Veritas' investments returned 0.5% in Q3 2022, though equity markets declined. For January-September, returns were -6.2%. The solvency position remained strong at 1.7 times the solvency limit. Premiums written are expected to grow over 14% in 2022 due to growth in TyEL insurance. The number of YEL insurance policies and TyEL insured persons continued increasing while disability pension applicants decreased.

1. Interim report
1 January – 30 September
2022
27 October 2022

2. Summary of January–September
• The return on Veritas’ investments was 0.5 per cent in the third quarter, even though the equity market has been
declining.
• In January–September, the total return on investments was -6.2 per cent.
• The solvency position remained strong and at the end of September, it was 1.7-fold compared to the solvency limit.
• Premiums written are expected to grow by over 14 per cent in 2022, mainly due to the growth in the TyEL insurance
portfolio.
• The volume of YEL insurance policies continued to grow.
Value of investments Solvency position
Solvency ratio
Return on investments

3. Investments

4. Positive return in the third quarter
Investment returns
7.4 %
6.5 %
5.8 %
6.6 %
8.0 %
-1.5 %
9.9 %
5.6 %
12.6 %
-6.2 %
-10.0 %
-5.0 %
0.0 %
5.0 %
10.0 %
15.0 %
• The return on Veritas’ investments
was 0.5 per cent in the third
quarter of the year.
• In January-September, the
investment return was -6.2 per
cent.
• The return on fixed-income
instruments was -8.2 per cent,
equity investments
-12.6 per cent, real estate
investments 3.9 per cent and
other investments 12.9 per cent.

5. The cumulative investment return for a 10-year
period is 73.2 per cent
90
100
110
120
130
140
150
160
170
180
190
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
The return is calculated from 1 October 2012 to 30 September 2022.
Nominal return
10 years
5.6%
5 years
4.3%
Real return
10 years
4.0%
5 years
1.7%

6. Changes in portfolio allocation
30.2 %
47.4 %
15.6 %
8.7 %
-1.9 %
33.6 %
42.0 %
16.2 %
9.8 %
-1.6 %
31.4 %
37.6 %
16.7 %
11.9 %
2.4 %
31.3 %
37.2 %
16.6 %
13.9 %
1.1 %
-10.0 %
0.0 %
10.0 %
20.0 %
30.0 %
40.0 %
50.0 %
Fixed-income
investments
Equities and shares Real-estate
investments
Other investments Effect of derivatives
31.12.2021 31.3.2022 30.6.2022 30.9.2022

7. Geographical distribution of investments
All investments Listed equities

8. Breakdown of investments at fair value
1-9/2022
milj. € % milj. € % ⁸ %
1 303,1 31,6 1 289,5 31,3 -8,2
Loan receivables ¹ 55,2 1,3 55,2 1,3 1,5
Bonds ¹ 927,7 22,5 914,1 22,2 -11,2
Government bonds 480,1 11,6 466,5 11,3 -10,9
Other bonds 447,6 10,9 447,6 10,9 -11,5
Other money market instruments and deposits ¹ ² 320,2 7,8 320,2 7,8 0,4
Equity investments 1 564,0 37,9 1 534,3 37,2 -12,6
Listed equities 1 134,6 27,5 1 104,9 26,8 -18,5
Private equity investments ³ 382,0 9,3 382,0 9,3 9,8
Unlisted equities ⁴ 47,4 1,1 47,4 1,1 9,4
Real estate investments 683,6 16,6 683,6 16,6 3,9
Direct real estate investments 562,0 13,6 562,0 13,6 3,5
Real estate funds 121,6 2,9 121,6 2,9 5,8
Other investments 573,9 13,9 573,9 13,9 12,9
Hedge fund investments ⁵ 349,1 8,5 349,1 8,5 14,7
Other investments ⁶ 224,8 5,5 224,8 5,5 10,1
Total investments 4 124,7 100,0 4 081,4 98,9 -6,2
Effect of derivatives ⁷ 43,3 1,1
Total investments at fair value 4 124,7 100,0
Modified duration of the bond portfolio 3,4
Open currency position, % of the market value of investments 25,0
Fixed-income investments
Basic breakdown Risk-adjusted breakdown Return
30 Sep 2022 30 Sep 2022

9. Veritas’ solvency stands at a secure level
100%
105%
110%
115%
120%
125%
130%
135%
140%
0
200
400
600
800
1 000
1 200
Solvency limit, milj. € Solvency capital, milj. € Solvency ratio, % (right-hand scale)
• The solvency ratio was
124.1 per cent at the end of
September.
• The solvency position was
1.7-fold compared to the
solvency limit.
• The solvency capital stood at
EUR 821.7 million at the end
of September 2022.
1) Veritas Pension Insurance and Pensions-Alandia merged on 1 January 2019. The figures for the previous years are Veritas figures before the merger.
2) The figures for 2012 include the provision for pooled claims equated with solvency capital, which was EUR 78.3 million.

