Varma reported strong financial results for the first half of 2021. The key figures were:
- Return on investments was 10.4%, the best half-year result in Varma's history.
- Value of investments grew to €55.0 billion.
- Solvency capital reached a new record of €14.7 billion, 1.8 times the solvency limit.
- Listed equity investments performed well, with a return of 16.2% for the period.
The return on Varma’s investments was 13.5 per cent, i.e. EUR 6.7 billion, in January–September 2021. Private equity investments yielded nearly 40 per cent and hedge funds more than 11 per cent.
In 2020, the return on Varma’s investments was 2.8 (12.0) percent or EUR 1.4 billion. The value of investments grew to EUR 50.2 (48.7) billion at the end of 2020, the year of the coronavirus.
Elo Mutual Insurance Company Interim Report 30.6.2021Työeläkeyhtiö Elo
This interim report provides key figures and information for Elo Mutual Pension Insurance Company for the period of January 1 to June 30, 2021. Some of the key highlights include:
- Investment assets totaled 27.8 billion euros with a 10-year nominal return of 6.0%.
- Premiums written totaled 1.98 billion euros while pensions and other benefits paid totaled 2.01 billion euros.
- The solvency ratio was 126.6% and solvency capital increased to 5.96 billion euros.
- Investments generated a return of 7.8% for the period, with listed equities and private equity investments performing strongly.
Elo Mutual Insurance Company Interim Report 30.9.2021 presentationTyöeläkeyhtiö Elo
The interim report provides key financial information for Elo Mutual Pension Insurance Company for the period of January to September 2021. Some highlights include:
- Investment assets totaled €28.3 billion with a 9.4% return and 6.7% 10-year nominal return.
- Premiums written were €3 billion and pensions/benefits paid totaled €3 billion.
- Customer satisfaction improved with expanded online services and phone availability.
- The solvency ratio was 126.9% and solvency capital increased to €6.1 billion.
Elo Mutual Pension Insurance Company - Interim report 1 Januari - 31 March 2021Työeläkeyhtiö Elo
In January–March, the return on Elo’s investments was 3.9 (-9.5) per cent, or EUR 996.4 million. The market value of Elo’s investments at the end of March was EUR 26.8 billion. The solvency ratio was 125.0 per cent and solvency capital was 1.5 times the solvency limit.
Elo Mutual Insurance Company: Pension assets grew at a record pace – return E...Työeläkeyhtiö Elo
The global economy recovered strongly in 2021. Growth was stronger than it had been in decades. This was also reflected in Elo’s investment income. The return on Elo’s investments was 14.0% (3.6%). The market value of Elo’s investments was EUR 29.4 (25.9) billion at the end of 2021.
Welltower is a leading healthcare real estate company that owns and operates senior housing communities, post-acute care facilities, and outpatient medical properties. In the document, Welltower provides updates on its portfolio and financial position. Specifically, it discusses a decline in occupancy rates at its senior housing properties, recent property sales totaling $400 million, enhanced near-term liquidity of $4.3 billion, and debt reduction of $740 million since July 2020. Welltower also reviews its balanced debt maturity schedule and diverse access to capital to fund future growth.
The return on Varma’s investments was 13.5 per cent, i.e. EUR 6.7 billion, in January–September 2021. Private equity investments yielded nearly 40 per cent and hedge funds more than 11 per cent.
In 2020, the return on Varma’s investments was 2.8 (12.0) percent or EUR 1.4 billion. The value of investments grew to EUR 50.2 (48.7) billion at the end of 2020, the year of the coronavirus.
Elo Mutual Insurance Company Interim Report 30.6.2021Työeläkeyhtiö Elo
This interim report provides key figures and information for Elo Mutual Pension Insurance Company for the period of January 1 to June 30, 2021. Some of the key highlights include:
- Investment assets totaled 27.8 billion euros with a 10-year nominal return of 6.0%.
- Premiums written totaled 1.98 billion euros while pensions and other benefits paid totaled 2.01 billion euros.
- The solvency ratio was 126.6% and solvency capital increased to 5.96 billion euros.
- Investments generated a return of 7.8% for the period, with listed equities and private equity investments performing strongly.
Elo Mutual Insurance Company Interim Report 30.9.2021 presentationTyöeläkeyhtiö Elo
The interim report provides key financial information for Elo Mutual Pension Insurance Company for the period of January to September 2021. Some highlights include:
- Investment assets totaled €28.3 billion with a 9.4% return and 6.7% 10-year nominal return.
- Premiums written were €3 billion and pensions/benefits paid totaled €3 billion.
- Customer satisfaction improved with expanded online services and phone availability.
- The solvency ratio was 126.9% and solvency capital increased to €6.1 billion.
Elo Mutual Pension Insurance Company - Interim report 1 Januari - 31 March 2021Työeläkeyhtiö Elo
In January–March, the return on Elo’s investments was 3.9 (-9.5) per cent, or EUR 996.4 million. The market value of Elo’s investments at the end of March was EUR 26.8 billion. The solvency ratio was 125.0 per cent and solvency capital was 1.5 times the solvency limit.
