Varma year 2024

Report of the Board of Directors 2024
The year 2024 was strong for pension investor. Varma's pension funds increased by six billion euros, and the value of the investments rose above 60 billion euros for the first time. Our solvency remained at an excellent level.

The year in figures

  • Return on investments: 10.2%
  • Value of investments: €64.4 bn
  • Pensions paid: €7.5 bn
  • Insured customers and pensioners: 971,600

Report of the Board of Directors 2024

Read about Varma’s key results.

Strong year for pension investor

Pension assets grew remarkably during 2024. The year was one of the best years for investments in the past decade. The high returns were driven by broad diversification and strong performance of the equity markets. Varma has long been the most solvent earnings-related pension company in Finland, and our solvency remained strong throughout 2024.

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.

  • Eighty-nine per cent of new pension recipients had their pension paid during the first month of their pension entitlement.
  • Varma’s solvency remained strong throughout the year.
  • Varma further improved its operational efficiency during the year. The operating expenses related to TyEL and YEL business decreased by nearly six per cent, or EUR 5 million, from the previous year. Our operating expenses were 0.31 per cent of the TyEL payroll and YEL income.
  • Total payroll, which forms the foundation for contribution income, increased by 2.9 per cent. Premiums written totalled EUR 6.7 billion. 

Read more about our goals and results

Sustainability Statement

Varma's first Sustainability Statement has been published as part of the 2024 Report of the Board of Directors. The Sustainability Statement complies with the EU's CSRD directive for sustainability reporting. The Sustainability Statement will be published in English in March.

Correct pensions on time

In 2024, we paid out pensions amounting to 7.5 billion euros to 351,000 pensioners. We process pension applications quickly: in 2024, our customers received their pension decision in an average of 13 days.

Varma supports work ability

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