From Veritas’ perspective, the year 2023 was a success despite the challenging times. During 2023, Veritas handled the statutory pension security of over 120,000 persons. Our customers were satisfied with our customer service and we also succeeded in attracting a great number of new customers throughout the year. At the end of year, nearly 66,000 employees and 15,000 entrepreneurs were insured by Veritas. Pension was paid out more than 39,000 pension recipients.
Veritas’ strong growth in sales continued in 2023. The positive result in growth was not due to any magic tricks but to the company’s strong investment in customer service. During the year, Veritas’ premiums written increased by 4 per cent from the previous year, for a total of EUR 724 million, and the TyEL payroll of the companies insured by Veritas increased by 4.4 per cent. It makes me very glad to see that companies are increasingly trusting Veritas to be their insurance partner.
Initial preparations for a pension reform
Preparations for the next pension reform got underway in the autumn and all signs indicate that the desire is to move this reform forward rapidly. A pension reform is necessary, since the Finnish population is living longer than ever before and, simultaneously, there are fewer children being born than there have been for decades. The Government Programme states that the Government and labour market organisations will jointly consider the necessary measures for the reform by January 2025. Thus, this discussion will accelerate during 2024.
A dedicated contact person provides help and advice
It is no secret that Veritas is a pension company that believes in personal customer service. Veritas provides every customer with a named contact person to provide help and guidance. I believe that it is precisely this personal service that has helped Veritas to grow and gain numerous new customers during the year.
The YEL income reviews that were initiated in 2023 have understandably raised concerns and questions among our customers. The reviews are the result of a legislative amendment that the Parliament approved in 2022 and which obligates pension companies to review the YEL income levels of their self-employed customers on a regular basis. We initiated our YEL income reviews after the summer and have completed the process for approximately 4,300 entrepreneurs. Amidst this period of change, we have been widely commended for our personal service and the fact that, even in difficult circumstances, it is possible for customers to reach out to their own insurance advisor to discuss their individual situation.
Employee satisfaction is reflected in customer service
In November 2023, we received good news when we placed second among all SME companies in Oikotie’s annual Responsible Employer survey. We are extremely proud of all our Veritas employees. Responsibility is a team sport; together we build a responsible workplace.
During the year, we summarised our target culture under the heading of “Veritas culture”. The aim of the Veritas culture concept is to improve the well-being, job satisfaction and commitment of our employees. The process of developing our corporate culture is ongoing and involves the entire personnel. Our intention is for every employee to have the opportunity to affect the final result. Corporate culture is realised and advanced through our daily work every day. I am glad that the results of our work were also reflected in job satisfaction surveys, in which we achieved an extremely positive result during 2023 with the highest eNPS indicator level in Veritas’ history. It is my aspiration for our employees to be as satisfied as possible working for Veritas. When employees are healthy and satisfied, this is passed forward to the customers.
Corporate sustainability reporting helps companies to understand their own impacts and risks
In 2023, we began to prepare for reporting in accordance with the EU Corporate Sustainability Reporting Directive (CSRD), as this will be required from Veritas for the financial period of 2025 onwards. Compliance with the directive entails a comprehensive framework that requires considerable time and resources for preparation and has far-reaching implications for businesses.
The aim of sustainability reporting is to advance corporate responsibility work and the reporting of non-financial information. It will help companies to more comprehensively perceive their impacts, dependencies, risks, and opportunities from a sustainability perspective. The change is a lot more than just a reporting process—it provides a comprehensive understanding of a company’s impacts and associated financial risks. Time will tell how the new sustainability reporting will function and how best to take advantage of the vast amount of reported data it provides.
At Veritas, we believe that responsibility and sustainability are an integral part of our core mission as a pension company. That is why they are incorporated in everything we do.
Carl Haglund
Chief Executive Officer