Elo Mutual Insurance Company: Pension assets grew at a record pace – return E...Työeläkeyhtiö Elo
The global economy recovered strongly in 2021. Growth was stronger than it had been in decades. This was also reflected in Elo’s investment income. The return on Elo’s investments was 14.0% (3.6%). The market value of Elo’s investments was EUR 29.4 (25.9) billion at the end of 2021.
Welltower is a leading healthcare real estate company that owns and operates senior housing communities, post-acute care facilities, and outpatient medical properties. In the document, Welltower provides updates on its portfolio and financial position. Specifically, it discusses a decline in occupancy rates at its senior housing properties, recent property sales totaling $400 million, enhanced near-term liquidity of $4.3 billion, and debt reduction of $740 million since July 2020. Welltower also reviews its balanced debt maturity schedule and diverse access to capital to fund future growth.
Rahamuseon webinaari: Ilmastonmuutoksen vaikutus valtionlainoihin sijoituskoh...Finanssivalvonta
Rahamuseon webinaari 7.12.2021: Ilmastonmuutoksen vaikutus valtionlainoihin sijoituskohteena. Finanssivalvonnan johtavan riskiasiantuntijan Mikko Sinersalon esitysmateriaali webinaarissa 7.12.2021
Deputy Governor Marja Nykänen
Bank of Finland
Financial stability assessment: Coronavirus pandemic demonstrates the necessity of risk buffers
Bank of Finland Bulletin press conference 5 May 2020
www.eurojatalous.fi
Governor Olli Rehn: Recovery continues, overshadowed by COVID – monetary pol...Suomen Pankki
Governor Olli Rehn: Recovery continues, overshadowed by COVID – monetary policy under conflicting pressures, Bank of Finland Bulletin press conference 17 December 2021
The IMF approved an 18-month Stand-By Arrangement (SBA) for Ukraine, providing access of about US$5 billion. The SBA aims to help Ukraine address large financing needs stemming from the COVID-19 pandemic, which has significantly worsened Ukraine's economic outlook. Key objectives of the program include mitigating the economic impact of the crisis, ensuring monetary and exchange rate stability, safeguarding financial stability, and advancing governance reforms. The approval enables the immediate disbursement of US$2.1 billion, with the remainder phased over subsequent reviews contingent on implementation of policies focused on fiscal sustainability, central bank independence, and anti-corruption measures. However, risks to the program are large given uncertainty
Nordic interconnectedness and indebted households a risk to financial stabilitySuomen Pankki
The presentation by Marja Nykänen, a member of the Board of the Bank of Finland, on the press conference of the Bank of Finland Bulletin publication, May 10, 2017
Economic adjustment in the euro area and the experience of the BalticsLatvijas Banka
Presentation by Hans-Joachim Klöckers, Deputy Director General Economics, European Central Bank at the Bank of Latvia conference "Economic Adjustment under Sovereign Debt Crisis: Can Experience of the Baltics Be Applied to Others?"
Riga, November 2, 2012.
The document discusses upcoming changes to the Dutch pension system due to fiscal pressures and a low yield environment. The retirement entry age will increase to 67 in 2021 and be pegged to life expectancy going forward. Changes to tax advantages for pension savings will significantly lower accrual rates for occupational pensions. Current low yields have decreased pension fund funding levels, requiring emergency recovery plans that may include benefit cuts. The system is moving from a risk-based to a more regulated framework using an ultimate forward rate.
The 2012 Supplementary Appropriation Law No. 8 appropriates additional funds for Ekiti State of Nigeria for the 2012 fiscal year. It increases the total budget from 89.5 billion naira to 92.5 billion naira. The majority of additional expenditures are allocated to personnel costs, recurrent grants, and funds transferred to other sectors. Revenue sources are also adjusted, with increases mainly from VAT collections, IGR, and external grants. The law was passed by the Ekiti State House of Assembly and signed by the Governor of Ekiti State.
The document is a presentation from the Congressional Budget Office Director to the National Economists Club about the economic outlook and budget projections for fiscal years 2012 to 2022. It summarizes key economic indicators and their projections, compares the baseline budget projections to an alternative scenario, and breaks down mandatory spending, revenues, tax expenditures, and other components of the federal budget as shares of GDP.
Finland's Economic Policy Council published their annual report in January 29, 2020. In the report, the Council evaluates the government’s fiscal policy and its employment-promoting policies. As in the previous reports, in addition to fiscal policy, the Council concentrates on fiscal sustainability and on the connections between social security and employment.
Martin Ellison, professor of Economics at the University of Oxford and a member of Economic Policy Council, presented an overview of the report in the report launch seminar in Helsinki.
For more information, please see: https://www.talouspolitiikanarviointineuvosto.fi/en/home/
The Labor Government announced changes to superannuation rules for capital gains on assets held before July 1, 2014 in self-managed super funds (SMSFs). For SMSF assets acquired before this date, the choice will be available to apply capital gains against the entire gain or just the amount accrued from July 1, 2014. For assets acquired between April 5, 2013 and June 30, 2014, or after July 1, 2014, the entire capital gain will be included in the $100,000 threshold where earnings are exempt from tax for each individual in the pension phase.
