During the period of January through June, the return on Veritas’ investments amounted to -6.7 per cent. Fixed-income investments generated a return of -7.6 per cent, equity investments a return of -12.5 per cent, real estate 2.9 per cent and other investments 8.3 per cent. The solvency stayed on a protective level in a constantly changing market.

1. Interim report
1 January – 30 June 2022
25 August 2022

2. Summary of January–June
• The return on Veritas’ investments was -3.3 per cent in April-June and -6.7 per cent in the first half of 2022.
• The solvency position remained strong and at the end of June, it was 1.7-fold compared to the solvency limit.
• Premiums written are expected to grow by nearly 13 per cent in 2022, mainly due to the growth in the TyEL
insurance portfolio.
• The volume of YEL insurance policies continued to grow.
• All energy consumed by Veritas’ properties has been completely emissions-free since the beginning of June.
4.1bn
Value of investments
1.7
Solvency position
124.5%
Solvency ratio
-6.7%
Return on investments

3. Investments

4. The investment return was negative in January-
June
Investment returns
7,4 %
6,5 %
5,8 %
6,6 %
8,0 %
-1,5 %
9,9 %
5,6 %
12,6 %
-6,7 %
-10,0 %
-5,0 %
0,0 %
5,0 %
10,0 %
15,0 %
• The return on Veritas’ investments
was -3.3 per cent in the second
quarter of the year.
• In January-June, the investment
return was -6.7 per cent.
• The return on fixed-income
instruments was -7.6 per cent,
equity investments
-12.5 per cent, real estate
investments 2.9 per cent and
other investments 8.3 per cent.

5. The cumulative investment return for a 10-year
period is 79.6 per cent
90
110
130
150
170
190
210
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
The return is calculated from 1 July 2012 to 30 June 2022.
Nominal return
10 years
6.0%
5 years
4.5%
Real return
10 years
4.5%
5 years
2.1%

6. Changes in portfolio allocation
30,2 %
47,4 %
15,6 %
8,7 %
-1,9 %
33,6 %
42,0 %
16,2 %
9,8 %
-1,6 %
31,4 %
37,6 %
16,7 %
11,9 %
2,4 %
-10,0 %
0,0 %
10,0 %
20,0 %
30,0 %
40,0 %
50,0 %
Fixed-income
investments
Equities and shares Real-estate
investments
Other investments Effect of derivatives
31.12.2021 31.3.2022 30.6.2022

7. Geographical distribution of investments
All investments Listed equities

8. Breakdown of investments at fair value
1-6/2022
milj. € % milj. € % ⁸ %
1 276,5 31,3 1 282,6 31,4 -7,6
Loan receivables ¹ 56,1 1,4 56,1 1,4 0,9
Bonds ¹ 878,6 21,5 884,6 21,7 -10,2
Government bonds 480,4 11,8 486,5 11,9 -10,3
Other bonds 398,1 9,8 398,1 9,8 -10,0
Other money market instruments and deposits ¹ ² 341,9 8,4 341,9 8,4 0,0
Equity investments 1 637,5 40,1 1 534,9 37,6 -12,5
Listed equities 1 214,6 29,8 1 112,1 27,3 -17,9
Private equity investments ³ 376,3 9,2 376,3 9,2 8,6
Unlisted equities ⁴ 46,5 1,1 46,5 1,1 7,4
Real estate investments 682,4 16,7 682,4 16,7 2,9
Direct real estate investments 558,3 13,7 558,3 13,7 2,3
Real estate funds 124,1 3,0 124,1 3,0 5,7
Other investments 483,8 11,9 483,8 11,9 8,3
Hedge fund investments ⁵ 304,6 7,5 304,6 7,5 8,5
Other investments ⁶ 179,2 4,4 179,2 4,4 8,1
Total investments 4 080,2 100,0 3 983,6 97,6 -6,7
Effect of derivatives ⁷ 96,6 2,4
Total investments at fair value 4 080,2 100,0
Modified duration of the bond portfolio 4,5
Open currency position, % of the market value of investments 28,7
Fixed-income investments
Basic breakdown Risk-adjusted breakdown Return
30 Jun 2022 30 Jun 2022

