Ilmarinen’s early 2026: Customer acquisition at record level, solvency remained strong

“The start of the year was exceptionally tense in the economy and investment markets. Ilmarinen’s return on investments remained slightly negative in January–March. Solvency is strong and cost-effectiveness is at a good level. Customer acquisition in the early part of the year was at a record level,” says Mikko Mursula, President and CEO of Ilmarinen. 

Listed equity investments and fixed-income investments reduced investment income – long-term returns at a good level 

The market value of Ilmarinen’s investments at the end of March was EUR 66.8 billion (EUR 67.5 billion at the end of 2025). In January–March, the return on investments was –0.5 (0.2) per cent, or EUR –0.3 billion.

“In January-February, developments related to economic growth and corporate performance prospects as well as inflation and monetary policy were favourable for the investor. The return on equity categories was good until the end of February. However, the situational picture shifted dramatically at the turn of March, as the geopolitical situation in the Middle East hit a crisis,” explains Annika Ekman, EVP of Investments at Ilmarinen.  

“Equity market returns remained mainly negative in the beginning of the year. Ilmarinen’s investment return was reduced by listed equity investments and fixed-income investments,” says Ekman. 

Ilmarinen’s return on equity investments was –0.7 (–0.6) per cent and the return on fixed income investments was –1.1 (1.3) per cent. The return on real estate investments was 0.9 (0.2) per cent and the return on other investments 1.0 (1.6) per cent.

Long-term returns were at a good level. The long-term average return on investments since 1997 was 5.8 per cent, which corresponds to a real return of 3.9 per cent.

Solvency is strong 

Solvency capital at the end of March was EUR 14.7 billion (EUR 15.5 billion at the end of 2025), and the solvency ratio was 127.7 per cent (129.2 per cent at the end of 2025).

Systematic work to improve efficiency continued, and cost-efficiency continued to improve. Operating expenses financed using loading income totalled EUR 23 (24) million, amounting to 0.33 (0.34) per cent of the Employees Pensions Act payroll and YEL income of the insured.

Excellent beginning of the year in customer acquisition

In the early part of the year, customer acquisition was very strong and customer retention was at an excellent level. Net customer acquisition was EUR 83 (–9) million while customer retention was 96.3 (96.3) per cent.

“We succeeded extensively in all segments, and we obtained a record number of new customers for Ilmarinen. We further strengthened our position in terms of both premium income and the number of insurance policies,” says Mursula.

Ilmarinen’s premiums written were at the level of the preceding year, EUR 1.75 (1.75) billion. The growth in premiums written was due to an increase in customers’ payroll. However, at the same time, it was weakened by a slight decrease in the TyEL contribution percentage compared to the comparison year. The decrease in the contribution percentage was due to the fact that repayment of the temporary reduction of employers' social security contributions granted during the COVID-19 pandemic ended in 2025.

Pensions paid increased by 3 per cent to EUR 2.01 (1.95) billion. At the end of March, there were 447,646 (453,338) pension recipients.  

Pension reform will further improve the financial sustainability of the pension system 

In March, the Government gave the Parliament its proposal on the next pension reform. The purpose is to ensure the financial sustainability of the earnings-related pension system and an adequate level of pensions in the long term. Solutions for the reform of the pension scheme for entrepreneurs are also expected during the spring.

During the early part of the year, there has been a lot of public debate on cutting pensions, the position of young people in the intergenerational chain and the grounds for accruing pensions.

“The discussion may give the impression that the pension system is in need of a reform. However, this debate is the result of the weakness of public finances. The financial situation of our pension system is stable, and we are already retiring later than before. The pension reform, which will enter into force soon, will further improve the financial position of the pension system, says Mursula.

Ilmarinen’s development in January–March in brief:

• The return on Ilmarinen’s investment portfolio was –0.5 (0.2) per cent, that is, EUR –0.3 billion.
• The market value of investments decreased to EUR 66.8 (67.5) billion. The long-term average return on investments since 1997 was 5.8 per cent, which corresponds to an annual real return of 3.9 per cent.
• The total result was EUR –786 (–164) million.
• Premiums written were at the level of the preceding year, EUR 1,749 (1,749) million. Pensions paid increased by 3 per cent to EUR 2,009 (1,951) million.
• Net client acquisition was EUR 83 (–9) million, and rolling client retention for the previous 12 months was 96.3 (96.3) per cent.
• Operating expenses financed using loading income totalled EUR 23 (24) million, amounting to 0.33 (0.34) per cent of the Employees Pensions Act payroll and YEL income of the insured.
• Solvency capital was EUR 14.7 (15.5) billion, and the solvency ratio was 127.7 (129.2) per cent.
• Prospects: Ilmarinen’s premiums written are expected to increase at a slightly slower rate than the increase in payrolls, as the TyEL contribution percentage decreased for 2026. The decrease in the contribution percentage was due to the fact that repayment of the temporary reduction of employers' social security contributions granted during the COVID-19 pandemic ended in 2025.
  
  

Additional information:

• Mikko Mursula, President and CEO, tel. +358 50 380 3016, mikko.mursula@ilmarinen.fi
• Annika Ekman, EVP, Investments, tel. +358 40 590 0344, annika.ekman@ilmarinen.fi
• Sami Ärilä, EVP, People and Communications, tel. +358 400 271 066, sami.arila@ilmarinen.fi

Read more:

• Ilmarinen’s interim report 1 January–31 March 2026 (PDF, in Finnish)
• Interim report picture supplement (PDF, in Finnish)