intervention_in_business_ownership[1].pdf
government_intervention_in_business_ownership[1].pdf
 
(办理原版一样)QUT毕业证昆士兰科技大学毕业证学位证留信学历认证成绩单补办
(办理原版一样)QUT毕业证昆士兰科技大学毕业证学位证留信学历认证成绩单补办(办理原版一样)QUT毕业证昆士兰科技大学毕业证学位证留信学历认证成绩单补办
(办理原版一样)QUT毕业证昆士兰科技大学毕业证学位证留信学历认证成绩单补办
 
BPPG response - Options for Defined Benefit schemes - 19Apr24.pdf
BPPG response - Options for Defined Benefit schemes - 19Apr24.pdfBPPG response - Options for Defined Benefit schemes - 19Apr24.pdf
BPPG response - Options for Defined Benefit schemes - 19Apr24.pdf
 
NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...
NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...
NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...
 
Managing Finances in a Small Business (yes).pdf
Managing Finances  in a Small Business (yes).pdfManaging Finances  in a Small Business (yes).pdf
Managing Finances in a Small Business (yes).pdf
 
《加拿大本地办假证-寻找办理Dalhousie毕业证和达尔豪斯大学毕业证书的中介代理》
《加拿大本地办假证-寻找办理Dalhousie毕业证和达尔豪斯大学毕业证书的中介代理》《加拿大本地办假证-寻找办理Dalhousie毕业证和达尔豪斯大学毕业证书的中介代理》
《加拿大本地办假证-寻找办理Dalhousie毕业证和达尔豪斯大学毕业证书的中介代理》
 
(中央兰开夏大学毕业证学位证成绩单-案例)
(中央兰开夏大学毕业证学位证成绩单-案例)(中央兰开夏大学毕业证学位证成绩单-案例)
(中央兰开夏大学毕业证学位证成绩单-案例)
 
AnyConv.com__FSS Advance Retail & Distribution - 15.06.17.ppt
AnyConv.com__FSS Advance Retail & Distribution - 15.06.17.pptAnyConv.com__FSS Advance Retail & Distribution - 15.06.17.ppt
AnyConv.com__FSS Advance Retail & Distribution - 15.06.17.ppt
 
Economics, Commerce and Trade Management: An International Journal (ECTIJ)
Economics, Commerce and Trade Management: An International Journal (ECTIJ)Economics, Commerce and Trade Management: An International Journal (ECTIJ)
Economics, Commerce and Trade Management: An International Journal (ECTIJ)
 
原版1:1复刻温哥华岛大学毕业证Vancouver毕业证留信学历认证
原版1:1复刻温哥华岛大学毕业证Vancouver毕业证留信学历认证原版1:1复刻温哥华岛大学毕业证Vancouver毕业证留信学历认证
原版1:1复刻温哥华岛大学毕业证Vancouver毕业证留信学历认证
 
The Inspirational Story of Julio Herrera Velutini - Global Finance Leader
The Inspirational Story of Julio Herrera Velutini - Global Finance LeaderThe Inspirational Story of Julio Herrera Velutini - Global Finance Leader
The Inspirational Story of Julio Herrera Velutini - Global Finance Leader
 
PMFBY , Pradhan Mantri Fasal bima yojna
PMFBY , Pradhan Mantri  Fasal bima yojnaPMFBY , Pradhan Mantri  Fasal bima yojna
PMFBY , Pradhan Mantri Fasal bima yojna
 
Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...
Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...
Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...
 
The Triple Threat | Article on Global Resession | Harsh Kumar
The Triple Threat | Article on Global Resession | Harsh KumarThe Triple Threat | Article on Global Resession | Harsh Kumar
The Triple Threat | Article on Global Resession | Harsh Kumar
 
原版1:1复刻堪萨斯大学毕业证KU毕业证留信学历认证
原版1:1复刻堪萨斯大学毕业证KU毕业证留信学历认证原版1:1复刻堪萨斯大学毕业证KU毕业证留信学历认证
原版1:1复刻堪萨斯大学毕业证KU毕业证留信学历认证
 

Elo’s result 2023: Return on investment increased to 6 per cent and cost efficiency reached a record high level

