Finland's Elo reports -4.5% return in H1

Written by Natalie Tuck

26/08/2022

Finnish pension insurance company, Elo, made a return of -4.5% in the first half of 2022.

Publishing its interim results, Elo revealed that the market value of its investments was €28bn, and the result of Elo’s investment operations at fair values was €-1,141.3m. The solvency ratio was 123.6% and solvency capital was 1.5 times the solvency limit.

“The mood in the economy became gloomy as the risk of a recession in Europe increased. The general economic environment is still characterised by uncertainty over opportunities for business growth and concerns over increasing costs; in these respects, the near-term future is difficult to foresee,” Elo CEO Carl Pettersson said.

“The authorised representative’s supervision of Elo ended in June. Following the changes made, our company is even more functional. Our new strategy is also about to be completed in the autumn, and the change negotiations launched in August aim to make Elo an organisation that can implement the measures pursuant to the new strategy in an agile manner.”

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