Financial information

Varma’s investments yielded EUR 4.8 billion in 2025. Despite the shadow of US import tariffs over the global economy, the equity markets trended upwards. Finnish equities emerged as the highest-yielding asset class in Varma’s portfolio, propelled by Nasdaq Helsinki’s historically strong year.

The return on Varma’s investments in 2025 was 7.5 (10.2) per cent. The value of the investments was EUR 68.3 (64.4) billion.

Varma’s result news release

Financial Statement presentation

Report of the Board of Directors 2025

Varma’s solvency was on a strong level throughout the year. Solvency capital totalled EUR 18,221 (16,793) million at the end of the financial year. Varma’s pension assets in relation to technical provisions (solvency ratio) were 135.7 (134.6) per cent.

Solvency capital was at a secure level, i.e. at 1.7 (1.7) times the solvency
limit.

The solvency limit is changed in accordance with the risk level of the investments. Varma’s strategic goal is to maintain the company’s strong solvency through stable returns.

For more information please read our news release

Strong solvency upholds confidence in pension provision. Better investment returns mitigate the pressure to increase pension contributions. Varma’s strong solvency benefits our clients through lower insurance contributions.

In good investment years, investment returns are used to increase the solvency capital, while in lean investment years, the solvency capital shrinks. Good solvency enables Varma to aim for higher returns by making higher-risk investments. As a rule of thumb, one percentage point more in investment returns in the long term means a two-percentage-point drop in pension contributions.

Varma requires the disclosing market participant to be compliant with EU's Market Abuse Regulation (MAR).

The disclosing market participant must follow the following procedure for market sounding purposes.

1. Please do not approach or contact any Varma´s employee for market sounding purposes before your company has been accepted as a Market Sounding Partner by Varma. If your company has already been accepted as a Market Sounding Partner, you can proceed to section 2.

How to apply for becoming a Market Sounding Partner?

Please send an application signed by your Head of Compliance where your company confirms that procedures in your company are compliant with MAR and other relevant EU guidelines and standards to [email protected]. Once your company has been accepted as a Market Sounding Partner you will be provided a list of the nominated market sounding receivers of Varma.

You only need to register as a Varma’s Market Sounding Partner once.

2. If your company is already accepted as Varma’s Market Sounding Partner, you can contact the relevant market sounding receiver at Varma directly.If you are not sure who to contact in this matter,[email protected] will assist you upon request.

3. You must always ask the relevant market sounding receiver for a permission for market sounding before making any disclosure. Unless the explicit permission is granted, you are not allowed to disclose any information that could be interpreted as confidential or insider information.