Finnish earnings-related pension provider Veritas made a return of 5.2 per cent on its investments in the first three quarters of 2025, its interim results have revealed.

Compared to the same period last year, the result is 1.5 percentage points lower.

Equity investments (8.5 per cent) performed the best during the period, followed by fixed income (2.5 per cent), real estate (2.2 per cent), and other investments (2.1 per cent).

The value of its investments exceeded €5bn for the first time.

Veritas CIO, Laura Wickström, said: “Equity investments generated the best returns in the third quarter and the performance of US equities continued to be strong.”

According to Wickström, uncertainty surrounding tariffs began to ease during the second quarter, after which equity markets have continued to climb. For example, in the US, the main indices have reached record levels.

“The performance of European equities remained muted in the second quarter, but the current earnings season has already brought some positive surprises,” she said.

Looking forward, she said there are high expectations for Europe, mainly due to Germany’s expansionary fiscal policy. However, recent weak employment figures in the US have dampened the outlook, but interest rate cuts initiated by the Federal Reserve have been very welcome news for the stock markets.

“Markets expect further rate cuts ahead. This would in turn support both equity markets and economic growth,” she said.

Regarding sales, Veritas CEO, Tommy Sandås, said: “Last year was a record year of growth for us, and it looks like sales may edge even higher this year.

“This year the total payroll of Veritas’ customers has grown by over 10 per cent compared to last year. In the private sector, total payroll growth has remained at 2 per cent.”

According to Sandås, the total payroll is influenced by overall employment trends.

“Unemployment has increased and the employment rate has weakened, which is reflected in the modest growth of the total payroll. However, the employment rate has remained at a relatively good level compared to, for example, the early 2000s.”

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