In January–June, the return on Elo’s investments was −4.1 per cent (7.2 per cent). The market value of the investments was EUR 24.0 billion. In the second quarter, return on investments was positive at 5.9 per cent (1.9 per cent). The solvency ratio was 119.4 per cent and solvency capital was 1.4 times the solvency limit.
The Union Budget for 2012-13 projects India's fiscal deficit to be 5.1% of GDP based on expected increases in non-tax revenue and indirect taxes. The nominal GDP growth rate is projected to be 14%, implying inflation of around 6.5%. Key measures include an increase in the income tax exemption limit and hikes in excise and service tax rates, which may dampen growth. Over the medium term, the government aims to further reduce the fiscal deficit to 4.5% of GDP by 2014-15, but fiscal consolidation is expected to remain a challenge.
The return on Veritas’ investments was 3.3 per cent in the third quarter. The return for the entire year remains slightly negative at -1.1 per cent. The solvency ratio increased during the third quarter and was 124.3 per cent at the end of September.
In the first quarter of 2021, Varma recorded its best quarterly investment result ever. The return on Varma's investments was 6.0% or €3.0 billion, and the total value of investments grew to €52.9 billion. Solvency capital strengthened to €13.5 billion thanks to strong investment returns. The pandemic impacted different industries in Varma's client base differently, hindering operations especially in the restaurant and accommodation industries. Disability pension applications related to long-term effects of Covid-19 are expected to increase in the future.
The return on Varma’s investments in January–June was -4.3 (10.4) per cent. The value of investments was EUR 56.7 (59.0 on 1 Jan) billion at the end of June.
This document provides a summary of Varma's interim report for the period of January 1 to September 30, 2022. Some key points:
- The return on Varma's investments was -4.9% and the value of investments was €56.4 billion. Solvency capital remained strong at €14.2 billion.
- New disability pension applications for mental health reasons increased among young women but decreased among young men. Rehabilitation applications overall declined 11% compared to the same period in 2021.
- Varma joined the Science Based Targets initiative to set emissions reduction targets and was ranked first in a study on responsible investment transparency.
Varma Pension Insurance Company’s solvency remained strong in the first quarter of the year. Unlisted investments yielded positive returns, while the overall return was negative due to the fall in share prices during the first quarter.
Rahamuseon webinaari: Ilmastonmuutoksen vaikutus valtionlainoihin sijoituskoh...Finanssivalvonta
Rahamuseon webinaari 7.12.2021: Ilmastonmuutoksen vaikutus valtionlainoihin sijoituskohteena. Finanssivalvonnan johtavan riskiasiantuntijan Mikko Sinersalon esitysmateriaali webinaarissa 7.12.2021
Deputy Governor Marja Nykänen
Bank of Finland
Financial stability assessment: Coronavirus pandemic demonstrates the necessity of risk buffers
Bank of Finland Bulletin press conference 5 May 2020
www.eurojatalous.fi
Governor Olli Rehn: Recovery continues, overshadowed by COVID – monetary pol...Suomen Pankki
Governor Olli Rehn: Recovery continues, overshadowed by COVID – monetary policy under conflicting pressures, Bank of Finland Bulletin press conference 17 December 2021
The IMF approved an 18-month Stand-By Arrangement (SBA) for Ukraine, providing access of about US$5 billion. The SBA aims to help Ukraine address large financing needs stemming from the COVID-19 pandemic, which has significantly worsened Ukraine's economic outlook. Key objectives of the program include mitigating the economic impact of the crisis, ensuring monetary and exchange rate stability, safeguarding financial stability, and advancing governance reforms. The approval enables the immediate disbursement of US$2.1 billion, with the remainder phased over subsequent reviews contingent on implementation of policies focused on fiscal sustainability, central bank independence, and anti-corruption measures. However, risks to the program are large given uncertainty
Nordic interconnectedness and indebted households a risk to financial stabilitySuomen Pankki
The presentation by Marja Nykänen, a member of the Board of the Bank of Finland, on the press conference of the Bank of Finland Bulletin publication, May 10, 2017
Economic adjustment in the euro area and the experience of the BalticsLatvijas Banka
Presentation by Hans-Joachim Klöckers, Deputy Director General Economics, European Central Bank at the Bank of Latvia conference "Economic Adjustment under Sovereign Debt Crisis: Can Experience of the Baltics Be Applied to Others?"
Riga, November 2, 2012.
The document discusses upcoming changes to the Dutch pension system due to fiscal pressures and a low yield environment. The retirement entry age will increase to 67 in 2021 and be pegged to life expectancy going forward. Changes to tax advantages for pension savings will significantly lower accrual rates for occupational pensions. Current low yields have decreased pension fund funding levels, requiring emergency recovery plans that may include benefit cuts. The system is moving from a risk-based to a more regulated framework using an ultimate forward rate.
The 2012 Supplementary Appropriation Law No. 8 appropriates additional funds for Ekiti State of Nigeria for the 2012 fiscal year. It increases the total budget from 89.5 billion naira to 92.5 billion naira. The majority of additional expenditures are allocated to personnel costs, recurrent grants, and funds transferred to other sectors. Revenue sources are also adjusted, with increases mainly from VAT collections, IGR, and external grants. The law was passed by the Ekiti State House of Assembly and signed by the Governor of Ekiti State.
