The growth of the pension insurance company Veritas continued in the early part of 2025. Nearly 1,200 TyEL and YEL customers transferred to Veritas from other pension companies.
The TyEL payroll of companies insured by Veritas increased by 12.6 percent in January-March compared to the previous year. The premiums written are expected to grow by well over 10 per cent this year.
”We are committed to providing great customer service. I believe that our service model is the most significant factor in our excellent growth figures,” says Veritas CEO Carl Haglund.
The economic outlook for Finland and the global economy is currently overshadowed by the threat of a trade war.
“There were already positive signs in the Finnish economy, but the erratic policies of the United States could stifle economic growth,” Haglund says.
According to Haglund, the uncertainty caused by US President Donald Trump has, however, led Europe to unite.
“Europe has come to realize that it must take its fate into its own hands. Europe must strengthen its defense and invest in infrastructure. No one else will do it for us. The EU’s goal to reduce regulation is also very welcome.”
The return on Veritas’ investments was -0.2 per cent
The return on Veritas’ investments was -0.2 (3.7) per cent in the first quarter of the year. The return on fixed-income investments was -0.3 (1.8) per cent, equity investments -0.6 (6.4) per cent, real estate 0.8 (0.6) per cent and other investments 0.5 (2.4) per cent.
“After three negative years, the year got off to a strong start on the Helsinki Stock Exchange, and economic growth was finally expected to accelerate slightly from last year,” says Veritas’ CIO Laura Wickström.
According to Wickström, Trump’s tariff talks were initially seen as a negotiation tactic rather than a real threat to economic growth. However, things turned out differently.
“The United States has been considered a safe haven for investors, but currently only uncertainty is certain. Rising yields in the longer dated Treasuries and the weakening of the dollar reflect this new development.”
In a positive scenario, the situation calms down and tariff agreements are reached in the coming days and weeks. In a negative scenario, the trade war prolongs and leads to a deep recession.
“Inflation fears are already emerging, as tariffs can accelerate inflation. The big question is whether tariffs will drive the US economy into a recession or if it can still be avoided.”
Appendices:
Further information:
- Carl Haglund, CEO, tel. +358 10 550 1600, firstname.lastname@veritas.fi
- Laura Wickström, Chief Investment Officer, tel. +358 44 209 7498, firstname.lastname@veritas.fi
The comparative figures in brackets refer to the corresponding period of the previous year.
