Elo shows strong performance and solvency in 2025 – with return on investment of 7.4%

For the pension insurance company Elo, the year was a balanced one focused on development. − Our return on investment was very strong at 7.4%. We further strengthened our solvency and improved cost-efficiency while strengthening our focus on data and analytics, says CEO Carl Pettersson.

− Our investment returns were strong, despite the turbulence in the operating environment. All asset classes delivered positive returns and performed extremely well relative to their benchmark indices. The return on listed equity investments was as high as 17.2 per cent. The rise in stock markets was driven by accelerating growth in the US economy, global artificial intelligence investments, as well as the strong development of large technology companies. The Finnish stock markets performed extremely well and were one of the best markets in 2025, says Deputy CEO Jonna Ryhänen.

− We continued our determined, more than decade-long focus on domestic investments, and in 2025 made investments totalling over EUR 100 million in Finnish growth companies.

Market leader in new TyEL and YEL policies in 2025

− Our strategy period ended and during the year we drew up a new strategy for 2026–2030. One of the most significant successes of the strategy period was the improvement in cost-efficiency, which was visible to customers as lower expense loading fees, as well as a record increase in new insurance sales. In addition, we rose to a new level in the quality and range of work ability services, Pettersson states. − I am especially proud of the improved personnel experience at Elo. Their work is reflected in our customers' everyday lives and in our results every day. We are starting the new strategy period bolder and stronger than ever.

At the end of 2025, Elo managed 44,800 TyEL policies as well as 84,300 YEL policies for the self-employed. The total number of insured employees and self-employed persons was 459,100. Our cumulative market share in the sales of new YEL policies was 38.9%, and the corresponding figure for TyEL policies was 40.3%. The goal of each occupational rehabilitation decision processed by Elo is to see the customer return to work, and in 2025, 76% of rehabilitees succeeded in doing so.

Elo focuses on delivering strong customer value

In 2026, global economic growth is expected to remain sluggish. Finnish economic growth is supported by falling interest rates, slowing inflation, and the recovery of exports. Construction and investments are expected to return to growth, but domestic demand and consumer confidence are likely to remain subdued.

The earnings-related pension system is being developed and the first reforms concerning investments will enter into force on 1 July 2026. They will allow an increase in the relative weight of equity investments and will improve risk-bearing capacity during economic fluctuations.

The new strategy guides Elo to deliver even stronger added value for its customers. The company will develop scalable and increasingly impactful work ability services for all its customers, invest heavily in analytics and the utilisation of data, support growth companies through a dedicated growth concept, and maintain its leading market position in YEL insurance. To support data-driven operations, the company established a new analytics unit as of 1 January 2026. With the reform, Elo aims to ensure its position as the most data-driven company in the pension sector. The payroll is expected to develop more positively than the previous year. The strong performance of investments in 2025 provides Elo with a good starting point for the implementation of the pension reform. The company will continue its effective implementation of the earnings-related pension system and will ensure sufficient solvency in all market situations.

For more information:

CEO Carl Pettersson
Deputy CEO, Chief Investment Officer Jonna Ryhänen
Interview requests: Miia Pullinen / Communications, tel. +358 40 588 3637

Presentation of financial statements 2025 >
Key figures 2025 >

The figures are unaudited and the comparison figures in brackets are figures for 31 December 2024.

Key figures January–December 2025

• Overall result was EUR 613 (829) million
• Net return on investment was 7.4% (8.5%), or EUR 2.4 billion. Fourth quarter return was 2.8 (1.5) per cent.
• The market value of the investments was EUR 34.4 (32.4) billion. The ten-year average return on investment was 5.9%, which equals a real return of 3.8%.
• The solvency ratio increased to 123.8 (123.0) per cent and the solvency position was 1.4 (1.4).