The document is a presentation from the Congressional Budget Office Director to the National Economists Club about the economic outlook and budget projections for fiscal years 2012 to 2022. It summarizes key economic indicators and their projections, compares the baseline budget projections to an alternative scenario, and breaks down mandatory spending, revenues, tax expenditures, and other components of the federal budget as shares of GDP.
Finland's Economic Policy Council published their annual report in January 29, 2020. In the report, the Council evaluates the government’s fiscal policy and its employment-promoting policies. As in the previous reports, in addition to fiscal policy, the Council concentrates on fiscal sustainability and on the connections between social security and employment.
Martin Ellison, professor of Economics at the University of Oxford and a member of Economic Policy Council, presented an overview of the report in the report launch seminar in Helsinki.
For more information, please see: https://www.talouspolitiikanarviointineuvosto.fi/en/home/
The Labor Government announced changes to superannuation rules for capital gains on assets held before July 1, 2014 in self-managed super funds (SMSFs). For SMSF assets acquired before this date, the choice will be available to apply capital gains against the entire gain or just the amount accrued from July 1, 2014. For assets acquired between April 5, 2013 and June 30, 2014, or after July 1, 2014, the entire capital gain will be included in the $100,000 threshold where earnings are exempt from tax for each individual in the pension phase.
In January–June, the return on Elo’s investments was −4.1 per cent (7.2 per cent). The market value of the investments was EUR 24.0 billion. In the second quarter, return on investments was positive at 5.9 per cent (1.9 per cent). The solvency ratio was 119.4 per cent and solvency capital was 1.4 times the solvency limit.
The Union Budget for 2012-13 projects India's fiscal deficit to be 5.1% of GDP based on expected increases in non-tax revenue and indirect taxes. The nominal GDP growth rate is projected to be 14%, implying inflation of around 6.5%. Key measures include an increase in the income tax exemption limit and hikes in excise and service tax rates, which may dampen growth. Over the medium term, the government aims to further reduce the fiscal deficit to 4.5% of GDP by 2014-15, but fiscal consolidation is expected to remain a challenge.
The return on Veritas’ investments was 3.3 per cent in the third quarter. The return for the entire year remains slightly negative at -1.1 per cent. The solvency ratio increased during the third quarter and was 124.3 per cent at the end of September.
In the first quarter of 2021, Varma recorded its best quarterly investment result ever. The return on Varma's investments was 6.0% or €3.0 billion, and the total value of investments grew to €52.9 billion. Solvency capital strengthened to €13.5 billion thanks to strong investment returns. The pandemic impacted different industries in Varma's client base differently, hindering operations especially in the restaurant and accommodation industries. Disability pension applications related to long-term effects of Covid-19 are expected to increase in the future.
The return on Varma’s investments in January–June was -4.3 (10.4) per cent. The value of investments was EUR 56.7 (59.0 on 1 Jan) billion at the end of June.
This document provides a summary of Varma's interim report for the period of January 1 to September 30, 2022. Some key points:
- The return on Varma's investments was -4.9% and the value of investments was €56.4 billion. Solvency capital remained strong at €14.2 billion.
- New disability pension applications for mental health reasons increased among young women but decreased among young men. Rehabilitation applications overall declined 11% compared to the same period in 2021.
- Varma joined the Science Based Targets initiative to set emissions reduction targets and was ranked first in a study on responsible investment transparency.
Varma Pension Insurance Company’s solvency remained strong in the first quarter of the year. Unlisted investments yielded positive returns, while the overall return was negative due to the fall in share prices during the first quarter.
In January–September, the return on Elo’s investments was –1.6 per cent (9.4 per cent). The market value of the investments was EUR 24.6 billion at the end of September. In the third quarter, return on investments was 2.6 per cent (2.0 per cent). The solvency ratio was 120.6 per cent and solvency capital was 1.4 times the solvency limit.
In 2021, the return on Varma Pension Insurance Company’s investments was 18.5 per cent or EUR 9.3 billion, the highest annual return ever in Varma’s history. The excellent investment returns also propelled Varma’s solvency capital and client bonuses to a record level.
Interimreport1 January–31 March2024 Elo Mutual Pension Insurance CompanyTyöeläkeyhtiö Elo
Elo’s investments generated good returns during the first quarter. Listed equities and hedge fund investments generated the highest returns. Equity market returns were supported by expectations of monetary policy easing and a significant strengthening of the profit growth expectations of technology companies. Elo’s solvency ratio increased and operating expenses decreased.
Varma released its 2019 financial statement reporting strong results. Key highlights include:
- Return on investments was 12% and the market value of investments rose to €48.7 billion.
- Premiums written increased to €5.3 billion and pensions paid totaled €5.9 billion.
- Solvency capital strengthened to €11.6 billion and the solvency ratio improved to 130.8%.
- Varma will distribute a record €171 million in client bonuses, reflecting its strong financial position and operational efficiency.
Financial report – unemployment insurance in 2013Unédic
The document is a financial report on unemployment insurance in France in 2013. It provides summaries of key events in 2013, including new regulatory measures, financial relations between Pôle Emploi and Unédic, and an increase in unemployment benefits. It also summarizes the balance sheet, profit and loss account, and cash flow statement. The report concludes with an outlook for 2014-2015, projecting a further rise in unemployment and deficit.
