The interim report provides key financial information for Elo Mutual Pension Insurance Company for the period of January to September 2021. Some highlights include: - Investment assets totaled €28.3 billion with a 9.4% return and 6.7% 10-year nominal return. - Premiums written were €3 billion and pensions/benefits paid totaled €3 billion. - Customer satisfaction improved with expanded online services and phone availability. - The solvency ratio was 126.9% and solvency capital increased to €6.1 billion.

1. Interim report
1 January–30 September 2021
Elo Mutual Pension Insurance Company

2. Interim report 30 September 2021
Key figures January – September 2021
28.3EUR billion
Investment assets
%
Solvency ratio
6.7%
10-year nominal return
3,010EUR million
Pensions and other
benefits paid
2,999EUR million
Premiums written
9.4%
Return
126.9
2

3. • The customer satisfaction of insurance and pension services
has continued to develop favourably in light of the NPS scores.
• Pension processing was smooth and decisions on old-age
pensions, for example, were issued in two days on average.
• After the end of the review period, we won a silver prize in the
Customer’s Voice competition for our telephone service for
insurance customers.
• At the beginning of September, we extended our customer
service hours so that our availability would meet our
customers' expectations even better.
• We continued to develop our online service by introducing
new functionalities and expanding the chatbot functions, for
example.
Customer satisfaction in focus
3 Interim report 30 September 2021

4. • Some 76 per cent of those in Elo’s vocational rehabilitation were able
to return to the labour market. The effectiveness of rehabilitation
improved year-on-year.
• Based on our observations, self-employed persons tend to be too late
in seeking help with problems related to their work ability, and they
do not know how to seek rehabilitation through their employment
pension company. Nevertheless, 79 per cent of the self-employed
persons in rehabilitation were able to return to the labour market.
• The number of new disability pension decisions decreased by 9 per
cent year-on-year.
• COVID-19 was again a factor in a few disability pension applications,
but there are no signs of a rising long-term trend in that respect.
The effectiveness of rehabilitation
improved
4 Interim report 30 September 2021

5. Interim report 30 September 2021
Pension decisions by pension type Pensions paid by pension type 2017–9/2021
The total number of pension decisions was nearly
unchanged
• The total number of new decisions on disability
pension was 4,513(4,947).
5
1-9/2021 1-9/2020
Retirement pensions 5,728 5,057
Partial early old-age pensions 1,671 1,769
Disability pensions 8,891 9,356
Survivor's pensions 1,684 1,644
Decisions on rehabilitation 1,499 1,499
Career pensions 32 22
Total 19,505 19,347 2,615 2,736 2,872 2,999
2,244 2,312
307
304
305
309
232 233
193
196
200
204
152 155
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2017 2018 2019 2020 9/2020 9/2021
EUR million
Retirement pensions Disability pensions Survivor's pensions
Part-time pensions Partial early old-age pensions Career pensions

6. Interim report 30 September 2021
Premiums written and pension expenditure nearly
at the same level
6
67 5 53
-276
-11
-500
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
2017 2018 2019 2020 9/2021
EUR
million
Premiums written Pension expenditure Differential between premiums written and pension expenditure

7. Interim report 30 September 2021
Investment income was EUR 2,4 billion
7
EUR million 1.1.–30.9.2021 1.1.–30.9.2020
Total surplus 1,038.3 -782.2
Insurance business surplus 9.8 -12.1
Investment surplus at fair values 999.7 -798.0
Net investment income at fair values (+) 2,414.9 -412.2
Yield requirement on technical provision (-) -1,415.2 -385.9
Loading profit 26.1 24.1
Other income 2.7 3.8
Distribution of surplus 1,038.3 -782.2
Change in solvency 1,038.3 -782.2
Change in provision for future bonuses -248.8 -303.7
Change in valuation differences 1,287.1 -478.5
Change in accrual of closing entries 0.0 0.0
Profit for the financial year 0.0 0.0
Transfer to client bonuses 0.0 0.0

