Elo improved its result and invested EUR 200 million in Finnish growth companies

The earnings-related pension insurance company Elo made a strong result in January-September. Investments returned 8.0%, or EUR 2.7 billion, and their market value rose to EUR 36.7 billion. Solvency remained strong after the pension reform entered into force in July. 

– Good investment performance and solvency, as well as the positive development of the insurance business, strengthen our ability to take care of our customers’ pension security. At the same time, we can build the foundations for Finland’s long-term growth, CEO Carl Pettersson sums up the review period.

Equity investments pushed up returns

– The total return on investments was very strong, with positive return performance continuing in the third quarter. Equity investments, and listed equities in particular, were the key driver of returns during the review period. The Finnish equity market, with its strong weighting towards export companies, slightly outperformed the broader global equity markets, says Chief Investment Officer Jonna Ryhänen.

The pension reform strengthened the solvency position and created the conditions for a controlled increase in investment risk. Increasing the equity allocation improves long-term return expectations and thus supports the financing of pension provision, while also increasing fluctuation in investment values. 

– We have increased our equity exposure by more than ten percentage points in a controlled manner. By the end of September, the share of equity investments of all investment assets rose to 68 per cent, says Ryhänen.

EUR 200 million invested in growth in 2026

This year, the Finnish economy has entered a phase of stronger growth, supported by exports, investments, and gradually recovering consumer spending. The recovery is expected to strengthen companies’ operating conditions and the operating environment for earnings-related pension insurance.

Elo's investments in Finnish growth companies total EUR 1 billion, representing approximately three per cent of the investment portfolio. In 2026, the company invested nearly EUR 50 million in companies going public as an anchor investor and made new growth investments totalling EUR 154 million.

Strong growth in insurance sales

In the insurance business, good results were achieved: all sales indicators for both YEL and TyEL insurance were positive. At the end of September, Elo managed 45,300 TyEL policies and 83,500 YEL policies for the self-employed. The total number of insured employees and self-employed persons was 473,100. 

– We have strengthened both customer acquisition and customer retention in the active transfer market. In addition to a smooth customer experience, our customers receive practical, data-based services, says Pettersson.

Elo’s average expense loading fee will be the lowest in the industry in 2027 

In 2027, the expense loading fee paid by employer customers will decrease by an average of approximately 7 per cent from the 2026 level. The expense loading fee is part of the TyEL insurance contribution and covers the costs of administering and implementing insurance policies. The change will benefit Elo’s employer customers of all sizes.

Data-driven approach helps customers

Elo continues to develop digital services and work ability solutions, as well as the use of data and analytics to make its customers’ everyday lives easier. As part of its efforts to pioneer new services, Elo uses AI in its voicebot. This frees up experts’ time for situations where customers need personal service.

High-quality data and a proactive approach help client companies identify work ability risks in good time and target actions where they have the greatest impact. During the review period, the Work Ability Information Bank was supplemented with an information package on risks and solutions for the industrial sector. The Work Ability Management Map analysis service, in turn, helps customers anticipate disability risks.

For more information:

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

Presentation Q3 2026 >
Interim Report Q3 2026 >

The expense loading fee calculation is Elo's estimate, based on the pension insurance companies' expense loading fee criteria and data from the Finnish Patent and Registration Office (PRH) on the structure of Finland's business sector. The comparison figures in brackets are for 30 September 2025 unless otherwise stated. 

Key figures January–September 2026

• Overall result EUR 1.1 (0.2) billion.
• Net return on investment 8.0 (4.5) per cent, or EUR 2.7 billion.
• Market value of investments EUR 36.7 billion (EUR 34.4 billion at the end of 2025). Ten-year average return on investment 6.3 per cent, which corresponds to a real rate of return of 4.0 per cent
• Solvency ratio 126.4 per cent (123.8 per cent at the end of 2025), and solvency capital 1.5 times (1.4 times at the end of 2025) the solvency limit.