The return on Veritas’ investments was 2.3 per cent for the period of January–September. The return on fixed income investments was 3.7 per cent, equity investments 3.2 per cent, real estate -2.5 per cent and other investments 3.3 per cent.

1. Interim report
1 January – 30 September
2023
24 October 2023

2. Summary of January–September
• The return on Veritas’ investments in January-September was 2.3 per cent.
• In the third quarter, the return on investments was slightly negative and stood at -0.2 per cent.
• Veritas’ solvency remained at a secure level and was 1.5 times the solvency limit at the end of
September.
• Premiums written are expected to grow by 5.5 per cent in 2023.
• The TyEL payroll is estimated to increase by approximately the same percentage.
4.3bn
Value of investments
1.5
Solvency position
121.6%
Solvency ratio
2.3%
Return on investments

3. Investments

4. Investments returned 2.3 per cent
Investment returns
6.5%
5.8%
6.6%
8.0%
-1.5%
9.9%
5.6%
12.6%
-4.5%
2.3%
-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 1-9/2023
• The return on Veritas’ investments
was -0.2 per cent in the third
quarter of 2023.
• In January-September, the return
on investments was 2.3 per cent.
• The return on fixed income
investments was 3.7 per cent,
equity investments
3.2 per cent, real estate
investments -2.5 per cent and
other investments 3.3 per cent.

5. The cumulative investment return
for a 10-year period is 67.2 per cent
90
100
110
120
130
140
150
160
170
180
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
The return is calculated from 1 October 2013 to 30 September 2023.
Nominal return
10 years
5.3%
5 years
4.4%
Real return
10 years
3.2%
5 years
1.0%

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 %
30.9%
45.7%
14.9%
13.5%
-5.0%
-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 30.9.2023

7. Geographical distribution of investments
All investments Listed equities

8. Breakdown of investments at fair value
1-9/2023
milj. € % milj. € % ⁸ %
1 218,7 28,5 1 318,6 30,9 3,7
Loan receivables ¹ 58,9 1,4 58,9 1,4 3,3
Bonds ¹ 1 040,4 24,4 1 140,4 26,7 4,1
Government bonds 639,8 15,0 739,7 17,3 2,0
Other bonds 400,6 9,4 400,6 9,4 7,0
Other money market instruments and deposits ¹ ² 119,3 2,8 119,3 2,8 1,5
Equity investments 1 836,8 43,0 1 952,3 45,7 3,2
Listed equities 1 361,9 31,9 1 477,4 34,6 2,1
Private equity investments ³ 410,5 9,6 410,5 9,6 6,6
Unlisted equities ⁴ 64,4 1,5 64,4 1,5 5,9
Real estate investments 636,3 14,9 636,3 14,9 -2,5
Direct real estate investments 512,5 12,0 512,5 12,0 -3,7
Real estate funds 123,8 2,9 123,8 2,9 2,7
Other investments 578,4 13,5 578,4 13,5 3,3
Hedge fund investments ⁵ 459,1 10,8 459,1 10,8 2,1
Other investments ⁶ 119,2 2,8 119,2 2,8 7,5
Total investments 4 270,1 100,0 4 485,6 105,0 2,3
Effect of derivatives ⁷ -215,5 -5,0
Total investments at fair value 4 270,1 100,0
Modified duration of the bond portfolio 4,4
Open currency position, % of the market value of investments 27,7
Fixed-income investments
Basic breakdown Risk-adjusted breakdown Return
30 Sep 2023 30 Sep 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
121.6 per cent at the end of
September 2023.
• The solvency position was
1.5 times the solvency limit.
• The solvency capital stood
at EUR 783.4 million.
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. Finnish pension system sixth in international
pension comparison
• Finland ranked sixth in the international Global Pension Index
comparison.
• The international comparison included 47 countries.
• For the tenth time in a row, Finland received the highest index value in the
integrity sub-index (reliable and transparent governance).
• In assessing the integrity of a pension scheme, the index emphasizes,
among other things, that the pension scheme is well-governed, that
customer communication is clear and that the administrative expenses
are reasonable.
• The areas of development for Finland include increasing the funded
component of pension contributions and the minimum level of support.
Source: Finnish Centre for Pensions

12. Current information on pensions
• Earnings-related pensions will increase by more than 5 per cent at the turn of
the year.
• According to the calculation of the Finnish Centre for Pensions, the earnings-
related pension will increase pensions in payment by 5.7 per cent at the turn of
the year.
• The wage coefficient will increase pensions by 5.1 per cent. The wage
coefficient is used when determining the amount of a starting earnings-related
pension. The accrued pension is increased by the wage coeffient to the level of
the first year of retirement.
• The difference between the indexes is rather small. Thus, the timing of the
retirement does not much affect the pension amount.
• The Ministry of Social Affairs and Health will confirm earnings-related pension
indexes for 2024 at the end of October.

13. Veritas pays out EUR 700 million in pensions
Pensions and other claims paid 1), EUR million
589.5 585.4
601.9
635.2
699.8
200.0
300.0
400.0
500.0
600.0
700.0
800.0
2019 2020 2021 2022 9/2023
Number of pensioners
37118
37627 37965
38785
39322
20000
25000
30000
35000
40000
45000
2019 2020 2021 2022 9/2023
1) Pensions and other claims paid 9/2023 is an estimate for the whole year 2023.

14. Premiums written are expected to grow
by 5.5 per cent
Premiums written 1), EUR million
592.7
551.6
614.3
696.5
734.6
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 9/2023
Number of insured persons
0
20000
40000
60000
80000
100000
120000
140000
2019 2020 2021 2022 9/2023
Number of
pensioners
Number of YEL
policies
Number of
TyEL insured
1) Premiums written 9/2023 is an estimate of the whole year 2023.

15. Customers’ payroll grows steadily
TyEL payroll 1), EUR million
2159.2 2131.4
2244.6
2488.2
2630.0
1000.0
1200.0
1400.0
1600.0
1800.0
2000.0
2200.0
2400.0
2600.0
2800.0
2019 2020 2021 2022 9/2023
Number of TyEL policies
8885
9385 9339
9152
9377
8944
5000
5500
6000
6500
7000
7500
8000
8500
9000
9500
10000
2019 2020 2021 9/2022 2022 9/2023
1) TyEL payroll 9/2023 is an estimate for the whole year 2023.

16. Strong growth in YEL insurance policies continues
Reported income under YEL 1), EUR million
289.6 295.6 302.5
319.6
337.2
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
2019 2020 2021 2022 9/2023
Number of YEL policies
12940
13285
13859
14391
14732
5000
7000
9000
11000
13000
15000
17000
2019 2020 2021 2022 9/2023
1) Reported income under YEL 9/2023 is an estimate for the whole year 2023.

17. Result
Result analysis, EUR million 1-9/2023 1-9/2022 2022
Technical underwriting result -1.1 16.4 11.0
Return on investments at fair value -33.1 -276.3 -263.9
+ Net return on investments at fair value 96.3 -273.1 -198.7
- Return requirement on technical provisions -129.4 -3.2 -65.3
Loading profit 0.5 0.4 -7.4
Other profit 0.3 0.7 0.9
Total result -33.4 -258.8 -259.5
Operating income covered by expense loading component,
EUR million
12.7 14.2 26.8
Number of employees (average) 132 151 146

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