  • 1. Financial statements 1 January – 31 December 2023 Elo Mutual Pension Insurance Company
  • 2. 30.0 Key figures 31 December 2023 Financial statements 2023. The figures presented are preliminary and unaudited. Investment assets EUR billion 6.0 Return % 5.4 10-year nominal return % 121.3 Solvency ratio % 1.5 Solvency position 4,5 Pensions and other benefits paid EUR billion (28.2) (-3.7) (5.6) (121.4) (1.5) (4.3)
  • 3. Financial statements 2023. The figures presented are preliminary and unaudited. 493.200 Total number of self-employed persons and employees insured 83.500 Number of YEL policyholders Number of TyEL policyholders 46.400 249.800 We pay out pensions to pensioners (84.400) (503.700) (248.000) (47.000)
  • 4. • Following the reform of the Self-Employed Workers' Pensions Act (YEL Act), pension companies will review the earned income of YEL-insured entrepreneurs every three years. The review ensures that the earned income is up to date and that the entrepreneur’s livelihood is secured during and after the entrepreneurial activity. • We prepared for the reviews by implementing the YEL earned income calculator, through training and by informing our customers. • We reviewed earned incomes from June to the end of the year. The review of entrepreneurs’ earned income focused on YEL incomes of less than EUR 15,000, which had not been changed for three years. • Employment pension companies introduced a company-specific employee pension insurance expense loading fee from the beginning of 2023. Elo gives its customers a discount based on a long-term customer relationship. Reforms in insurance and pension matters Financial statements 2023. The figures presented are preliminary and unaudited.
  • 5. Pensions paid increased by almost 10%. The biggest factor underlying the growth was the index increase of 6.8%. Financial statements 2023. The figures presented are preliminary and unaudited. Pensions paid by pension type Pensions paid by pension type 2019-2023 Type of pension pcs. EUR million Old-age pension 187,959 3,535.6 Disability pension 21,961 325.0 Survivors’ pension 29,649 241.1 Part-time pension 0 0.0 Partial early old-age pension 10,239 88.6 Years-of-service pension 22 0.7 Total 249,830 4,191.0
  • 6. A decrease in the number of old-age pension decisions Financial statements 2023. The figures presented are preliminary and unaudited. Pension decisions by pension type • We issued 29,052 pension decisions, which was 8% less than the previous year. • The number of old-age pension decisions decreased by 21%, which was due to the gradual rise in the lowest retirement age per age group. • The number of disability pension decisions is increasing, and we issued up to 10% more decisions than in the previous year. 1–12/2023 1–12/2022 Old-age pensions 7,541 9,505 Partial early old-age pensions 4,066 6,218 Disability pensions 12,923 11,765 Survivor's pensions 2,772 2,409 Decisions on rehabilitation 1,698 1,764 Career pensions 52 52 Total 29,052 31,713
  • 7. The number of people retiring on disability pension increased Financial statements 2023. The figures presented are preliminary and unaudited. New disability pension decisions • The number of new disability pensions increased by 4%. • Disability pension decisions increased especially among people over 60 years of age, whose most common reason for the pension was musculoskeletal disease. • Disability pension decisions issued based on mental health disorders increased in all age groups and was the most common reason for disability pension among young people.
  • 8. 76% stayed in employment and avoided going on disability pension Financial statements 2023. The figures presented are preliminary and unaudited. Preliminary decisions on vocational rehabilitation • The moderate downward trend in rehabilitation decisions continued. • Of the persons participating in Elo’s vocational rehabilitation, 76% stayed in employment and avoided going on disability pension. • We spent EUR 1.9 million on supporting our customer companies’ disability risk management projects. • A total of 2,808 representatives of our customer companies attended our work ability management webinars. • More than 100 HR representatives of our customer companies started Expert and Super Expert training programmes on work ability management.
  • 9. Number of pension decisions by pension type Financial statements 2023. The figures presented are preliminary and unaudited.
  • 10. The total number of employees and self-employed persons insured was almost 500,000 Financial statements 2023. The figures presented are preliminary and unaudited. TyEL and YEL insurances TyEL insurance policyholders • In 2022, TyEL insurance policies in which wages and salaries were not paid were terminated from the insurance portfolio. • In 2019, the calculation of TyEL policyholders changed as the Incomes Register was introduced.
