Finnish earnings-related pension provider Keva returned 7.3 per cent on its investments in the first half of 2026, its interim results report has revealed.

The market value of the investments was €79.3bn, as at the end of June 2026, up from €70.7bn at the same time last year.

Keva, which is responsible for financing pensions and investing pension assets for the public sector in Finland, achieved a 12.5 per cent return on its listed equity investments in H1.

Meanwhile, its hedge fund investments returned 6.4 per cent, private equity investments returned 3.5 per cent, fixed income investments returned 2.6 per cent, and real estate investments returned 1.4 per cent.

Listed equities and equity funds accounted for 46.9 per cent of Keva’s invested assets, while fixed income made up 22.3 per cent.

Private equity investments accounted for 18 per cent of assets, while 6.4 per cent of investments were through hedge funds and 6.3 per cent were real estate investments.

In H1 2026, Keva’s contribution income totalled €3.4bn, an increase of 3 per cent year-on-year, while €3.8bn was paid out to members, an increase of 2.2 per cent.

“Cost-saving pressures in municipalities and wellbeing services counties were reflected in the payroll growth of Keva’s member organisations, which was slower than expected in the first half of the year,” said Keva chief executive officer, Jaakko Kiander.

“Investments, in turn, performed exceptionally well in the second quarter, as all major equity markets posted strong gains.”

Keva chief investment officer, Maaria Kettunen, explained that the returns were driven by strong corporate earnings growth globally, although that growth was heavily concentrated in companies associated with artificial intelligence.

“This concentration around a single theme poses a challenge from a diversification perspective,” she added.

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