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Veritas Interim Report 1 January–31 March 2024

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Veritas Eläkevakuutus - Veritas Pensionsförsäkring
Veritas Eläkevakuutus - Veritas Pensionsförsäkring

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.

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Interim report 1 January – 31 March 2024 29 April 2024
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
Investments
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
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
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
Geographical distribution of investments All investments Listed equities 7
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
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
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Veritas Interim Report 1 January–31 March 2024

  • 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
  • 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