8. Interim report 30 September 2021
Key solvency figures Solvency ratio and position 2017–9/2021
Solvency capital improved by EUR 1 billion and
amounted to approximately EUR 6 billion
• The amount of solvency capital increased from the beginning of the year by EUR 1,037.1 million
• Elo’s solvency ratio, i.e. pension assets in relation to technical provisions, was 126.9 %
• Elo’s solvency position, i.e. solvency capital in relation to the solvency limit, was 1.6
8
4,816 3,935 5,082
5,055
6,092
0
2,000
4,000
6,000
8,000
10,000
12,000
2017 2018 2019 2020 9/2021
EUR million
Solvency capital Maximum amount of solvency capital Solvency limit
125.9 %
120.6 %
124.4 % 123.7 %
126.9 %
1.6 1.6 1.6 1.6
1.6
0.0
2.0
4.0
6.0
100%
110%
120%
130%
2017 2018 2019 2020 9/2021
Solvency ratio, % Solvency position

9. Interim report 30 September 2021
Operational efficiency at a good level
80.9 %
74.9 % 73.4 % 72.0 % 71.6 %
0%
20%
40%
60%
80%
100%
2017 2018 2019 2020 9/2021
Operating expenses as a percentage of loading component
9

10. • We joined the Net Zero Asset Owner Commitment and commits
to achieve net zero investment portfolio emissions by 2050 or
sooner.
• We joined over 50 other IIGCC members in signing a letter that
set out their expectations of companies in identifying and
responding to physical climate risks and opportunities.
• During the period under review, we participated in
#IStartedThis, a campaign implemented in collaboration with
Inklusiiv that encourages people to consider self-employment
regardless of their background.
• We continued to take action under Oikotie’s responsible
employer campaign. The employers participating in the
campaign make a commitment to developing and promoting six
principles of responsible employment that are related to
employee well-being, motivation and commitment to the
employer.
Development of responsibility
10 Interim report 30 September 2021

11. • The global economic growth slowed down due to a wave of COVID-19 infections caused
by a new virus variant, the diminishing effectiveness of economic stimulus measures as
well as capacity and resource constraints.
• Concerns have arisen at financial markets that the cost pressures created by supply
constraints will turn into longer-term inflation. At the same time, the weakening
economic cycle in China has also presented challenges to growth.
• In Finland, construction investments and private consumption drove a brisk economic
recovery in the summer. The recovery of the global industrial cycle, particularly in
Europe, has accelerated the revival of Finnish industry and exports. Industrial production
returned to the pre-pandemic level in the summer.
• Despite the growth risks, nearly all key central banks are continuing to implement
stimulating monetary policy.
Interim report 30 September 2021
Economic environment
11

12. Interim report 30 September 2021
Key figures for the period
12
9/2021 9/2020 2020
Investment assets at fair value, EUR million 28,262.7 24,641.6 25,898.1
Net return from investment on capital employed, % 9.4 % -1.6 % 3.6 %
Average nominal return, over 10 years 6.7 % 5.0 % 5.3 %
Average nominal return, over 5 years 6.6 % 5.0 % 5.5 %
Premiums written, EUR million 2,998.7 2,686.0 3,615.6
Pensions and other benefits paid, EUR million 3,010.2 2,908.3 3,891.9
Technical provisions, EUR million 23,445.4 21,653.3 22,381.4
Number of TyEL policyholders 51,000 47,800 48,300
Number of YEL policyholders 83,900 83,000 83,600
Number of pensioners 245,800 242,900 243,600
Loading profit, EUR million 26.1 24.1 33.2
Operating expenses as % of loading component 71.6 % 72.6 % 72.0 %
Solvency capital, EUR million 6,092.4 4,297.9 5,055.4
Solvency position 1.6 1.4 1.6
Solvency ratio, % 126.9 % 120.6 % 123.7 %

13. Interim report 30 September 2021
Development of investment assets 2011–9/2021 Investment asset allocation 30 September 2021
Strong growth in investment assets
Equities include listed and unlisted equity investments, private equity
investments and infrastructure investments.
13
28,263
0
5,000
10,000
15,000
20,000
25,000
30,000
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 9/2021
EUR million
34 %
47 %
12 %
8 %
Fixed-income Equities Real estate Other investments

14. Interim report 30 September 2021
Return on investments by asset class 1 January – 30 September 2021
Record-strong performance in private equity fund
investments
14
2.4 %
1.3 %
-0.3 %
14.1 %
30.7 %
16.6 %
3.5 %
7.7 %
-5.0 % 0.0 % 5.0 % 10.0 % 15.0 % 20.0 % 25.0 % 30.0 % 35.0 %
Loans
Bonds
Other money market instruments
and deposits
Listed equities
Private equity investments
Unlisted equity investments
Real estate
Other investments

