Finnish pension insurance company, Veritas, made a return of 8.7% in 2025, its full-year results have revealed.
As a result, the value of its investments increased to €5.2bn at the end of 2025, up from €4.8bn the previous year.
Veritas investment director, Laura Wickström, said: “Last year was a good year for investments in all asset classes. The stock market situation was somewhat of a rollercoaster ride at times, with headlines dominated by tariffs, the AI bubble and geopolitical uncertainty.
“We maintained a high proportion of listed equities throughout the year, and it paid off. Listed equities in particular generated the best returns.”
By asset class, fixed income investments yielded 3.9% during the year, equity investments 14.1%, real estate investments 3.5% and other investments 3.9%.
“Last year, it paid off to invest in Finnish shares, as the Helsinki Stock Exchange was one of the best stock markets with an annual return of 35%. European shares also yielded good returns,” she added.
However, she noted that the appeal of the United States decreased as the country’s position as a safe haven for investors faltered. She explained that the weakened dollar eroded returns unless investors had hedged against exchange rate fluctuations.
Despite this, Wickström pointed to the US’ midterm elections taking place this year, which could be good news for the investment market.
"It is possible that the US will allow the economy to overheat as a result of the election. However, this also carries risks. The dollar may weaken further and we may see even more fluctuations in the market."
Wickström nevertheless believes that the outlook for the global economy is positive.
“In Europe and Finland, economic growth is expected to be stronger than last year. Economic growth has also remained strong in the United States. Fiscal stimulus and the easing of monetary policy in the United States are supporting economic growth. The weakening of the dollar is having a positive impact on expected returns in emerging markets, she said.
The main causes for concern, she said, relate to uncertainty in the global environment and political risks. It is also possible that economic growth will slow down.
"The continental plates of the world order are shifting, and geopolitical uncertainty continues this year. At present, however, there appears to have been a slowdown in the investment market,” Wickström said.
