For you as our TyEL customer, this means larger client bonuses and decreasing administrative cost contributions. Both of these reduce the TyEL contributions you pay.
The company-specific TyEL contribution discount is formed when the administrative cost contribution is deducted from the client bonus. The average TyEL contribution discount for Varma’s customers remains by far the largest in the industry.
(*) Source: Financial statements of pension insurance companies for the year 2025, administrative cost calculation criteria for each pension insurance company for 2026, and communication regarding administrative cost contributions presented on the companies’ websites.
Investment result strengthened solvency and increased client bonuses
The return on our investments was 7.5 per cent in 2025. The good investment result further strengthened our solvency, which was already the highest in the sector. We transferred EUR 174.7 million (EUR 169.6 million in 2024) from solvency capital to client bonuses.
Client bonuses are determined based on the solvency of the earnings-related pension insurance company. In 2025, 0.95 per cent of each pension insurance company’s solvency capital was allocated to client bonuses. In 2024, the transfer amount was still 1.0 per cent. Our client bonuses thus increased despite the fact that the proportion of client bonus transferred from the solvency capital was reduced in 2025. The change affected all pension insurance companies and aims to neutralise the strengthening effect on solvency of earlier changes made to the pension liability supplementary factor.
Our operations have become more efficient overall – administrative cost contributions have decreased by nearly 40 per cent since 2023
We succeeded in continuing to increase the efficiency of our operations in 2025. Our administrative expenses decreased by 6 per cent for the second year running. Our total operating expenses also decreased by 2 per cent.
The total operating expenses of a pension insurance company consist of several different areas, such as the administrative expenses of TyEL insurance, the administrative expenses of YEL insurance, disability risk management expenses, and the operating expenses of the investment operations. Of these, only the administrative expenses related to TyEL insurance directly affect the amount of administrative cost contribution paid by our customers.
Our administrative expenses for TyEL insurance have significantly decreased in recent years. However, what underscores the overall efficiency of our operations is that our total operating expenses have also decreased. Although the administrative cost contribution you pay as our TyEL customer consists only of the administrative expenses for TyEL insurance, we are striving and will continue to strive for overall operational efficiency.
The administrative cost contribution will decrease by 8 per cent on average for 2026. The administrative cost contribution paid by our TyEL customers has decreased on average by nearly 40 per cent since 2023.
The client bonuses for 2025 have now been paid. Check the amount of the client bonus and administrative cost contribution in the Varma Online Service
You can check the amount of your company’s client bonuses in the Varma Online Service, in the Invoices tab of the Insurance Policies section.