The return on Veritas’ investments was 1.6 per cent in the first quarter of the year. The return on fixed-income investments was 2.0 per cent, equity investments 2.4 per cent, real estate 1.1 per cent and other investments -0.6 per cent.

1. Interim report
1 January – 31 March 2023
27 April 2023

2. Summary of January–March
• Veritas’ investments returned 1.6 per cent in the first quarter of 2023.
• Veritas’ solvency remained at a secure level and was 1.7-fold compared to the solvency limit
at the end of March.
• Veritas published its Corporate Responsibility Report on 24 April.
• In real estate as well as in equity investments and corporate bonds, carbon dioxide
emissions were reduced faster than targeted.
Value of investments Solvency position
Solvency ratio
Return on investments

3. Investments

4. Positive return in the first quarter
Investment returns
6.5 %
5.8 %
6.6 %
8.0 %
-1.5 %
9.9 %
5.6 %
12.6 %
-4.5 %
1.6 %
-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 1-3/2023
• The return on Veritas’ investments
was 1.6 per cent during the first
quarter of 2023.
• The return on fixed-income
instruments was 2.0 per cent,
equity investments
2.4 per cent, real estate
investments 1.1 per cent and
other investments -0.6 per cent.

5. The cumulative investment return
for a 10-year period is 69.8 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 April 2013 to 31 March 2023.
Nominal return
10 years
5.4%
5 years
4.6%
Real return
10 years
3.5%
5 years
1.2%

6. Changes in portfolio allocation
32.3 %
39.8 %
16.0 %
13.2 %
-1.3 %
29.9 %
39.5 %
15.7 %
13.3 %
1.6 %
-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
31.12.2022 31.3.2023

7. Geographical distribution of investments
All investments Listed equities

8. Breakdown of investments at fair value
1-3/2023
milj. € % milj. € % ⁸ %
1 250,7 29,3 1 278,3 29,9 2,0
Loan receivables ¹ 58,9 1,4 58,9 1,4 0,9
Bonds ¹ 1 121,3 26,2 1 148,8 26,9 2,4
Government bonds 643,0 15,0 670,5 15,7 2,1
Other bonds 478,3 11,2 478,3 11,2 2,8
Other money market instruments and deposits ¹ ² 70,5 1,7 70,5 1,7 0,3
Equity investments 1 783,7 41,7 1 688,4 39,5 2,4
Listed equities 1 349,7 31,6 1 254,4 29,4 2,6
Private equity investments ³ 372,3 8,7 372,3 8,7 1,7
Unlisted equities ⁴ 61,6 1,4 61,6 1,4 0,8
Real estate investments 669,2 15,7 669,2 15,7 1,1
Direct real estate investments 548,4 12,8 548,4 12,8 1,3
Real estate funds 120,8 2,8 120,8 2,8 0,0
Other investments 568,9 13,3 568,9 13,3 -0,6
Hedge fund investments ⁵ 439,4 10,3 439,4 10,3 -1,1
Other investments ⁶ 129,5 3,0 129,5 3,0 1,0
Total investments 4 272,5 100,0 4 204,8 98,4 1,6
Effect of derivatives ⁷ 67,7 1,6
Total investments at fair value 4 272,5 100,0
Modified duration of the bond portfolio 4,3
Open currency position, % of the market value of investments 24,8
Fixed-income investments
Basic breakdown Risk-adjusted breakdown Return
31 Mar 2023 31 Mar 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
123.1 per cent.
• The solvency position was
1.7-fold compared to the
solvency limit.
• The solvency capital stood at
EUR 824.7 million at the end
of March 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. Veritas climate roadmap

11. Veritas’ emission reductions are aligned with
the Paris Agreement
114.2
140.8
202.3
149.3
201.7
254.9
0.0
50.0
100.0
150.0
200.0
250.0
300.0
2022 2021 2020
Weighted carbon intensity
Listed equity and corporate bonds
Portfolio Index
-
10 000
20 000
30 000
40 000
50 000
60 000
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
Listed equity investments and corporate bonds
in different warming scenarios
Current climate policy Warming below 2 degrees
Warming below 1.8 degrees Warming below 1.5 degrees
100% reduction by 2035 Veritas

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