  • 11. Premiums written amounted to EUR 4.4 billion Financial statements 2023. The figures presented are preliminary and unaudited. • Premiums written (including TyEL and YEL) increased by 1.1%. • Credit losses amounted to EUR 25.0 million during the review period. In 2023, the amount of credit losses increased compared to previous years. • The total TyEL payroll was approximately 2.0% higher than in 2022. • The increase in the total YEL earned income was 3.7%. • Elo revised the earned incomes of more than 24,000 entrepreneurs during the year. Premiums written 2019–2023
  • 12. • We have enhanced our cost efficiency, and we will refund EUR 10.4 million to our TyEL customers as management fee refunds. • Over the past five years, operating expenses covered by loading profit have decreased by 25%. • Operating expenses decreased to EUR 74 million and were approximately 9% lower than in 2022. We will refund EUR 10.4 million to our customers Financial statements 2023. The figures presented are preliminary and unaudited. Operating expenses covered by loading profit 2019–2023
  • 13. The total result was EUR 308 million Financial statements 2023. The figures presented are preliminary and unaudited. EUR million 2023 2022 2021 2020 2019 Total surplus 308.0 -1,381.1 1,616.5 0.7 1,229.9 Insurance business surplus 25.5 68.8 17.9 -8.0 -17.8 Investment surplus at fair values 267.8 -1,493.2 1,562.8 -30.0 1,207.0 Net investment income at fair values (+) 1,707.9 -1,078.6 3,621.3 900.9 2,915.7 Yield requirement on technical provision (-) -1,440.1 -414.6 -2,058.5 -930.9 -1,708.7 Loading profit 10.9 33.2 34.0 33.2 35.2 Other income 3.8 10.2 1.9 5.5 5.5
  • 14. The solvency position remained at the previous year's level and the solvency ratio was 121.3% Financial statements 2023. The figures presented are preliminary and unaudited. Solvency ratio and position
  • 15. Summary of key figures Financial statements 2023. The figures presented are preliminary and unaudited. 2023 2022 2021 2020 2019 Investment assets at fair value, EUR million 30,046.7 28,182.3 29,421.9 25,898.1 25,333.8 Net return from investment on capital employed, % 6.0 % -3.7 % 14.0 % 3.6 % 13.0 % Average nominal return, over 10 years 5.4 % 5.6 % 6.9 % 6.9 % 6.9 % Average nominal return, over 5 years 6.4 % 4.9 % 7.2 % 7.2 % 7.2 % Premiums written, EUR million 4,397.5 4,348.3 4,035.9 3,615.6 3,968.5 Pensions and other benefits paid, EUR million 4,461.0 4,147.9 4,030.2 3,891.9 3,915.3 Technical provisions, EUR million 25,733.7 24,252.8 23,750.4 22,381.4 21,876.6 Number of TyEL insured 409,700 419,300 415,500 393,100 410,200 Number of TyEL policyholders 46,400 47,000 51,200 48,300 46,300 Number of YEL policyholders 83,500 84,400 84,500 83,600 83,300 Number of pensioners 249,800 248,000 242,100 239,800 237,100 Solvency capital, EUR million 5,426.2 5,109.0 6,573.4 5,055.4 5,081.8 Solvency position 1.5 1.5 1.6 1.6 1.6 Solvency ratio, % 121.3 % 121.4 % 128.1 % 123.7 % 124.4 %
  • 16. • Our sustainability program was completed, and it is based on three focus areas: We insure responsibly, We Build a Humane Work Life and We Invest in the Future. • We underwent an EcoVadis assessment and received the Silver rating in recognition of our responsibility work. We are in the top quarter of assessed companies. • We updated the climate policy for investments and interim targets until 2030 • We worked on a biodiversity roadmap for investments • Elo’s total carbon footprint (excluding investments) was reduced by 9 % year-on-year We provide lifelong security – Our actions for sustainability ENVIRONMENT PEOPLE & SOCIETY GOOD GOVERNANCE Financial statements 2023. The figures presented are preliminary and unaudited. • We prepared human rights principles • We increased awareness of DEI (diversity, equity, inclusion) • We joined PRI Advance, a stewardship initiative for human rights and social issues, as an endorser • We updated our Code of Conduct • We participated in more than 1,100 general meetings • We prepared for the new Corporate Sustainability Reporting Directive by working on a comparison between existing reporting and standards and a description of the value chain
