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Veritas’ year 2021: Responsibility work and strong growth

20.4.2022, News and press releases

Pension Insurance Company Veritas has published its Annual Report and Corporate Responsibility Report for 2021. During the year, Veritas devised its Climate Roadmap for Investments and determined the interim milestones steering towards the carbon neutrality of investments by the year 2035.

”Responsibility work at Veritas was further developed during 2021”, reports the director responsible for legal affairs and corporate responsibility, Piia Vuoti. ”In the fall, we conducted a survey for our key stakeholder groups to determine their expectations of Veritas’ responsibility. Our responsibility work was evaluated to be at a good level, and we are committed to maintaining this level also going forward.”

Veritas’ Sustainability Manager Eveliina Leino relays that the focal points of sustainability in the year 2021 included the development of co-operation and sustainability networks.
”We participated in several collaboration initiatives as an investor and also expanded our sustainability networks on other fronts” says Leino.

Towards a carbon-neutral investment portfolio

Veritas is seeking to mitigate climate change through its selection of investment objects and impacting through same. The Corporate Responsibility Report includes an analysis of climate risks and opportunities in investments (TCFD).

”Last year, we managed to reduce our carbon footprint at a higher pace than the objectives set in our climate roadmap. The carbon intensity of Veritas’ equity investments was reduced by an impressive 28 per cent” reports Kari Vatanen, Veritas’ Chief Investment Officer.

Veritas has also succeeded in reducing the emissions of its real estate faster than targeted. In real estate investments, Veritas aims to reach carbon neutrality already in 2030.

”In real estate, emissions have been reduced by a whopping 73 per cent from the starting level of 2020. The same development is also mirrored in the volume of waste, with a reduction of 48 per cent.”

The fastest growth pace in the industry

For Veritas, the year 2021 was a success both in terms of sales figures and its customer retention rate, albeit the COVID-19 pandemic was reflected in its operations in a variety of ways. In terms of the sales of YEL insurance policies, Veritas’ growth pace was the fastest in the entire industry.

”In sales, we smashed all our previous records both in the amount of premium income and in the number of new insurance policies issued. Simultaneously, our customer retention rate improved substantially compared to preceding years”, reports Veritas’ acting CEO Tommy Sandås.

Sandås considers it important that in its responsibility targets, Veritas is committed to focusing on customer service.

”Pension insurance matters can appear complex, but it is our task to communicate them comprehensibly. Customers who purchase their insurance policy from us are always assigned their own personal insurance advisor and assistance is available whenever it is needed. Last year, we answered the phone on average in 11 seconds”, says Sandås.

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