Elo Mutual Pension Insurance Company - Financial statements 2020Työeläkeyhtiö Elo
Elo’s financial statements 2020, unaudited and not approved by the Board of Directors: The market value of Elo’s investments was EUR 25.9 (25.3) billion at the end of 2020. The return on investments was 3.6 per cent (13.0 per cent). The solvency ratio was 123.7 (124.4) per cent and solvency capital was 1.6 (1.6) times the solvency limit.
The document provides an overview of macroeconomic, financial, business, environmental, regulatory, human capital, and technological trends relevant to Hera Group for the first half of 2020. Key points include:
- The global economy contracted in 2020 due to the Covid-19 pandemic, with the IMF projecting a -4.9% decline in global GDP.
- Eurozone GDP is projected to decline -10.2% in 2020. The ECB took measures to support the economy through bond purchases and interest rate cuts.
- Italy's GDP is forecast to decline -12.8% in 2020 due to the pandemic, though more optimistic projections see a -9.5% decline.
- Energy prices
This interim report from Elo Mutual Pension Insurance Company discusses the impacts of the COVID-19 pandemic on their business in the first quarter of 2020. It notes increases in pension applications and customer contacts during this period. Investments suffered losses due to market volatility caused by the pandemic. The report provides key figures on policyholders, pensions, investments and solvency. It expresses uncertainty around future economic outlook due to the pandemic.
Varma's half-year report presentation 1 January - 30 June 2020Työeläkeyhtiö Varma
Varma's half-year report summarizes the company's financial performance and operations from January to June 2020. Some key points:
- The return on investments was -5.7% due to declines in equity markets early in the year from the pandemic, though markets recovered in the second quarter.
- Solvency capital strengthened to €8.8 billion and the solvency ratio was 123.5%, remaining at a strong level.
- Small businesses and entrepreneurs made use of flexible payment options for pensions contributions for 1-2 months due to the pandemic, while electronic pension applications increased 8%.
Financial report : unemployment insurance in 2012Unédic
This document provides a financial report and consolidated financial statements for the French unemployment insurance scheme (Unédic) for 2012.
Key points include:
- Unemployment increased in 2012 while the wage bill growth slowed, increasing Unédic's deficit. The technical profit margin was a loss of €2.58 billion.
- Unédic's debt increased to €13.84 billion as bond issues and commercial paper financing exceeded repayments.
- Forecasts project the deficit will widen to €4.8 billion in 2013 and €5.6 billion in 2014 if economic conditions do not improve.
- Unédic plans additional bond issues of €5 billion in 2013 to cover financing needs.
The total return on Veritas’ investments was 8.3 per cent in January–September. Veritas’ equity investments performed best during the period of January–September, with a return of 17.2 per cent. The return on real estate investments was 4.1 per cent, fixed income investments 1.3 per cent and other investments 5.9 per cent.
The return on Veritas' investments was 5.7 per cent in 2023. The return on fixed-income investments was 7.8 per cent, equity investments 8.7 per cent, real estate investments -4.1 per cent and other investments 4.8 per cent.
Varma's interim report presentation 1 January - 31 March 2019Työeläkeyhtiö Varma
Varma’s investments yielded a return of 5.1% (–0.4%), i.e. EUR 2.2 billion, in the first quarter. The market value of investments rose to EUR 45.8 billion (44.0 bn on 1 Jan).
- Groupe BPCE reported strong results for full-year 2014, with net income attributable to equity holders increasing 5.9% to €3.1 billion.
- Revenues increased 2.3% to €23.6 billion while operating expenses rose only 1.2%, improving the cost/income ratio.
- The cost of risk declined 13.0%, contributing to a 9.5% rise in income before tax to €5.6 billion.
- Results were driven by solid performances from the Banque Populaire and Caisse d'Epargne retail banking networks as well as Natixis' core business lines, with revenues from these divisions increasing 2.3% to €
Similar to Varmas interim report 1 January - 30 June 2021 (20)
Of Varma’s investments, US equities performed best in the first half of the year. In the summer, inflation took a downward turn and interest rates reached their peak. Varma received international recognition by being ranked third in a comparison reviewing the transparency of responsible investing.
The return on Varma’s investments in January–June was 2.6 (-4.3) per cent. The value of Varma’s investments was EUR 57.4 (56.2 on 1 Jan) billion.
I början av året gav de amerikanska noterade aktierna bäst avkastning bland Varmas placeringar. Inflationen började sjunka under sommaren och räntorna toppade. Varma fick internationellt erkännande genom att knipa en tredje plats i en jämförelse om transparens i ansvarsfullt placerande.
I januari–juni avkastade Varmas placeringar 2,6 (-4,3) procent. Placeringarnas värde uppgick till 57,4 (56,2 vid årets början) miljarder euro.
Varman sijoituksista yhdysvaltalaiset osakkeet tuottivat parhaiten alkuvuonna. Kesällä inflaatio kääntyi laskuun ja korot saavuttivat huippua. Varma sai kansainvälistä tunnustusta sijoittumalla kolmanneksi vastuullisen sijoittamisen läpinäkyvyyttä arvioivassa vertailussa.
