The return on Veritas’ investments was 3.7 per cent in the first quarter of the year. The return on fixed-income investments was 1.8 per cent, equity investments 6.4 per cent, real estate 0.6 per cent and other investments 2.4 per cent.

1. Interim report
1 January – 31 March 2024
29 April 2024

2. Summary of January-March
• The return on Veritas’ investments was 3.7 per cent in January-March.
• The return on fixed-income investments was 1.8 per cent, equity investments 6.4
per cent, real estate investments 0.6 per cent and other investments 2.4 per cent.
• Veritas’ solvency remained at a secure level and was 1.5 times the solvency limit at
the end of March.
4.6 bn
Value of investments
1.5
Solvency position
123.8%
Solvency ratio
3.7%
Return on investments
2

3. Investments

4. The return on investments was 3.7 per cent
Investment returns
5,8 %
6,6 %
8,0 %
-1,5 %
9,9 %
5,6 %
12,6 %
-4,5 %
5,7 %
3,7 %
-6,0 %
-4,0 %
-2,0 %
0,0 %
2,0 %
4,0 %
6,0 %
8,0 %
10,0 %
12,0 %
14,0 %
2015 2016 2017 2018 2019 2020 2021 2022 2023 1-3/2024
• In the first quarter, the return on
investments was
3.7 per cent.
• The return on fixed income
investments was 1.8 per cent,
equity investments
6.4 per cent, real estate
investments 0.6 per cent and
other investments 2.4 per cent.
4

5. The cumulative investment return for a 10-year
period is 71.5 per cent
90
100
110
120
130
140
150
160
170
180
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
The return is calculated from 1 April 2014 to 31 March 2024.
Nominal return
10 years
5.5 %
5 years
5.6 %
Real return
10 years
3.4 %
5 years
2.0 %
5

6. The share of equity investments was increased
28,2 %
46,9 %
14,2 % 13,7 %
-2,9 %
26,2 %
51,1 %
13,7 % 13,8 %
-4,9 %
-10,0 %
0,0 %
10,0 %
20,0 %
30,0 %
40,0 %
50,0 %
60,0 %
Fixed-income investments Equities and shares Real-estate investments Other investments Effect of derivates
31.12.2023 31.3.2024
6

7. Geographical distribution of investments
All investments Listed equities
7

8. Breakdown of investments at fair value
1-3/2024
milj. € % milj. € % ⁸ %
1 179,0 25,8 1 195,6 26,2 1,8
Loan receivables ¹ 64,5 1,4 64,5 1,4 1,4
Bonds ¹ 1 007,7 22,1 1 024,3 22,5 1,8
Government bonds 536,5 11,8 553,1 12,1 1,2
Other bonds 471,2 10,3 471,2 10,3 2,5
Other money market instruments and deposits ¹ ² 106,9 2,3 106,9 2,3 1,5
Equity investments 2 126,2 46,6 2 332,6 51,1 6,4
Listed equities 1 643,9 36,0 1 850,2 40,6 8,4
Private equity investments ³ 413,8 9,1 413,8 9,1 0,0
Unlisted equities ⁴ 68,5 1,5 68,5 1,5 1,1
Real estate investments 624,6 13,7 624,6 13,7 0,6
Direct real estate investments 505,2 11,1 505,2 11,1 0,8
Real estate funds 119,3 2,6 119,3 2,6 -0,3
Other investments 631,7 13,8 631,7 13,8 2,4
Hedge fund investments ⁵ 480,9 10,5 480,9 10,5 2,5
Other investments ⁶ 150,8 3,3 150,8 3,3 1,9
Total investments 4 561,5 100,0 4 784,4 104,9 3,7
Effect of derivatives ⁷ -222,9 -4,9
Total investments at fair value 4 561,5 100,0
Modified duration of the bond portfolio 3,9
Open currency position, % of the market value of investments 26,6
Fixed-income investments
Basic breakdown Risk-adjusted breakdown Return
31 Mar 2024 31 Mar 2024
¹ Includes accrued interest
² Includes cash and bank balance as well as
settlement receivables and liabilities
³ Includes private equity and mezzanine funds
⁴ Includes unlisted real estate investment
companies
⁵ Includes all types of hedge fund shares,
regardless of the fund’s strategy
⁶ Includes items that cannot be allocated to other
investment groups
⁷ Includes the effect of derivatives on the
difference between risk-adjusted breakdown and
basic breakdown. The effect may be positive or
negative (+/-). When the effect is taken into
account, the sums of the risk-adjusted
breakdown and the basic breakdown are equal.
⁸ The relative proportion is calculated using the
total of the line ‘Total investments at fair value’ as
the divisor.
The table has been compiled according to the
guidelines of the Finnish Pension Alliance Tela.
8

9. Veritas’ solvency stands at a secure level
100%
105%
110%
115%
120%
125%
130%
135%
140%
0
200
400
600
800
1 000
1 200
Solvency limit, EUR million Solvency capital, EUR million
Solvency ratio, % (right-hand scale)
• The solvency ratio was
123.8 per cent at the end of
March.
• The solvency position was
1.5 times the solvency limit.
• The solvency capital stood
at EUR 906.8 million at the
end March.
1) Veritas Pension Insurance and Pensions-Alandia merged on 1 January 2019. The figures for the previous years are Veritas figures before the merger.
9

10. #WeAreVeritas