Ilmarinen will not make new investments in Russia
Ilmarinen Mutual Pension Insurance Company has decided that it will not make new direct investments in Russia or in Russian companies.
Ilmarinen expects its investment targets to comply with international norms that Russia has violated with a direct attack on Ukraine. In addition, Ilmarinen takes international sanctions into account in its investment activities.
At the moment, Ilmarinen has direct investments of approximately EUR 130 million in Russia, which is 0.2 per cent of Ilmarinen's EUR 60 billion of investment assets. Most of this amount consists of investments in Russian government loans. The amount also includes a minority share of a shopping centre property in St. Petersburg. In addition, Ilmarinen has indirect investments worth approximately EUR 40 million in Russia through its fund investments.
Ilmarinen does not have direct equity or corporate loan investments in Russian companies.
- The greatest suffering of the war is taken on by the Ukrainian people. From the perspective of pension investments, Ilmarinen's direct risks in Russia are minor. The greatest impacts on pension investments are indirect. They are caused by, for instance, sanctions and their effects on individual investment targets, rising energy and commodity prices, increasing market trepidation and possibly a long-term decrease in the growth rate of the world economy, explains Mikko Mursula, the Chief Investment Officer of Ilmarinen.
Ilmarinen’s Interim Report 1 January to 31 March 2022: Premiums written grew, cost-effectiveness improved and solvency remained strong in a challenging market
The return on Ilmarinen’s investment portfolio was -2.2 (4.8 per cent), i.e. EUR 1.4 billion negative due to falling stock prices and rising interest rates. The market value of investments fell to EUR 59.1 (60.8) billion. The long-term average return on investments was 6.1 per cent. This corresponds to an annual real return of 4.4 per cent.
Responsibility for pensions is responsibility for the future – Ilmarinen has published its Annual and Sustainability Report 2021
The carbon intensity of direct listed equity investments decreased and the new Climate Roadmap shows our journey towards a net zero carbon investment portfolio. Ilmarinen’s Annual and Sustainability Report provides information on the impacts that managing your pension security has on the economy, people and the environment.
Ilmarinen’s financial statements 2021: Investment assets and solvency capital rose to record levels and strong development continued in customer acquisition and in improving cost effectiveness
Ilmarinen’s return on investments was 15.3 per cent, or EUR 8.1 billion. The value of investment assets rose to an all-time high, at EUR 60,8 billion, and solvency strengthened.
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