Elo achieves 4.5% nine-month return amid market volatility

Written by Paige Perrin

28/10/2025

Finnish pension insurance company, Elo, reported an investment return of €1.4bn (4.5%) for the first three quarters of 2025, down from €2.09bn (7%) in the same period last year, according to its interim results.

Its operational result fell from €714m in January−September 2024 to €242m in January−September 2025.

However, in the third quarter, Elo’s return on investment increased to 2.9%, compared with 1.7% in the same period last year.

Elo chief investment officer, Jonna Ryhänen, credited the rise of the stock market to tariff agreements between the United States and its key trading partners, as well as the strong development of large technology companies.

Consequently, the market value of Elo’s investments rose from €32.4bn at the end of 2024 to €33.5bn by the end of quarter three (Q3) 2025.

The provider’s 10-year average return on investments stood at 5.9%, equivalent to a 3.7% real return.

Elo’s solvency ratio rose slightly from 123% at the end of 2024 to 123.2% at the end of Q3 2025, while its solvency position remained unchanged at 1.4 times the solvency limit.

Operating expenses covered by the expense loading component totalled €54m at the end of Q3, down from €56m a year earlier.

Elo CEO, Carl Pettersson, noted that Elo has “systematically” improved cost efficiency over the long term, achieving even better results this year than expected.

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