Finnish earnings-related pension provider Varma posted the strongest gains in the Employees Pensions Act (TyEL) insurance transfer market in 2025, while competitors recorded losses, according to figures from the Finnish Pension Alliance (Tela).

Varma increased its TyEL payroll by €325.5m in 2025 and recorded a net inflow of 1,608 TyEL policies. Veritas also reported an increase in TyEL payroll, up €18.0m, but recorded a net loss of 223 TyEL policies.

Elo saw its TyEL payroll decline by €266.4m during the year, alongside a net loss of 361 TyEL policies, while Ilmarinen recorded a €77.1m fall in TyEL payroll and a net outflow of 1,024 policies.

In the Self-Employed Persons’ Pensions Act (YEL) segment, Veritas emerged as the strongest performer in 2025, posting the largest gains among the main providers. The insurer increased its YEL payroll by €11.3m and recorded a net inflow of 501 YEL policies.

Elo also strengthened its position in YEL, with payroll rising by €7.8m and the number of YEL policies increasing by 480. By contrast, Ilmarinen recorded losses across the segment, with YEL payroll falling by €21.8m and a net loss of 811 policies.

Varma saw a modest €2.8m increase in YEL payroll in 2025 but experienced a net outflow of 170 YEL policies, indicating a more mixed outcome in the self-employed market.

Overall, transfers accounted for 4.4 per cent of TyEL payroll in 2025, slightly down from 4.5 per cent in 2024, with quarterly shares ranging from 0.9 per cent in February and April to a peak of 1.5 per cent in March.

Transfers as a share of the TyEL insurance portfolio rose to 8.6 per cent, up from 7.4 per cent a year earlier.

For YEL, transfers represented 6.9 per cent of payroll in 2025, compared with 5.9 per cent in 2024. Transfers as a share of the YEL insurance portfolio also increased, rising to 6.8 per cent from 5.9 per cent the previous year.

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