Finnish pension insurer, Varma, returned 6.9% (€4.7bn) between January and September 2026, its latest funding update has revealed.
The company noted that equity investments had yielded a particularly strong return, supported by corporate earnings growth and AI-related investments.
At the end of September, the value of Varma’s investments totalled €72.4bn, up from €68.3bn at the start of the year.
Its equity investment return was 11.2% in Q1-Q3 2026, up from 5.8% over the same period the previous year.
The return on listed shares was 13.8%, while private equity returned 4.9%.
Fixed income investment return was negative at -2%, real estate returned -2.1%, and hedge funds returned 5.7%.
Varma’s solvency ratio increased from 135.7 to 137.4 over the first nine months of the year, while its solvency capital rose from €18.2bn to €20bn over the same period.
The payroll of Varma's client companies increased by 4% year-on year between Q1 and Q3.
“Despite geopolitical tensions, the year has brought investors good returns,” said Varma CEO, Risto Murto.
“The effects of the artificial intelligence boom are now also spilling over strongly into the Finnish export industry. The Finnish economy has also embarked on export-led growth.
“However, the energy prices and interest rates raised by the Iran war may slow down the recovery of the Finnish economy.”
Varma deputy CEO, Markus Aho, added: “Strong corporate earnings growth and investments in artificial intelligence have supported the stock market.
“Long-term interest rates in many countries have approached the highest levels of the 2000s, which is adding to the nervousness.
“Corrections have been seen in individual industries and particularly concentrated markets, but overall share returns have continued to develop quite positively.”
