Pension insurance company Veritas continued its strong growth in 2025. A new record was set in sales for the fifth year in a row. The return on Veritas’ investments was 8.7 per cent in 2025.
”We achieved an excellent result in both customer acquisition and investments. Due to new customers, premiums written will increase by approximately EUR 170 (166) million,” says Elina Fogelholm, the future CEO of Veritas.
The total payroll of Veritas’ customers grew by 9.7 per cent from the previous year. In private sectors, the total payroll growth remained at 2.0 per cent.
Fogelholm sees signs of improvement in the Finnish economy.
”Exports have been doing well for some time already and the prospects for SMEs have improved.”
Fogelholm believes that consumer confidence will also gradually improve.
”Consumers’ income has improved and purchasing power is recovering. It is clear, however, that the unemployment situation is still causing a degree of caution. Growth in employment usually follows growth in economy with a delay. It is gratifying that, in the last quarter of 2025, employment also seems to be turning to a growth trend.”
Fogelholm, who began working at Veritas in December, intends to start by developing a new strategy.
”Our aim is to formulate a strategy with a customer-oriented approach. It is important for us to identify those for whom we can create added value and to boldly begin developing services accordingly.”
Finnish equity investments brought good returns
The return on Veritas’ investments was 3.3 (1.5) per cent in the last quarter of the year and 8.7 (8.4) per cent for the whole year. The value of investments was EUR 5.2 (4.8) billion at the end of year.
”Last year was a good year for all asset classes. At times, the equity markets took investors on quite a rollercoaster ride, as tariff issues, the AI bubble and geopolitical uncertainty dominated the headlines. We kept a high exposure to listed equities throughout the year, and it paid off. Listed equities generated the best returns,” says Laura Wickström, CIO at Veritas.
In 2025, the return on Veritas’ fixed-term investments was 3.9 (6.7) per cent, equity investments 14.1 (12.7) per cent, real estate investments 3.5 (-0.7) per cent and other investments 3.9 (7.9) per cent.
”Investing in Finnish equities paid off last year, as the Helsinki Stock Exchange was one of the best stock markets, with an annual return of 35 per cent. European equities also performed well.”
The United States, on the other hand, lost a bit of its charm and the country’s position as a safe haven for investors was shaken. The decline in the dollar ate away at returns where investments had not been hedged against exchange rate movements.
The tectonic plates of the world order are on the move
This year, the United States will hold midterm elections, and that may be good news for the investment market.
”In the United States, the economy may be allowed to heat up because of the elections. Of course, that also comes with risks. The dollar may continue to weaken and there may be even more market fluctuations.”
However, Wickström views the outlook for the global economy as positive.
”In Europe and Finland, the economy is expected to grow more than last year. Economic growth in the United States also continues to be strong. The fiscal stimulus and the easing of the monetary policy in the United States support economic growth. The weakened dollar has a positive impact on the expected returns from emerging markets.”
The main concerns are related to the uncertainty of the operating environment and political risks. It is also possible that economic growth will slow down.
”The tectonic plates of the world order are on the move and geopolitical uncertainty will continue this year. The investment market, however, seems to be ignoring this at the moment.”
Appendices:
Further information:
- Elina Fogelholm, Director, tel. +358 (0)10 550 1600, firstname.lastname@veritas.fi
- Laura Wickström, CIO, tel. +358 (0)44 209 7498, firstname.lastname@veritas.fi
The figures have not been audited. The comparative figures in brackets refer to the corresponding period of the previous year.