9. Veritas’ solvency remained strong
100%
105%
110%
115%
120%
125%
130%
135%
140%
0
200
400
600
800
1 000
1 200
Solvency limit, milj. € Solvency capital, milj. € Solvency ratio, % (right-hand scale)
• The solvency ratio was
124.5 per cent at the end of
June.
• The solvency position was
1.7-fold compared to the
solvency limit.
• The solvency capital stood at
EUR 826.4 million at the end
of June 2022.
1) Veritas Pension Insurance and Pensions-Alandia merged on 1 January 2019. The figures for the previous years are Veritas figures before the merger.
2) The figures for 2012 include the provision for pooled claims equated with solvency capital, which was EUR 78.3 million.

10. Pensions and insurance

11. Veritas paid out pensions to nearly 38 000
recipients
Pensions and other claims paid 1, 2), EUR million
568,1
589,5 585,4
601,9
621,7
200,0
250,0
300,0
350,0
400,0
450,0
500,0
550,0
600,0
650,0
2018 2019 2020 2021 6/2022
Number of pensioners 2)
36324
37118
37627
37965 37943
20000
22000
24000
26000
28000
30000
32000
34000
36000
38000
2018 2019 2020 2021 6/2022
1) Pensions and other claims paid 6/2022 is an estimate for the whole year 2022.
2) The figures for 2018 are pro forma figures (Veritas + Pensions-Alandia)

12. Premiums written are expected to grow by nearly
13 per cent
Premiums written 1, 2), EUR million
588,6 592,7
551,6
614,3
692,6
300
350
400
450
500
550
600
650
700
750
2018 2019 2020 2021 6/2022
Number of insured persons 2, 3)
0
20000
40000
60000
80000
100000
120000
140000
2018 2019 2020 2021 6/2022
Number of
pensioners
Number of YEL
policies
Number of
TyEL insured
1) Premiums written 6/2022 is an estimate of the whole year 2022. The temporary discount on employers’ TyEL contributions between May and December 2020 is taken into account.
2) The figures for 2018 are pro forma figures (Veritas + Pensions-Alandia).
3) The number of TyEL-insured persons in 2019-2021 is not fully comparable with the earlier years. The definition of this key figure changed in 2019 when the Incomes Register was
taken into use.

13. Customers’ payroll to grow by over 10 per cent
TyEL payroll 1, 2), EUR million
2133,1 2159,2 2131,4
2244,6
2480,0
1000,0
1200,0
1400,0
1600,0
1800,0
2000,0
2200,0
2400,0
2600,0
2018 2019 2020 2021 6/2022
Number of TyEL policies 1, 3)
8711
8885
9385
8769
9339
9122
5000
5500
6000
6500
7000
7500
8000
8500
9000
9500
10000
2018 2019 2020 6/2021 2021 6/2022
1) The figures for 2018 are pro forma figures (Veritas + Pensions-Alandia)
2) TyEL payroll 6/2022 is an estimate for the whole year 2022.

14. Strong growth in YEL insurance policies continues
Reported income under YEL 1, 2), EUR million
276,4
289,6 295,6 302,5
318,1
0,0
50,0
100,0
150,0
200,0
250,0
300,0
350,0
2018 2019 2020 2021 6/2022
Number of YEL policies 1)
12129
12940
13285
13859
14155
5000
6000
7000
8000
9000
10000
11000
12000
13000
14000
15000
2018 2019 2020 2021 6/2022
1) The figures for 2018 are pro forma figures (Veritas + Pensions-Alandia)
2) Reported income under YEL 6/2022 is an estimate for the whole year 2022.

15. Result
Result analysis, EUR million 1-6/2022 1-6/2021 2021
Technical underwriting result 11,2 5,6 8,7
Return on investments at fair value -266,1 123,1 192,6
+ Net return on investments at fair value -292,1 284,8 490,3
- Return requirement on technical provisions 26,0 -161,7 -297,6
Loading profit 0,2 0,8 2,0
Other profit 0,5 0,1 -0,4
Total result -254,2 129,6 202,9
Operating income covered by expense loading component,
EUR million
9,9 9,4 18,2
% of the expense loading component 98,0 % 91,9 % 90,3 %
Number of employees (average) 154 159 157

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