Varma's investment return 7.5% in 2025, Finnish equities strong

Finnish insurance company Varma reported a 7.5% return on its investments for 2025, generating EUR 4.8 billion. The total value of Varma's investments increased to EUR 68.3 billion from EUR 64.4 billion in the previous year. Despite global economic uncertainty stemming from U.S. import tariffs, equity markets performed better than expected.

Finnish equities emerged as the strongest performing asset class in 2025, delivering a 36.2% return. Varma CEO Risto Murto stated that it was a good year for investors, and that the Finnish equity market showed a welcome recovery after several lackluster years.

Overall investment return for Varma reached 7.5%. Listed equities yielded 16.4%, while all equity investments collectively returned 10.6%. Other asset classes, such as private equity investments, returned -0.6%, and real estate investments yielded 1.0%.

Varma's solvency ratio stood at 135.7%, with solvency capital of EUR 18.2 billion. The company paid out EUR 7.7 billion in pensions to 348,000 pension recipients during the year.