Pension Insurance Company Veritas delivered strong growth in the year 2022. Veritas’ premiums written grew by 13.4 per cent, to nearly EUR 700 million. At the end of the year, Veritas provided insurance cover for nearly 68 000 employees and over 14 000 entrepreneurs.

1. Financial statement
presentation 2022
17 February 2023

2. The year in brief
• In terms of sales, the year was all-time best for Veritas if measured in euros.
• Veritas’ premiums written grew by 13.4 per cent, to nearly EUR 700 million.
• Veritas solvency position was at a solid level at the end of the year: 1.7-fold compared to the
solvency limit.
• In the last quarter of the year, the return of Veritas’ investments amounted to 1.8 per cent.
• The overall return for the year was -4.5 per cent.
4.2bn
Value of
investments
+3.8%
+10.9%
TyEL payroll YEL insurance
policies
+13.4%
Premiums written

3. Investments

4. Positive return in the second half of 2022
Investment returns
7.4 %
6.5 %
5.8 %
6.6 %
8.0 %
-1.5 %
9.9 %
5.6 %
12.6 %
4.5 %
-4.0 %
-2.0 %
0.0 %
2.0 %
4.0 %
6.0 %
8.0 %
10.0 %
12.0 %
14.0 %
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
• The return on Veritas’ investments
was -4.5% in 2022.
• The return on fixed-income
instruments was -7.4 per cent,
equity investments
-8.4 per cent, real estate
investments 3.3 per cent and
other investments 10.3 per cent.
• In the fourth quarter, the
investment return was 1.8%.

5. 2022 – the year of war, inflation and rising interest rates
-8%
-7%
-6%
-5%
-4%
-3%
-2%
-1%
0%
1%
01/2022 02/2022 03/2022 04/2022 05/2022 06/2022 07/2022 08/2022 09/2022 10/2022 11/2022 12/2022
The return on Veritas’ investments 2022
Russia
attacks
Ukraine FED starts
rate hikes
Electricity prices
in Germany reach
an all-time high
ECB starts
rate hikes
US inflation
peaks
Euro area
inflation peaks
New wave of COVID-19
infections in Europe
China lifts
COVID restrictions
Sanctions against
Russia increase

6. The cumulative investment return
for a 10-year period is 71.1 per cent
90
100
110
120
130
140
150
160
170
180
190
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
The return is calculated from 1 January 2013 to 31 December 2022.
Nominal return
10 years
5.5%
5 years
4.2%
Real return
10 years
3.7%
5 years
1.2%

7. Changes in portfolio allocation
33.6 %
42.0 %
16.2 %
9.8 %
-1.6 %
31.4 %
37.6 %
16.7 %
11.9 %
2.4 %
31.3 %
37.2 %
16.6 %
13.9 %
1.1 %
32.3 %
39.8 %
16.0 %
13.2 %
-1.3 %
-5.0 %
0.0 %
5.0 %
10.0 %
15.0 %
20.0 %
25.0 %
30.0 %
35.0 %
40.0 %
45.0 %
Fixed-income investments Equities and shares Real-estate investments Other investments Effect of derivatives
31.3.2022 30.6.2022 30.9.2022 31.12.2022

8. Geographical distribution of investments
All investments Listed equities

9. Breakdown of investments at fair value
2022
milj. € % milj. € % ⁸ %
1 361,1 32,6 1 349,3 32,3 -7,4
Loan receivables ¹ 60,5 1,4 60,5 1,4 2,2
Bonds ¹ 1 015,1 24,3 1 003,3 24,0 -10,0
Government bonds 477,5 11,4 465,6 11,1 -10,7
Other bonds 537,7 12,9 537,7 12,9 -9,1
Other money market instruments and deposits ¹ ² 285,4 6,8 285,4 6,8 0,1
Equity investments 1 599,6 38,3 1 663,9 39,8 -8,4
Listed equities 1 162,2 27,8 1 226,4 29,3 -14,7
Private equity investments ³ 374,8 9,0 374,8 9,0 11,8
Unlisted equities ⁴ 62,6 1,5 62,6 1,5 42,9
Real estate investments 670,1 16,0 670,1 16,0 3,3
Direct real estate investments 545,3 13,0 545,3 13,0 2,3
Real estate funds 124,8 3,0 124,8 3,0 8,0
Other investments 550,0 13,2 550,0 13,2 10,3
Hedge fund investments ⁵ 337,2 8,1 337,2 8,1 12,3
Other investments ⁶ 212,8 5,1 212,8 5,1 7,1
Total investments 4 180,8 100,0 4 233,2 101,3 -4,5
Effect of derivatives ⁷ -52,4 -1,3
Total investments at fair value 4 180,8 100,0
Modified duration of the bond portfolio 3,5
Open currency position, % of the market value of investments 22,3
Fixed-income investments
Basic breakdown Risk-adjusted breakdown Return
31 Dec 2022 31 Dec 2022

