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Sales of new pension insurance policies at a record high and positive return on investment in a turbulent environment

/ News

 

Mutual Pension Insurance Company Elo achieved a positive return on investment in January–June despite an unstable operating environment. The solvency position remained stable, and operating expenses continued to decrease from the corresponding period last year. −Sales of new policies are at a record high, and Elo is currently the most popular employment pension company in terms of the number of policies, says CEO Carl Pettersson.

The investment market was affected by geopolitical tension and uncertainty created by trade policy. The return on Finnish and European shares was positive at the end of the review period, despite the decline in stock markets in April. The return on Elo’s investments was EUR 492 million, or 1.5% (5.2) from January to June. The return on investment grew to 1.9% (1.8) in the second quarter. 

−Our return on investment was good in a turbulent market. Exchange rate fluctuations in the stock market were high due to US trade tariffs, and we made preparations to protect our solvency if the situation continues. In addition, the weakening dollar has reduced investment returns for euro-based investors, explains Pettersson. 

Market leader in new TyEL and YEL policies

−Our strong work in the sales of new pension insurance policies has continued throughout 2025. Our continuous service development is driven by customer needs. We launched a new personal advisory service for our SME customers; and rehabilitation customers have access to a tool for searching rehabilitation information, Pettersson explains.

Our customers benefit from Elo’s improved cost efficiency. 

−Due to the cost savings achieved, our customers' monthly expense loading fees decreased by an average of 15% from the previous year to 2025, and again by the same 15% from 2025 to 2026, says Pettersson. 

At the end of June, Elo managed 45,000 TyEL policies and 83,700 YEL policies for the self-employed. The total number of insured employees and self-employed persons was 480,100. The market share of new TyEL policies was 41.8%, while the market share for new YEL policies was 38.5%.
The financial situation of Finnish companies continued to be challenging. The number of bankruptcies remained high, which was also reflected in TyEL credit losses created by Elo's customers during the reporting period.

Growth expectations sensitive to US customs policy

Economic expectations for the rest of 2025 are cautiously positive, but growth expectations depend on US customs policy. Global economic growth is expected to slow, but a recession will be avoided in the main markets. Growth is supported by an easing of monetary policy, slower inflation, and the strengthening of consumers' purchasing power. In Finland, growth is supported in particular by lower interest rates, the recovery of the euro area and an upturn in construction. 
 
In accordance with its strategy, Elo will continue the effective implementation of the employment pension system and invest in being a pioneer in work ability services. Our task is to ensure sufficient solvency and a good return on investment in the long term. Elo is currently updating its strategy for 2026–2030.

For more information:
CEO Carl Pettersson, interview requests Miia Pullinen/Communications, tel. +358 40 588 3637
 

The figures are unaudited, and the comparison figures in brackets are for 30 June 2024 unless stated otherwise.


Elo’s result for January−June 2025 in brief
  • Total result EUR -162 (563) million.
  • Net return on investment was 1.5% (5.2%), or EUR 492 million. 
  • Market value of investments was EUR 32.6 billion (32.4 at the end of 2024). The ten-year average return on investment was 5.3%, which equates to a real return of 3.2%.
  • The solvency ratio was 122.1% (123.0% at the end of 2024), and the solvency position was 1.4 (1.4 at the end of 2024).
  • Cost-efficiency improved, and operating expenses covered by the expense loading component fell by 3.4%

 

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