The investments of Finnish earnings-related pension provider Varma yielded 4.5 per cent between January and September 2025, equating to €2.9bn.

The positive return increased the value of its investments to €66.7bn at the end of September. However, the performance is lower than for the same period in 2024, when it achieved a return of 7.7 per cent.

Broken down, the return on equity investments was 5.8 (11.2) per cent. The return on listed equities was 10.0 (14.8) per cent, mainly due to the strong 21.3 per cent appreciation of Finnish equities.

The return on fixed income investments was 3.5 (4.7) per cent, on real estate investments 1.8 (2.1) per cent, and on hedge funds 3.6 (6.7) per cent.

The solvency ratio was 135.1 per cent, and the solvency capital was at a secure level, i.e., 1.7 times the solvency limit.

Commenting, Varma CEO, Risto Murto, said investment markets have “remained stable” despite the uncertain geopolitical and economic environment.

“The discrepancy between the Finnish economy and the investment markets is currently exceptionally clear. Investor confidence in the economy has been higher than consumer confidence,” he added.

Varma deputy CEO, Markus Aho, added that Finnish stocks were among the top performers in terms of returns, but the differences compared to the rest of the market narrowed during the summer and fall.

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