10. Pensions and insurance

11. Good news from the pension system
The long-term pension financing outlook
has improved
• The Finnish Centre for Pensions published
new long-term projections of the
development of statutory pension
expenditure on 13 October.
• The long-term pension financing outlook
has improved considerably due to
favourable investment returns.
• The private-sector insurance contribution
under the Employees Pensions Act (TyEL
contribution) can be kept below 25 per cent
of wages until the 2050s.
Source: Finnish Centre for Pensions
The Finnish pension system
straightforward and transparent
• Finland ranked fifth in the international
Global Pension Index comparison.
• For the ninth time in a row, Finland
received the highest index value in the
integrity sub-index (reliable and
transparent governance).
Source: Finnish Centre for Pensions

12. Current information on pensions
• The earnings-related pensions will rise by 6.8 per cent at the turn of the
year.
• A person who has retired or will retire by the beginning of December will
get an increment to their pension.
• The number of applications for old-age pensions and partial old-age
pensions was markedly above average in September. The number of
applications exceeded last year’s number by 108 per cent
• The number of disability pension applicants has decreased during the
year. The number of decisions made by the end of September amounted
to 13 per cent less than in the preceding year.

13. Veritas paid out pensions to over 38 000 recipients
Pensions and other claims paid 1, 2), EUR million
568.1
589.5 585.4
601.9
627.9
200.0
250.0
300.0
350.0
400.0
450.0
500.0
550.0
600.0
650.0
2018 2019 2020 2021 9/2022
Number of pensioners 2)
36324
37118
37627 37965 38088
20000
22000
24000
26000
28000
30000
32000
34000
36000
38000
40000
2018 2019 2020 2021 9/2022
1) Pensions and other claims paid 9/2022 is an estimate for the whole year 2022.
2) The figures for 2018 are pro forma figures (Veritas + Pensions-Alandia)

14. Premiums written are expected to grow by over
14 per cent
Premiums written 1, 2), EUR million
588.6 592.7
551.6
614.3
703.6
300
350
400
450
500
550
600
650
700
750
2018 2019 2020 2021 9/2022
Number of insured persons 2, 3)
0
20000
40000
60000
80000
100000
120000
140000
2018 2019 2020 2021 9/2022
Number of
pensioners
Number of YEL
policies
Number of
TyEL insured
1) Premiums written 9/2022 is an estimate of the whole year 2022. The temporary discount on employers’ TyEL contributions between May and December 2020 is taken into account.
2) The figures for 2018 are pro forma figures (Veritas + Pensions-Alandia).
3) The number of TyEL-insured persons in 2019-2021 is not fully comparable with the earlier years. The definition of this key figure changed in 2019 when the Incomes Register was
taken into use.

15. Customers’ payroll to grow by over 12 per cent
TyEL payroll 1, 2), EUR million
2133.1 2159.2 2131.4
2244.6
2520.0
1000.0
1200.0
1400.0
1600.0
1800.0
2000.0
2200.0
2400.0
2600.0
2018 2019 2020 2021 9/2022
Number of TyEL policies 1, 3)
8711
8885
9385 9339
9152
5000
5500
6000
6500
7000
7500
8000
8500
9000
9500
10000
2018 2019 2020 2021 9/2022
1) The figures for 2018 are pro forma figures (Veritas + Pensions-Alandia)
2) TyEL payroll 9/2022 is an estimate for the whole year 2022.

16. Strong growth in YEL insurance policies continues
Reported income under YEL 1, 2), EUR million
276.4
289.6 295.6 302.5
320.2
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
2018 2019 2020 2021 9/2022
Number of YEL policies 1)
12129
12940
13285
13859
14367
5000
6000
7000
8000
9000
10000
11000
12000
13000
14000
15000
2018 2019 2020 2021 9/2022
1) The figures for 2018 are pro forma figures (Veritas + Pensions-Alandia)
2) Reported income under YEL 9/2022 is an estimate for the whole year 2022.

17. Result
Result analysis, EUR million 1-9/2022 1-9/2021 2021
Technical underwriting result 16,4 6,9 8,7
Return on investments at fair value -276,3 119,8 192,6
+ Net return on investments at fair value -273,1 324,1 490,3
- Return requirement on technical provisions -3,2 -204,4 -297,6
Loading profit 0,4 1,4 2,0
Other profit 0,7 0,4 -0,4
Total result -258,8 128,5 202,9
Operating income covered by expense loading component,
EUR million
14,2 13,4 18,2
% of the expense loading component 97,5 % 90,6 % 90,3 %
Number of employees (average) 151 158 157

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