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About MEK                                                                                                       The goal for 2023 was to improve
                                                                                                                customer experience and sustainability
Seafarers’ Pension Fund (MEK) is a pension insur-   ture. The financing of future pensions is ensured
er responsible for the statutory pension provision  by Seafarers’ Pension Fund through long-term,                  In 2023, the number of insured and insurance premiums increased from the previous year.
of seafarers. Seafarers’ Pension Fund grants and    responsible, and profitable investment activities.             The outlook for premium income and the number of insured individuals in 2024 is also
pays earnings-based pensions to seafarers. The      The investment assets amount to approximately                  promising. The investment return in 2023 was 4.0%. We continued the implementation
operations of the pension fund are governed by      1.376 billion euros (in 2023). Seafarers’ Pension              of our long-term investment strategy in 2023, aiming to shift the focus of investments
the Seafarer Pension Act (MEL). Seafarers’ Pen-     Fund’s investment portfolio consists of equity                 from real estate to liquid investments. MEK’s solvency ratio remained strong at 185.8%.
sion Fund was established in 1956 and is the old-   investments, real investments, and fixed-income
est private sector pension insurer. In 2023, there  investments. Real investments include real estate,    ”The investment activities of
were approximately 7,200 MEL-insured seafarer       forest, and infrastructure investments, aiming for   Seafarers’ Pension Fund aim to
clients. There were about 7,800 pension recipi-     carbon neutrality by 2030.                           secure the payment of pensions
ents, and pensions amounting to 178.1 million                                                            to insured individuals now and
euros were paid out.                                   The disability risk management services of Sea-
                                                    farers’ Pension Fund support shipowner-employ-                  in the future.”
   Finland is an island, and about 95% of Fin-      er clients in managing occupational health and
land’s imports and exports travel by sea. Thus,     help seafarer clients to continue working with
maritime transport has an exceptionally signifi-    their full work and functional ability. The pension
cant impact on Finland’s security of supply and     fund’s office is located in a property owned by
economy. The investment activities of Seafarers’    the pension fund, at Kanavaranta 9, Helsinki.
Pension Fund aim to secure the payment of pen-      In 2023, the average number of employees in
sions to insured individuals now and in the fu-     Seafarers’ Pension Fund was twenty-two.

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