The total premium income of authorised pension providers in Finland was €27bn in 2023, figures from the Finnish Pension Alliance (Tela) have shown.

Premium income refers to income collected from employers, employees and self-employed people as pension contributions.

However, it does not include state budget contributions to self-employed people, seafarers and farmers, or contributions paid by the state as an employer from the state budget.

Premium income to pension companies on a TyEL or YEL basis made up 68.2 per cent of the total, while premium income to Keva member communities and the state pension fund on a JuEL basis accounted for 22.6 per cent and 6.2 per cent respectively.

The amount of pensions paid in the earnings-related pension system in 2023 totalled €33.1bn, with pension companies making up 57.8 per cent of the total.

Pensions paid from Keva member communities and the state pension fund accounted for 20.4 per cent and 16.1 per cent respectively.

There are currently four pension insurance companies operating in the private sector, all offering earnings-related pension insurance for both employees (TyEL) and self-employed people (YEL).

The TyEL premium income from private sector employees totalled €17.3bn in 2023, split between Ilmarinen (37.2 per cent), Varma (36.2 per cent), Elo (22.9 per cent), and Veritas (3.7 per cent).

Meanwhile, the YEL premium income for self-employed workers was €1.14bn during the year, with Elo having the largest share (38.8 per cent), followed by Ilmarinen (35.6 per cent), Varma (18.7 per cent), and Veritas (6.9 per cent).

In 2023, TyEL-insured employees and self-employed persons who had taken out YEL insurance totalled 1.9 million.

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