15. Investments generated a return of 9.4 %
Interim report 30 September 2021
15
Return Volatility
EUR
million
% % %
Fixed-income investments 9,345.0 33.1 8,267.5 29.3 1.0
Loans 446.0 1.6 446.0 1.6 2.4
Bonds 6,973.1 24.7 5,760.9 20.4 1.3 10.5
Public bonds 3,211.2 11.4 2,133.7 7.5 -1.4
Other bonds 3,761.9 13.3 3,627.2 12.8 3.0
Other money market instruments and deposits
incl. any receivables and liabilities related to 1,925.9 6.8 2,060.6 7.3 -0.3
Equities 13,320.3 47.1 13,159.6 46.6 18.1
Listed equities 9,299.6 32.9 9,139.0 32.3 14.1 16.7
Private equity investments 3,451.8 12.2 3,451.8 12.2 30.7
Unlisted equity investments 568.9 2.0 568.9 2.0 16.6
Real estate 3,483.1 12.3 3,483.1 12.3 3.5
Direct real estate investments 2,499.0 8.8 2,499.0 8.8 2.6
Real estate funds and joint investment companies 984.1 3.5 984.1 3.5 5.9
Other investments 2,114.3 7.5 2,149.7 7.6 7.7
Hedge fund investments 2,101.6 7.4 2,101.6 7.4 6.7 6.4
Commodity investments 5.3 0.0 46.4 -0.2 -
Other investments 7.4 0.0 1.7 0.0 -
Total investments 28,262.7 100.0 27,059.9 95.7 9.4 7.2
Effect of derivatives 1,202.8 4.3
Total 28,262.7 100.0 28,262.7 100.0
The return on foreign currency derivatives is estimated for asset classes in proportion to the average foreign currency-denominated assets
during the reporting period.
The total return includes returns, expenses and operating expenses not allocated to investment classes. The modified duration of bonds is 3.5.
The open currency exposure is 24.9% of market value.
EUR million
Actual risk
position
Basic allocation
by market value

16. Interim report 30 September 2021
Development of asset allocation 2017–9/2021 Geographical distribution of investments
30 September 2021
No significant changes in asset allocation
16
35 39 34 36 34
43 40 46 44 47
12 13 12 13 12
10 8 7 7 8
0 %
20 %
40 %
60 %
80 %
100 %
2017 2018 2019 2020 9/2021
Fixed-income Equities Real estate Other investments
Finland 25 %
Europe 37 %
North America
22 %
Emerging markets
14 %
Other regions 2 %

17. Interim report 30 September 2021
Return on investments was 1.5 per cent in the third
quarter
Return 1 January – 30 September 2021 was 9.4 %
1.8 %
2.9 %
1.5 % 1.6 % 1.3 %
-0.4 %
1.2 % 1.4 %
-3.5 %
5.2 %
1.9 % 2.0 %
3.3 %
-9.5 %
5.9 %
2.6 %
5.3 %
3.9 % 3.8 %
1.5 %
-12%
-8%
-4%
0%
4%
8%
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2016 2017 2018 2019 2020 2021
17

18. Interim report 30 September 2021
Investment returns 2011–9/2021 Average return on investments over time
Development of investment returns over time
-2.4 %
9.6 %
7.1 %
6.2 %
5.0 %
5.6 %
7.4 %
-1.4 %
13.0 %
3.6 %
9.4 %
-4%
0%
4%
8%
12%
16%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 9/2021
• The pension asset return expectation that the Finnish Centre for Pensions uses in its calculations is an annual real return of 2.5 per
cent until 2028, after which the real return expectation will be 3.5 per cent per year.
18
5.5 %
6.6 %
5.6 %
6.7 %
0% 2% 4% 6% 8%
5-year real return
5-year nominal return
10-year real return
10-year nominal return

19. • Central banks are performing a balancing act between growth risk and inflation risk.
• A more substantial dampening of growth – and, at worst, a downswing – would leave the
global economy in a situation where the losses caused by the COVID-19 pandemic would
not be compensated by a strong upturn. This would make it challenging for the Fed and
the ECB to pull back from dovish monetary policy.
• Global economic growth is generally predicted to be 4.5 per cent and the growth of the
Finnish economy is expected to increase to nearly 3 per cent in 2022.
Interim report 30 September 2021
Future outlook
19