The investments of pension insurance company Veritas returned 6.7 per cent in January–September. The year is shaping up to be record-breaking in terms of customer acquisition. Sales are increasing by more than 50 per cent compared to the previous year.
“Veritas has grown significantly in recent years. We have broken previous records for three consecutive years and this year will be our fourth,” says Carl Haglund, CEO of Veritas.
Veritas’ premiums written are estimated to increase by more than 5 per cent and the payroll of companies insured by Veritas by nearly 7 per cent this year.
Growth driven by a strong focus on service
According to Haglund, this growth is a result of the company’s strong focus on its service approach. At Veritas, all entrepreneurs and companies, regardless of their size, receive their own designated contact person.
“The designated contact person promise enables us to provide better service to our customers. In particular, small companies are not very familiar with the services provided by their pension company. It is not the fault of the companies but rather it’s the pension company’s responsibility to be proactive and tell their customers about services that can help prevent, for example, cases of work disability,” says Haglund.
Haglund encourages all employers to regularly assess the situation within their workplace. Veritas provides its customers with a free well-being at work survey, which allows them to ascertain the work ability risks and the strengths of their company as well as the most important areas for development.
“My message to all Finnish employers is that it is vital to actively promote the well-being of their employees. This is not nonsense or fluff, since well-being at work has been proven to increase productivity. This is where Veritas can truly step in and make a difference.”
Equity investments provided the best return in the third quarter
The return on Veritas’ investments was 6.7 (2.3) per cent in January–September. The return on fixed-income investments was 5.3 (3.7) per cent, on equity investments 10.4 (3.2) per cent, on real estate 1.1 (-2.5) per cent and on other investments 4.4 (3.3) per cent.
“Volatility, or market fluctuations, have been higher both in equity and bond markets during the third quarter of the year,” says Laura Wickström, Chief Investment Officer of Veritas.
”Of Veritas’ investments, equity investments provided the best return but the return on fixed-income investments was also good. Government bond investments have been a good diversifier for equity risk during the third quarter.”
According to Wickström, the employment figures in the United States were worse than expected in August, which unnerved the markets.
”The economic data is under increasing scrutiny, and it may cause significant market movements. However, the economic figures from the US have surprised on the upside, despite expectations of slower economic growth.”
In Europe, the recovery is still awaited. The economic data has been weaker than expected, particularly in terms of industrial production.
”The fall in interest rates will ease the situation for consumers and businesses but we also need other measures to support growth. China’s recovery would be good news for Europe’s export industry.”
Appendices:
Further information:
- Carl Haglund, CEO, tel. +358 (0)10 550 1600, firstname.lastname@veritas.fi
- Laura Wickström, CIO, tel. +358 (0)44 209 7498, firstname.lastname@veritas.fi
Comparison figures in brackets refer to the same period of time in the previous year.