Varman sijoitukset tuottivat tammi–kesäkuussa 2,6 (-4,3) prosenttia. Varman sijoitusten arvo oli 57,4 (56,2 vuoden alussa) miljardia euroa.
Den snabba inflationen och räntehöjningarna under perioden januari–september reflekterades även i Varmas placeringars utveckling. Trots kraftiga kursreaktioner fick Varma fortfarande positiv avkastning på nästan hälften av bolagets placeringar.
Under perioden januari–september var avkastningen på Varmas placeringar -4,9 (13,5) procent. Placeringarnas värde uppgick till 56,4 miljarder euro (59,0 vid årets början).
Kiihtynyt inflaatio ja korkojen nousu heijastuivat tammi–syyskuussa Varman sijoitusten kehitykseen. Voimakkaista kurssireaktioista huolimatta edelleen lähes puolet Varman kaikista sijoituksista tuotti positiivisesti.
Sijoitusten tuotto oli tammi–syyskuussa -4,9 (13,5) prosenttia. Varman sijoitusten arvo oli 56,4 (59,0 vuoden alussa) miljardia euroa.
Avkastningen på Varmas placeringar under perioden januari–juni var -4,3 (10,4) procent. Vid utgången av juni uppgick placeringarnas värde till 56,7 miljarder euro (59,0 vid årets början).
Varman sijoitusten tuotto oli tammi-kesäkuussa -4,3 (10,4) prosenttia. Sijoitusten arvo oli kesäkuun lopussa 56,7 (59,0 vuoden alussa) miljardia euroa.
Arbetspensionsbolaget Varmas solvens låg kvar på en stark nivå under årets första kvartal. Varmas onoterade placeringar bidrog med positiv avkastning men totalavkastningen blev negativ till följd av kursnedgången i början av året.
Työeläkeyhtiö Varman vakavaraisuus säilyi vahvana vuoden ensimmäisellä neljänneksellä. Positiivista tuottoa toivat listaamattomat sijoitukset kokonaistuoton jäädessä miinukselle alkuvuoden kurssilaskun seurauksena.
Avkastningen på arbetspensionsbolaget Varmas placeringar uppgick under år 2021 till 18,5 procent, det vill säga 9,3 miljarder euro, vilket är den bästa årsavkastningen någonsin i Varmas historia. Den utmärkta avkastningen höjde även Varmas solvenskapital och kundåterbäringar till rekordhöga nivåer.
Työeläkeyhtiö Varman sijoitukset tuottivat 18,5 prosenttia eli 9,3 miljardia euroa vuonna 2021, mikä on Varman historian paras vuosituotto. Erinomaiset sijoitustuotot nostivat myös Varman vakavaraisuuspääoman ja asiakashyvitykset ennätystasoille.
Under januari–september 2021 uppgick avkastningen på arbetspensionsbolaget Varmas placeringar till 13,5 procent, det vill säga 6,7 miljarder euro. Kapitalplaceringarna gav en avkastning på nästan 40 procent och hedgefonderna drygt 11 procent.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
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5. No signs of a
wave of
bankruptcies
Varma’s half-year result 1 January–30 June 2021
5
• The financial situation of Varma’s customers
appears to be better now than it was last year
in terms of client companies’ payroll
development and customers’ payment
challenges.
• Varma’s customers had fewer payment
reminders, overdue payment plans and
bankruptcies this year compared to last year.
• If the restriction situation continues as it is
now, most companies will probably be able to
settle the payments they accrued during the
pandemic.
Customers’ financial situation
has improved
6. The pandemic’s impacts on customers and Varma
Varma’s half-year result 1 January–30 June 2021
6
Client companies’ TyEL payroll
has already surpassed the pre-
pandemic level
The improved situation among
Varma’s customers is reflected, for
instance, in the growth in the TyEL
payroll of client companies. The
payroll has already exceeded the
pre-pandemic level by nearly 6 per
cent. The number of new YEL
insurance policies also grew
compared to last year.
Fewer disability pension
applications and a decline in
mental-health-based
applications
The number of disability pension
applications arriving at Varma
decreased in January–June.
Disability pension applications on
mental health grounds decreased
by nearly 13 per cent compared to
the same period last year.
In the first half of the year,
Varma processed 12
coronavirus-related disability
pension applications
In the first half of the year, Varma
processed 12 disability pension
applications in which the long-
term effects of the coronavirus
were indicated as the main reason
for disability. Of these, one
applicant was granted permanent
disability pension and six were
granted the fixed-term cash
rehabilitation benefit.
8. The number of disability pension applications decreased – mental health problems
as the reason for disability fell by nearly 13 per cent in January–June
Varma’s half-year result 1 January–30 June 2021
8
In the first half of the year, Varma processed 12 disability pension applications in which the long-term effects of the coronavirus were indicated as the
main reason for disability. Of these, one applicant was granted permanent disability pension and six were granted the fixed-term cash rehabilitation
benefit.
