Veritas Interim report 1 January–30 September 2025

The return on Veritas’ investments was 5.2 per cent in January-September and 3.2 per cent in the third quarter of the year. The return on fixed income investments was 2.5 per cent, equity investments 8.5 per cent, real estate 2.2 per cent and other investments 2.1 per cent.

1. Interimreport
1 January–30 September
2025
23 October 2025

2. Summary of January-September
•The return on Veritas’ investments was5.2 per centin January-September and 3.2 per cent
in the third quarter of the year.
•The value of investments exceeded EUR 5 billion for the first time.
•The TyELpayroll of companies insured by Veritas is expected to increase by 11.0 percent
this year.
•The premiums written are expected to grow by11.9 per cent this year.
5.0bn
Value of investments
1.5
Solvency position
124.2%
Solvency ratio
5.2%
Return on investments
2

3. Investments

4. The return on investments was 5.2 per cent
Investment returns
6.6%
8.0%
-1.5%
9.9%
5.6%
12.6%
-4.5%
5.7%
8.4%
5.2%
-6.0 %
-4.0 %
-2.0 %
0.0 %
2.0 %
4.0 %
6.0 %
8.0 %
10.0 %
12.0 %
14.0 %
2016201720182019202020212022202320241-9/2025
•The return on Veritas’
investments was 3.2 per cent in
the third quarter of 2025.
•In January-September, the
return on investments was
5.2 per cent.
•The return on fixed income
investments was 2.5 per cent,
equity investments
8.5 per cent, real estate
investments 2.2 per cent and
other investments 2.1 per cent.
4

5. The cumulative investment return for a 10-year
period is 76.1 per cent
90
100
110
120
130
140
150
160
170
180
190
20152016201720182019202020212022202320242025
The returnis calculatedfrom 1 October2015 to 30 September 2025.
Nominal return
Real return
5
10 years
5.8%
5 years
6.7%
10 years
3.7%
5 years
3.1%

6. The share of equity investments is approaching
55 per cent
23.6%
52.7%
12.7% 13.1%
-2.1%
25.7%
48.5%
12.6%
14.1%
-0.9%
25.3 %
52.9 %
12.1 %
13.4 %
-3.8 %
23.4%
54.3%
11.9%
12.6%
-2.1%
-10.0 %
0.0 %
10.0 %
20.0 %
30.0 %
40.0 %
50.0 %
60.0 %
Fixed-income investmentsEquities and shares Real-estate investments Other investments Effect of derivates
31.12.202431.3.202530.6.202530.9.2025
6

7. Geographical distribution of investments
All investments Listed equities
7

8. Breakdown of investments at fair value
¹ Includes accrued interest
² Includes cash and bank balance as well as
settlement receivables and liabilities
³ Includes private equity and mezzanine funds
⁴ Includes unlisted real estate investment
companies
⁵ Includes all types of hedge fund shares,
regardless of the fund’s strategy
⁶ Includes items that cannot be allocated to other
investment groups
⁷ Includes the effect of derivatives on the
difference between risk-adjusted breakdown and
basic breakdown. The effect may be positive or
negative (+/-). When the effect is taken into
account, the sums of the risk-adjusted
breakdown and the basic breakdown are equal.
⁸ The relative proportion is calculated using the
total of the line ‘Total investments at fair value’ as
the divisor.
The table has been compiled according to the
guidelines of the Finnish Pension Alliance Tela.
8
Basic breakdown
Risk-adjusted
breakdown
Return
30 Sep 2025 30 Sep 2025 1-9/2025
milj. € % milj. € % ⁸ %
Fixed-income investments 1 157.9 22.9 1 181.6 23.4 2.5
Loan receivables ¹ 61.1 1.2 61.1 1.2 4.3
Bonds ¹ 944.4 18.7 968.1 19.2 2.5
Government bonds 564.9 11.2 588.6 11.7 2.3
Other bonds 379.5 7.5 379.5 7.5 2.9
Other money market instruments and deposits ¹ ² 152.4 3.0 152.4 3.0 1.5
Equity investments 2 655.0 52.6 2 739.6 54.3 8.5
Listed equities 2 104.0 41.7 2 188.6 43.4 10.3
Private equity investments ³ 478.3 9.5 478.3 9.5 1.9
Unlisted equities ⁴ 72.7 1.4 72.7 1.4 3.5
Real estate investments 598.1 11.9 598.1 11.9 2.2
Direct real estate investments 488.7 9.7 488.7 9.7 2.7
Real estate funds 109.4 2.2 109.4 2.2 0.3
Other investments 635.8 12.6 635.8 12.6 2.1
Hedge fund investments ⁵ 493.3 9.8 493.3 9.8 1.4
Other investments ⁶ 142.5 2.8 142.5 2.8 4.7
Total investments 5 046.8100.0 5 155.1 102.1 5.2
Effect of derivatives ⁷ -108.3 -2.1
Total investments at fair value 5 046.8 100.0
Modified duration of the bond portfolio 4.1
Open currency position, % of the market value of investments 17.3

