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.
Current topics
Ilmarinen’s return on investments 3.2 per cent and efficiency improved further
The return on Ilmarinen’s investments in January–March was 3.2 per cent. The company’s cost-effectiveness improved further as premiums written grew and the operating expenses necessary for providing pension security fell. “We have successfully continued implementing Ilmarinen’s strategy and improved our productivity significantly over the past six years,” says Ilmarinen’s CEO Jouko Pölönen.
The carbon footprint of Ilmarinen’s investment portfolio decreased significantly
Earnings-related pension company Ilmarinen saw the carbon footprint of its investment portfolio decrease and the share of renewable energy in its investee companies increase significantly in 2023. This information comes from Ilmarinen’s Annual and Sustainability Report 2023.
Ilmarinen’s Financial Statements 2023: Return on investments was 5.8 per cent and cost-effectiveness improved further
Ilmarinen’s return on investments was 5.8 per cent and cost-effectiveness improved further, as premiums written grew 4 per cent and operating expenses financed using loading income fell 5 per cent. Our customers benefit directly from the improvement in our efficiency: we lowered the administrative cost component included in Ilmarinen’s earnings-related pension insurance contribution by 20 per cent as of the start of 2024.