  • 17. • The growth outlook for the global economy is uncertain, due to purchasing power eroded by rapid inflation and tight monetary policy, among other factors. Central banks are cautious in guiding the expectations of the public and financial market. • In the euro zone, economic growth is weak and unit labour costs are rising rapidly. • In Finland, private consumption needs household confidence, and the long-term growth outlook is crucial to investments. • Elo’s year 2024 has started well. We will continue the efficient implementation of the employment pension system, and we want, in line with the strategy, to increase market share in TyEL insurance and maintain our position as the market leader in YEL insurance. We will continue to invest in the development of work ability services and create added value for our customers by reducing work ability related risks. According to the strategy, we ensure an adequate solvency in all market situations. Outlook Financial statements 2023. The figures presented are preliminary and unaudited.
  • 18. Financial statements 2023. The figures presented are preliminary and unaudited. Investment overview
  • 19. • The main themes of 2023 were the moderation of inflation and the differentiation of economic growth between Europe, China and the United States. In early spring, the financial market was challenged by the US banking sector’s liquidity concerns, and in autumn by the conflict in the Middle East. • The moderation of inflationary developments and expectations of monetary policy easing supported the development of returns, especially in the last quarter of the year. • Elo performed well in a varied market environment. The return on investment rose to 6.0%, well above Elo’s and the sector’s ten-year average nominal return. • The returns on listed equity and fixed income investments were strong. Returns on real estate investments were burdened by changes in fair value due to rising market interest rates. Investments performed better than the sector’s 10- year average nominal return Financial statements 2023. The figures presented are preliminary and unaudited.
  • 20. Investment assets exceeded EUR 30 billion Financial statements 2023. The figures presented are preliminary and unaudited. Asset allocation Investment assets
  • 21. Listed equities provided good returns Financial statements 2023. The figures presented are preliminary and unaudited. Return on investments by asset class
  • 22. Return on investments 6.0% Financial statements 2023. The figures presented are preliminary and unaudited. Return Volatility EUR million % EUR million % % % Fixed-income investments 8,642.3 28.8 9,607.2 32.0 6.7 Loans 546.3 1.8 546.3 1.8 6.9 Bonds 6,958.9 23.2 8,616.0 28.7 7.4 4.2 Public bonds 2,344.5 7.8 3,309.5 11.0 7.0 Other bonds 4,614.3 15.4 5,306.5 17.7 7.6 Other money market instruments and deposits incl. any receivables and liabilities related to investments 1,137.1 3.8 444.9 1.5 3.3 Equities 14,855.5 49.4 14,982.9 49.9 8.6 Listed equities 9,114.4 30.3 9,241.9 30.8 12.4 13.9 Private equity investments 5,110.1 17.0 5,110.1 17.0 3.8 Unlisted equity investments 631.0 2.1 631.0 2.1 -1.2 Real estate 3,922.4 13.1 3,922.4 13.1 -2.4 Direct real estate investments 2,581.3 8.6 2,581.3 8.6 -1.9 Real estate funds and joint investment companies 1,341.1 4.5 1,341.1 4.5 -3.4 Other investments 2,626.5 8.7 2,626.5 8.7 4.4 Hedge fund investments 2,623.7 8.7 2,623.7 8.7 4.8 4.7 Commodity investments 0.0 0.0 0.0 0.0 - Other investments 2.9 0.0 2.9 0.0 - Total investments 30,046.7 100.0 31,139.1 103.6 6.0 4.4 Effect of derivatives -1,092.4 -3.6 Total 30,046.7 100.0 30,046.7 100.0 The return on foreign currency derivatives is estimated for asset classes in proportion to the average foreign currency-denominated assets during the reporting period. The total return includes returns, expenses and operating expenses not allocated to investment classes. The modified duration of bonds is 4.9. The open currency exposure is 26.9% of market value. Actual risk position Basic allocation by market value
  • 23. Nearly one fourth of investments in Finland Financial statements 2023. The figures presented are preliminary and unaudited. Geographical distribution of investments Investments in Finland by asset class and private equity investments
  • 24. Bond distributions Financial statements 2023. The figures presented are preliminary and unaudited. Bonds by credit rating Fixed income investments ditribution
  • 25. Geographical distribution of bonds and listed equities Financial statements 2023. The figures presented are preliminary and unaudited. Bonds EUR 6 billion* Listed equities EUR 9 billion *Unlisted investments not included
  • 26. Positive fourth-quarter return of 3.3% The return for 1 January–31 December 2023 was 6.0% Financial statements 2023. The figures presented are preliminary and unaudited.
  • 27. Ten-year return was 5.4% per annum Financial statements 2023. The figures presented are preliminary and unaudited. Investment returns Average return on investments over time
  • 28. Cumulative ten-year return around 70% Financial statements 2023. The figures presented are preliminary and unaudited.