Elo continues dialogue with Financial Supervisory Authority regarding solvency during the coronavirus crisis

Elo Mutual Pension Insurance Company has received a letter of hearing from the Financial Supervisory Authority concerning the exceptional economic crisis of spring 2020 and the situation regarding Elo’s solvency position at the time. Elo was under the solvency limit for one day on 19 March 2020 as a result of the coronavirus crisis. Elo’s Board of Directors and management will familiarise themselves with the letter of hearing and respond to it by the deadline on 30 October 2020. In its response, Elo will also take a stand on the Financial Supervisory Authority’s suggestion in the letter of appointing an authorised representative for Elo.

“Our most important task is to take care of securing our customers’ pensions in all circumstances. We have always acted as carefully as possible, in the way that we have considered the best. We will continue the good dialogue with the supervisory authority,” says Satu Huber, Elo’s CEO.

Elo meets the solvency requirements set for earnings-related pension insurance companies. After being below the solvency limit for one day in March, Elo’s solvency has improved significantly and clearly meets the requirements. At the end of June, Elo’s solvency capital was 1.4 times the solvency limit, and the solvency ratio was 119.4. The situation has continued to improve since then.

More information:
CEO Satu Huber, tel. +35820 703 5811