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Despite strong turbulence in the investment of the pension scheme is increased as a means of
market, our return on investments fluctuated controlling the level of pension contributions over
during the year between -4–0% and ended the the long term. The high return made it possible to
year at -1.7%. We were particularly successful keep the contributions of employers at a low level,
in regulating the amount of equity, interest rate, which, in turn, reduces the costs of the labour
credit and currency risk. The return from illiquid cost reimbursement scheme and, as a result,
investments remained positive, with the exception affects the competitiveness of Finnish maritime
of direct real estate investments, but we anticipate navigation.
facing risks concerning their valuation in the near
future. The outlooks for 2023 are overshadowed by,
for example, geopolitical risks, high inflation
After the financial crisis (2009–2022), the and even a possible recession. Over the past
value of our investments has increased 177%, few years, we have developed our personnel and
which has exceeded the average yield of TyEL system resources and our capacity to handle any
insurers by approx. 46%. challenges that arise. The greatest risk is related
to our customers in terms of how well we will
This has raised the difference in solvency in manage to safeguard the competitiveness of the
relation to TyEL companies to the level of more Finnish flag, now and in the future. We will
than 50 percentage points. continue to work on this issue as a key factor in
terms of assuring Finland’s overall security of
Indeed, our solvency position is at a record supply.
high, which facilitates an increase in the risk
level of the investments if the overall risk level

"The high return made it possible to keep the
contributions of employers at a low level."

Helsinki, March 2023
Jari Puhakka

Contents 2022

CEO’s Review 2 | Report by the Board of Directors for the Year 2022 4 | Key Figures 4 |
Financial Operating Environment 5 | Seafarers’ pension system 6 | Result and Solvency 7 |
Premium Income and Government Share 7 | Pensions 8 | Disability Risk Management 10 |
Technical Provisions 11 | Investment Activities 12 | Information systems, data security and data privacy 13 |
Risk Management 14 | Personnel 15 | Operating Expenses 15 | Responsibility 16 | Administration 19 |
Communications 21 | Future outlooks and essential events after the financial period 21

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