9. Veritas’ solvency strengthened in the third quarter
100%
105%
110%
115%
120%
125%
130%
135%
140%
0
200
400
600
800
1 000
1 200
Solvency limit, EUR million Solvency capital, EUR million
Solvency ratio, % (right-hand scale)
•The solvency ratio was
124.2 per centat the end of
September.
•The solvency position was
1.5times the solvency limit.
•The solvency capital stood
at EUR 1 006.9 millionat
the end of September 2025.
1)Veritas Pension Insurance and Pensions-Alandiamerged on 1 January 2019. The figures for the previous years are Veritas figures before the merger.
9

10. Pensions and insurance

11. Veritas pays pensions to over 40 000 people
Pensions and other claims paid
1)
, EUR million
601.9
635.2
701.0
759.6
834.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
2021 2022 2023 2024 9/2025
Number of pensioners
37965
38785
39396
40090
40428
20000
25000
30000
35000
40000
45000
2021 2022 2023 2024 9/2025
11
1)Pensions and otherclaimspaid9/2025 is an estimatefor the wholeyear2025.

12. Veritas takes care of the pension cover of almost
134 000 people
Number of insured persons
76698
70970
65983
67728
64319
16456
15924
14864
14391
13859
40428
40090
39396
38785
37965
0 50000 100000 150000
9/2025
2024
2023
2022
2021
TyEL insured YEL insured Pension recipients
TyEL insured
YEL insured
Pension recipients
76 698
16 456
40 428
12

13. Premiums written are expected to grow by 11.9 per cent
Premiums written
1)
, EUR million
614.3
696.5
724.1
774.6
866.6
300
400
500
600
700
800
900
2021 2022 2023 2024 9/2025
•Veritas’ premiums written are
expected to grow by 11.9 per cent to
EUR 866.6 million in 2025.
•The share of TyELinsurances
accounts for EUR 771.3 millionand
YEL insurances for EUR 95.3 million.
13
1)Premiums written 9/2025 is an estimate of the whole year 2025.

14. The TyEL payroll is estimated to increase by
11 per cent
TyEL payroll
1)
, EUR million
2244.6
2488.2
2598.9
2779.1
3085.0
1000.0
1500.0
2000.0
2500.0
3000.0
3500.0
2021 2022 2023 2024 9/2025
Number of TyEL policies
9339 9377
9213
9413
9859
9361
5000
6000
7000
8000
9000
10000
11000
2021 2022 20239/202420249/2025
14
1)TyELpayroll9/2025 is an estimate for the whole year2025.

15. Stable growth in YEL insurance policies continues
Reported income under YEL
1)
, EUR million
302.5
319.6
336.6
377.1
405.6
0
50
100
150
200
250
300
350
400
450
2021 2022 2023 2024 9/2025
Number of YEL policies
13859
14391
14864
15924
16456
5000
7000
9000
11000
13000
15000
17000
19000
2021 2022 2023 2024 9/2025
15
1)Reportedincomeunder YEL 9/2025 is an estimate for the whole year2025.

16. Result
16
Resultanalysis, EUR million 1-9/2025 1-9/2024 2024
Technicalunderwritingresult 2.3 -4.0 -0.0
Returnon investmentsat fair value 74.7 96.0 116.6
+ Net return on investmentsat fair value 250.2 297.4 370.4
-Returnrequirementon technicalprovisions -175.5 -201.4 -253.8
Loadingprofit
1)
-1.1 -1.8 -1.9
Other profit 0.3 0.7 0.8
Total result 76.2 90.9 115.4
Operating income covered by expense loading component, EUR million
1)
13.7 13.7 18.2
Number of employees (average) 139 134 134

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