New disability pension decisions by age group
(incl. rejected applications)
Reasons behind new disability pension decisions
11. Roughly 900 new pension policies for the self-
employed in the first half of the year
Varma’s half-year result 1 January–30 June 2021
11
Number of YEL insurance policies YEL confirmed income
12. The TyEL payroll of Varma’s
client companies grew
9.4 per cent in the second
quarter of 2021 compared
to the same period last year,
when the coronavirus-
related restrictions were at
their most stringent.
The payroll grew 5.7 per
cent in January–June
compared to the pre-
pandemic level.
The TyEL payroll has already increased above the
pre-coronavirus level
12
Quarterly change in the TyEL payroll compared to the
same period last year
Varma’s half-year result 1 January–30 June 2021
13. 13
Approximately EUR 61 million of the pension
liabilities of the transport services sector’s
pension fund were transferred to Varma
• The pension liabilities of the bankrupt pension
fund Viabek were transferred to earnings-
related pension companies on 30 June 2021.
As part of the arrangement, approximately
EUR 61 million in liabilities transferred to
Varma.
• The management of Viabek’s current earnings-
related pensions and pension benefits earned
by employees and entrepreneurs, as well as
most of Viabek’s assets, was transferred to
four earnings-related pension companies.
• Varma contributed EUR 23 million to help
cover the shortfall in Viabek’s pension assets.
In the first half of
the year, Varma
gained a total of
EUR 31 million
in new premiums
written.
Varma’s half-year result 1 January–30 June 2021
14. Varma’s half-year result 1 January–30 June 2021
14
• By the end of June, the number of new pension
decisions amounted to 11,419, which is one per cent
less than in the corresponding period last year.
• Pensions are processed an average of four days
faster compared to last year. The most progress has
been made in disability pensions, with a decision
being issued within an average of one month.
• Use of Varma’s electronic service by customers
increased by four percentage points in January–June
since the end of last year.
• Varma’s revamped website and online service were
launched at the start of summer.
Current pension issues
The intended retirement
age has risen by approx.
two years in one decade.
Many wage-earners plan to
continue working past their
earliest possible retirement age.
(Source: Study by the Finnish Centre
for Pensions in 2021)
16. Working for future generations
Our sustainable operations and strong solvency
secure present and future pensions.
Mitigating climate
change
Promoting work ability
and a good working life
Ethical business and
open communication
Responsibility for
Varma employees
Varma’s half-year result 1 January–30 June 2021
16
17. Latest news in climate change mitigation
EUR 430 million invested to
mitigate climate change
Varma continued to build a carbon-
neutral investment portfolio as well
as its work to mitigate climate
change by investing a total of EUR
430 million in two international
sustainable ETFs.
Varma’s half-year result 1 January–30 June 2021
17
Investor statement on the climate
crisis
Varma signed the 2021 Global
Investor Statement to Governments
on the Climate Crisis, which aims to
promote investments, for example,
in clean technologies and
environmentally friendly
infrastructure.
18. Varma’s half-year result 1 January–30 June 2021
18
Other sustainability
news
• Varma launched a series of targeted sustainability
webinars aimed at its client companies. The
webinars addressed, e.g., how companies can
responsibly transition to the post-pandemic
period.
• Varma prepared for day-to-day life after the
exceptional period by building operating models
that support a sense of community and a joint
framework based on flexible work principles.
• Varma was once again an official partner of
Helsinki Pride in 2021. The key aspects of Varma’s
Pride work are developing equal practices in
working life and sparking discussion.
20. Varma’s half-year result 1 January–30 June 2021
20
Outlook for the economy and
the investment markets
• The rapid progress in coronavirus vaccinations in the major
developed economies strengthened expectations of brisk
economic growth, and the massive monetary and financial
policy stimulus supported the investment markets.
• Finland’s economy has coped well with the Covid-19 crisis.
The spread of the delta variant of the virus is likely to slow
the opening up of the service sector somewhat, but
fortunately it will not change the underlying economic
picture. The outlook right now is exceptionally strong.
• US equities broke records the entire first half of 2021 and
continued to do so in July, despite the spread of the delta
variant of Covid-19. Companies’ earnings season has not
brought disappointment following the market growth.
• In the second half of the year, investors will keep an eye on
whether the rise in inflation will come to a halt as expected.
If the central banks tighten their monetary policy too
quickly, economic growth would be at risk.
The global
economy’s strong
recovery and bright
outlook bolstered
the positive
development in the
capital markets.
21. Return on investments 2011–Q2/2021
Varma’s half-year result 1 January–30 June 2021
21
• The first half of 2021
marked Varma’s best
half-year investment
result in its history.
• The return on
investments was 10.4
per cent, i.e. EUR 5.2
billion.
• The value of investments
rose to EUR 55.0 billion.
The average nominal return on investments over ten years is approx. 5.9%, calculated in accordance with the
recommendations issued by TELA. In 1-6/2020 return on investment was -5.7%.
22. Market value of investments reached EUR 55 billion
Varma’s half-year result 1 January–30 June 2021
22
23. Return on investments at fair values increased to EUR
5.2 billion at the end of June
Varma’s half-year result 1 January–30 June 2021
23
24. • Varma’s solvency capital
strengthened by EUR 3.1
billion to EUR 14.7
billion, thanks to good
investment returns.
• Solvency capital was 1.8
times the solvency limit.
