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Within investment operations, we carried           entire portfolio. Our solvency strengthened
out improvements in all areas of responsibility.      further, which allows us to carry on with the yield-
The development is best indicated by the MSCI         oriented investment approach. Many of our real
ESG Rating of our listed investments, which           estate projects were accomplished during the past
comprehensively takes environmental, social and       year and. In the future, we can direct our focus to
governance (ESG) factors into account. As a result    other areas, which was taken into consideration in
of the portfolio changes made last year, the rating   the appointment of Sauli Hämäläinen to serve as
raised to AA, which is already quite near to the      our new CIO from the start of 2022.
highest rating of triple A. Moreover, our carbon
footprint reduced by one third from the year 2020.       The current landscape provides a good start
We also developed the responsibility reporting as     for the journey towards future challenges. The
regards our private asset fund investments (capital,  coronavirus pandemic appears to be alleviating,
loan, forest, infrastructure and real estate funds).  and we are hoping for the normalization of
                                                      passenger traffic, in particular. It is important to
   The overall return on investments was              ensure the competitiveness of Finnish navigation,
historically high at 16.2%. The best return on        and for our part, we are searching for solutions
investments was gained from equity investments,       to the major investment demands within the
which already accounted for nearly 50% of the         shipping sector.

"We are focused on developing our activities
      to meet the oncoming challenges."

                                  Helsinki, March 2022
                                      Jari Puhakka

Contents 2021

CEO’s Review 2 | Report by the Board of Directors for the Year 2020 4 | Key Figures 4 |
Financial Operating Environment 5 | Development of The Earnings-Related Pension System 6 |
Result and Solvency 7 | Premium Income and Government Share 7 | Pensions 8 | Disability Risk
Management 10 | Technical Provisions 12 | Investment Activities 12 | Information Systems 13 |
Risk Management 13 | Personnel 14 | Operating Expenses 15 | Responsibility 15 | Administration 18 |
Data Security and Data Privacy 20 | Communications 20 | Future Outlooks 21

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