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A secure future for everyone
Annual and Sustainability Report 2023
Varma’s responsibility for managing pension assets, and for our customers, employees and shared environment spans far into the future. We are building a world that is sustainable for future generations.

The year in figures

  • Return on investments: 6,0%
  • Value of investments: €59.1 bn
  • Solvency: €14.0 bn
  • Pensions paid: €7.1 bn

Annual and Sustainability Report 2023

Read about Varma’s key results and sustainable actions.

Good investment year in a muted economic environment

The year 2023 was contradictory in terms of the economy. Inflation and interest rates levelled off, but in Finland, the economic mood remained gloomy. The investment year was also divided, as there were exceptionally large differences within the investment portfolio by geographical areas and asset classes. In spite of some fluctuations during the year, investment returns showed an upward trend. Varma’s core task of securing pensions and pension payments is something the company sticks to in all market conditions. Our solvency remained at a secure level all year.

Read President and CEO Risto Murto’s Review

Goals and results

Our objective is to secure responsible pension provisions for our customers, foster strong solvency, operate efficiently and guarantee the positive development of premium income.

  • Ninety per cent of new pension recipients had their pension paid during the first month of their pension entitlement.
  • Varma is the most solvent earnings-related pension company in Finland. Varma’s solvency also remained strong throughout the year.
  • We manage pension cover efficiently. Our operating expenses were 0.34 per
    cent of the TyEL payroll and YEL income.
  • Total payroll, which forms the foundation for contribution income, increased by five per cent. Premiums written totalled EUR 6.5 billion. 

Read more about our goals and results

A secure future for everyone

Through our sustainability work we are building a better world for current and future generations. For Varma, sustainability means first and foremost taking care of pension assets and pensions payments, investing responsibly, and promoting sustainable working life.

Correct pensions on time

We process pension applications swiftly. We issue old-age pension decisions in an average of three days.

Read more on pensions

Sustainability of our own operations and the value chain

We take into account the impacts of our operations on the environment and society.

Read more about the sustainability of our own operations and the value chain

Responsibility for the environment

Mitigating climate change is one of Varma’s key sustainability targets. In 2023, we were the world’s third pension insurance company to receive official validation for its science-based emission reduction targets.

Read more about our targets and the progress made

Varma supports work ability

We promote sustainable working life and help our customers anticipate and manage disability risk.

Read more about disability risk management

Responsibility for Varma employees

For us, responsibility for our employees means a flexible and modern work culture, continuous competence development, motivating remuneration, equal treatment and taking care of work ability.

Read more about our responsibility for Varma employees