The assets of Finnish pension insurer, Ilmarinen, grew by €5.1bn in 2025.
This equates to 8.1%, its full year results revealed, and brings its total assets AUM to €67.5bn. Over the longer term, Ilmarinen’s investments have generated €30.2bn in returns.
“2025 was a strong year for Ilmarinen. Despite geopolitical tensions, Ilmarinen’s investments performed well and its solvency continued to strengthen. Insurance premium income grew, and our cost efficiency is at a good level,” Ilmarinen CEO, Mikko Mursula, said.
Ilmarinen’s return on equity investments was 10.4% while the return on fixed income investments was 6.3%. The return on real estate investments was 1.1%. The return on other investments was 8.4%.
“Ilmarinen’s investment returns were boosted in particular by equity investments and interest rate and credit risk investments. The returns on our listed equity investments were particularly good. Corporate bonds also performed well, and we achieved excellent returns on absolute return investments,” Ilmarinen CIO, Annika Ekman, said.
At the end of 2025, Ilmarinen’s investments in Finland amounted to €13.6bn, or 20% of its investment portfolio. Approximately half of these investments, or €7.2bn, are in Finnish listed companies. In addition, Ilmarinen has €1.9bn in investments in unlisted Finnish companies.
“As a pension company, our job is to invest profitably, safely, and responsibly. Long-term investing in Finland and growth companies is part of our work to secure pensions and build sustainable economic growth.
“Finland is our home market. Our home-field advantage is evident in our ability to closely monitor various projects and see domestic opportunities well. We carefully examine domestic investment targets and invest actively both through funds and directly in unlisted companies,” Ekman said.
During the year, Ilmarinen’s solvency capital strengthened to €15.5bn, up from €13.9bn, and the solvency ratio increased to 129.2%, up from 127.5%.