• Varma’s solvency capital,
which serves as a risk
buffer for investment
operations, provides
protection against
volatility in investment
market returns.
Varma’s solvency reached a new record thanks to
strong investment returns
Varma’s half-year result 1 January–30 June 2021
24
25. Investment allocation: The share of equity investments was
increased by 4.7 percentage points since the end of last year
Varma’s half-year result 1 January–30 June 2021
25
26. Investments classified according to risk
Varma’s half-year result 1 January–30 June 2021
26
01-06/2021 01-12/2020
Return Return
MWR MWR
€ mill. % € mill. % € mill. % % %
Fixed-income investments 1
13,567 25 13,684 25 11,410 23 0.9 1.9
Loan receivables 2,903 5 2,903 5 2,711 5 1.9 0.5
Bonds 8,482 15 8,800 16 7,459 15 0.8 3.0
Public bonds 4,485 8 4,803 9 2,490 5 -1.1 6.1
Other bonds 3,997 7 3,997 7 4,969 10 2.5 1.0
Other money-market instruments and deposits 2,182 4 1,981 4 1,240 2 -0.2 -1.0
Equity investments 27,681 50 27,889 51 23,083 46 18.3 5.9
Listed equities 20,111 37 20,319 37 16,807 34 16.2 5.2
Private equity 7,221 13 7,221 13 5,958 12 25.2 7.8
Unlisted equities 349 1 349 1 318 1 8.1 8.6
Real estate investments 4,981 9 4,981 9 4,828 10 1.9 2.0
Direct real estates 2,868 5 2,868 5 2,875 6 1.3 3.4
Real estate funds 2,113 4 2,113 4 1,953 4 2.8 -0.2
Other investments 8,804 16 8,819 16 8,827 18 7.4 -2.0
Hedge funds 8,805 16 8,805 16 8,818 18 7.5 -1.0
Commodities 0 0 0 0 0 0
Other investments 0 0 0 0 9 0
Total investments 55,033 100 55,372 101 48,149 96 10.4 2.8
Impact of derivatives -339 -1 2,008 4
Investment allocation at fair value 55,033 100 55,033 100 50,157 100
The modified duration for all the bonds is 4.25.
The open currency position is 29.3% of the market value of the investments.
1
Includes accrued interest
Market Value Risk position Risk position
Market value Market value
30 Jun 2021 31 Dec 2020
27. Geographical distribution of investments
Varma’s half-year result 1 January–30 June 2021
27
Investments Listed Equities
28. Listed equity investments focussed on Finland and
North America
Varma’s half-year result 1 January–30 June 2021
28
29. Investments in Finland 23 per cent, i.e. EUR 12.9 billion
Varma’s half-year result 1 January–30 June 2021
29
Investments in Finland Distribution of Finnish investments
30. 68% of real estate investments, i.e. EUR 3.4 billion, in Finland
Varma’s half-year result 1 January–30 June 2021
30
Real Estate Investments, €5.0 bn Direct Real Estate Investments Finland, €2.9 bn
31. 33% of fixed income investments in public-sector bonds
Varma’s half-year result 1 January–30 June 2021
31
Bonds by credit rating Fixed-income investments by market value
32. Varma’s and the markets’ investment returns
Varma’s half-year result 1 January–30 June 2021
32
% Varma Finnish equities
European
equities US equities
Euro
government
bonds
Euro
corporate
bonds
1-6/2021 10.4 19.5 15.2 15.3 -3.0 -0.5
2020 2.8 15.7 -2.0 18.4 5.0 2.7
2019 12.0 20.4 26.8 31.5 6.7 6.3
Average nominal return
5 years 7.1 15.4 9.3 17.6 1.4 2.0
10 years 5.9 12.2 8.1 14.8 4.3 3.7
Since 1999 *
5.8 9.5 4.9 7.7 4.3 4.0
Average real return
5 years 6.1 14.3 8.2 16.5 0.5 1.0
10 years 4.9 11.0 7.0 13.7 3.3 2.7
Since 1999 *
4.2 7.9 3.3 6.2 2.7 2.5
*
Varma, as it is today, was founded in mid-1998, so comparison data earlier than 1999 is not available.
Finnish equities = OMX Helsinki Cap Index Euro government bonds = IBOXX Eurozone EUR (Total Return)
European equities = Stoxx 600 Total Return Index EUR Euro corporate bonds = IBOXX Corporate Overall Performance Index EUR (Total Return)
US equities= S&P500 Total Return Index
33. 33
Key figures
Varma’s half-year result 1 January–30 June 2021
1-6/2021 1-6/2020 1-12/2020
Premiums written, € million 2,811 2,581 4,931
Net investment income at fair value, € million 5,193 -2,766 1,372
Return on invested capital, % 10.4 -5.7 2.8
6/2021 6/2020 12/2020
Technical provisions, € million 43,856 37,895 40,726
Solvency capital, € million 14,664 8,818 11,517
in relation to solvency limit 1.8 1.7 1.7
Pension assets, € million 55,873 46,354 50,829
% of technical provisions 135.6 123.5 129.3
TyEL payroll, € million 22,147 20,877 21,142
YEL payroll, € million 817 809 807