The return on Veritas’ investments was 2.4 per cent in the first quarter of the year. The return on fixed-income investments was 3.5 per cent, equity investments 4.8 per cent, real estate -3.3 per cent and other investments 0.6 per cent.

1. Interim report
1 January – 30 June 2023
24 August 2023

2. Summary of January–June
• The return on Veritas’ investments was 0.8 per cent in April-June and 2.4 per cent in the first
half of 2023.
• Veritas’ solvency remained at a secure level and was 1.6 times the solvency limit at the end
of June.
• Premiums written are expected to grow by 7.3 per cent in 2023.
• The TyEL payroll is estimated to increase by approximately the same percentage.
Value of investments Solvency position
Solvency ratio
Return on investments

3. Investments

4. Investments returned 2.4 per cent
Investment returns
6.5%
5.8%
6.6%
8.0%
-1.5%
9.9%
5.6%
12.6%
-4.5%
2.4%
-6.0 %
-4.0 %
-2.0 %
0.0 %
2.0 %
4.0 %
6.0 %
8.0 %
10.0 %
12.0 %
14.0 %
2014 2015 2016 2017 2018 2019 2020 2021 2022 1-6/2023
• The return on Veritas’ investments
was 0.8 per cent in the second
quarter of 2023.
• In January-June, the return on
investments was 2.4 per cent.
• The return on fixed-income
instruments was 3.5 per cent,
equity investments
4.8 per cent, real estate
investments -3.3 per cent and
other investments 0.6 per cent.

5. The cumulative investment return
for a 10-year period is 72.9 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 July 2013 to 30 June 2023.
Nominal return
10 years
5.6%
5 years
4.6%
Real return
10 years
3.6%
5 years
1.2%

6. The share of equity investments was increased
32.3%
39.8%
16.0%
13.2%
-1.3%
29.9%
39.5%
15.7%
13.3%
1.6%
33.7%
44.7%
14.7%
13.3%
-6.4%
-10.0 %
0.0 %
10.0 %
20.0 %
30.0 %
40.0 %
50.0 %
Fixed-income investments Equities and shares Real-estate investments Other investments Effect of derivatives
31.12.2022 31.3.2023 30.6.2023

7. Geographical distribution of investments
All investments Listed equities

8. Breakdown of investments at fair value
1-6/2023
milj. € % milj. € % ⁸ %
1 321,9 30,8 1 447,4 33,7 3,5
Loan receivables ¹ 57,4 1,3 57,4 1,3 1,8
Bonds ¹ 1 098,1 25,5 1 223,6 28,5 4,0
Government bonds 687,6 16,0 813,1 18,9 3,4
Other bonds 410,5 9,5 410,5 9,5 4,9
Other money market instruments and deposits ¹ ² 166,4 3,9 166,4 3,9 0,7
Equity investments 1 770,6 41,2 1 920,9 44,7 4,8
Listed equities 1 312,1 30,5 1 462,4 34,0 4,7
Private equity investments ³ 394,8 9,2 394,8 9,2 5,1
Unlisted equities ⁴ 63,7 1,5 63,7 1,5 4,7
Real estate investments 633,3 14,7 633,3 14,7 -3,3
Direct real estate investments 509,3 11,8 509,3 11,8 -4,6
Real estate funds 124,0 2,9 124,0 2,9 2,6
Other investments 572,8 13,3 572,8 13,3 0,6
Hedge fund investments ⁵ 440,7 10,3 440,7 10,3 -0,3
Other investments ⁶ 132,0 3,1 132,0 3,1 3,8
Total investments 4 298,5 100,0 4 574,3 106,4 2,4
Effect of derivatives ⁷ -275,8 -6,4
Total investments at fair value 4 298,5 100,0
Modified duration of the bond portfolio 4,6
Open currency position, % of the market value of investments 25,2
Fixed-income investments
Basic breakdown Risk-adjusted breakdown Return
30 Jun 2023 30 Jun 2023

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, milj. € Solvency capital, milj. € Solvency ratio, % (right-hand scale)
• The solvency ratio was
122.3 per cent.
• The solvency position was
1.6 times the solvency limit.
• The solvency capital stood at
EUR 808.2 million at the end
of June 2023.
1) Veritas Pension Insurance and Pensions-Alandia merged on 1 January 2019. The figures for the previous years are Veritas figures before the merger.

10. Pensions and insurance

11. Veritas pays out pensions to over 39 000 recipients
Pensions and other claims paid 1), EUR million
589.5 585.4
601.9
635.2
703.3
200.0
300.0
400.0
500.0
600.0
700.0
800.0
2019 2020 2021 2022 6/2023
Number of pensioners
37118
37627 37965
38785 39105
20000
25000
30000
35000
40000
45000
2019 2020 2021 2022 6/2023
1) Pensions and other claims paid 6/2023 is an estimate for the whole year 2023.

12. Premiums written are expected to grow
by 7.3 per cent
Premiums written 1), EUR million
592.7
551.6
614.3
696.5
747.2
300.0
350.0
400.0
450.0
500.0
550.0
600.0
650.0
700.0
750.0
800.0
2019 2020 2021 2022 6/2023
Number of insured persons
0
20000
40000
60000
80000
100000
120000
140000
2019 2020 2021 2022 6/2023
Number of
pensioners
Number of YEL
policies
Number of
TyEL insured
1) Premiums written 6/2023 is an estimate of the whole year 2023.

13. Customers’ payroll is expeted to grow significantly
TyEL payroll 1), EUR million
2159.2 2131.4
2244.6
2488.2
2670.0
1000.0
1200.0
1400.0
1600.0
1800.0
2000.0
2200.0
2400.0
2600.0
2800.0
2019 2020 2021 2022 6/2023
Number of TyEL policies
8885
9385 9339
9122
9377
8875
5000
5500
6000
6500
7000
7500
8000
8500
9000
9500
10000
2019 2020 2021 6/2022 2022 6/2023
1) TyEL payroll 6/2023 is an estimate for the whole year 2023.

14. Strong growth in YEL insurance policies continues
Reported income under YEL 1), EUR million
289.6 295.6 302.5
319.6
335.4
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
2019 2020 2021 2022 6/2023
Number of YEL policies
12940
13285
13859
14391 14611
5000
7000
9000
11000
13000
15000
17000
2019 2020 2021 2022 6/2023
1) Reported income under YEL 6/2023 is an estimate for the whole year 2023.

15. Result
Result analysis, EUR million 1-6/2023 1-6/2022 2022
Technical underwriting result -0.8 11.2 11.0
Return on investments at fair value -8.2 -266.1 -263.9
+ Net return on investments at fair value 102.9 -292.1 -198.7
- Return requirement on technical provisions -111.1 26.0 -65.3
Loading profit 0.2 0.2 -7.4
Other profit 0.1 0.5 0.9
Total result -8.8 -254.2 -259.5
Operating income covered by expense loading component,
EUR million
8.9 9.9 26.8
Number of employees (average) 132 154 146

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