10. 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, milj. € Solvency capital, milj. € Solvency ratio, % (right-hand scale)
• The solvency ratio was
123.5 per cent at the end of
the year 2022.
• The solvency position was
1.7-fold compared to the
solvency limit.
• The solvency capital stood at
EUR 818.8 million at the end
of the year.
1) Veritas Pension Insurance and Pensions-Alandia merged on 1 January 2019. The figures for the previous years are Veritas figures before the merger.
2) The figures for 2012 include the provision for pooled claims equated with solvency capital, which was EUR 78.3 million.

11. Pensions and insurance

12. Veritas paid out pensions to nearly 39 000 recipients
Pensions and other claims paid 1), EUR million
568.1
589.5 585.4
601.9
635.2
200.0
250.0
300.0
350.0
400.0
450.0
500.0
550.0
600.0
650.0
700.0
2018 2019 2020 2021 2022
Number of pensioners 1)
36324
37118
37627 37965
38785
20000
22000
24000
26000
28000
30000
32000
34000
36000
38000
40000
2018 2019 2020 2021 2022
1) The figures for 2018 are pro forma figures (Veritas + Pensions-Alandia)

13. Premiums written grew by 13.4 per cent
Premiums written 1, 2), EUR million
588.6 592.7
551.6
614.3
696.5
300
350
400
450
500
550
600
650
700
750
2018 2019 2020 2021 2022
Number of insured persons 2, 3)
0
20000
40000
60000
80000
100000
120000
140000
2018 2019 2020 2021 2022
Number of
pensioners
Number of YEL
policies
Number of
TyEL insured
1) The temporary discount on employers’ TyEL contributions between May and December 2020 is taken into account.
2) The figures for 2018 are pro forma figures (Veritas + Pensions-Alandia).
3) The number of TyEL-insured persons in 2019-2021 is not fully comparable with the earlier years. The definition of this key figure changed in 2019 when the Incomes Register was
taken into use.

14. Customers’ payroll grew by 10.9 per cent
TyEL payroll 1), EUR million
2133.1 2159.2 2131.4
2244.6
2488.2
1000.0
1200.0
1400.0
1600.0
1800.0
2000.0
2200.0
2400.0
2600.0
2018 2019 2020 2021 2022
Number of TyEL policies 1)
8711
8885
9385 9339 9377
5000
5500
6000
6500
7000
7500
8000
8500
9000
9500
10000
2018 2019 2020 2021 2022
1) The figures for 2018 are pro forma figures (Veritas + Pensions-Alandia)

15. Strong growth in YEL insurance policies continues
Reported income under YEL 1), EUR million
276.4
289.6 295.6 302.5
319.6
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
2018 2019 2020 2021 2022
Number of YEL policies 1)
12129
12940
13285
13859
14391
5000
6000
7000
8000
9000
10000
11000
12000
13000
14000
15000
2018 2019 2020 2021 2022
1) The figures for 2018 are pro forma figures (Veritas + Pensions-Alandia)

16. Result
Result analysis, EUR million 2022 2021
Technical underwriting result 11,0 8,7
Return on investments at fair value -263,9 192,6
+ Net return on investments at fair value -198,7 490,3
- Return requirement on technical provisions -65,3 -297,6
Loading profit -7,4 2,0
Other profit 0,9 -0,4
Total result -259,5 202,9
Operating income covered by expense loading component,
EUR million
26,8 18,2
% of the expense loading component 1) 138,3 % 90,3 %
Number of employees (average) 146 157
1) Veritas changed the accounting principles regarding development expenditure of IT systems in 2022. This resulted in a non-recurring impairment
of EUR 6.8 million in capitalized IT systems expenditure. Without the non-recurring impairment, the loading profit would have been EUR -0.6
million and the expense loading ratio 102.9 per cent.
In addition, a discount of 9.5 per cent was made in the TyEL expense loading component at the start of 2022. Without the discount and the non-
recurring impairment, the comparable loading profit would have been approximately EUR 1.1 million and the expense loading ratio 95 per cent.
With the impairment, the comparable figures would have been EUR -5.8 million and 128 per cent, respectively.

17. #WeAreVeritas
#MeOllaanVeritas
#ViÄrVeritas