Ilmarinen Mutual Pension Insurance Company

Registry · Top 100 · INST rank 80 · Mutual earnings-related pension insurer · Finland · Last researched 11 September 2026 · Corrections: info@universalassetowners.com

Soft names: Ilmarinen; Ilmarinen Mutual Pension Insurance Company; Finnish legal style Keskinäinen eläkevakuutusyhtiö Ilmarinen. Official site: ilmarinen.fi · EN: ilmarinen.fi/en. Related Nordic/European peers: Varma (private mutual peer — do not mix), Keva (public-sector Finnish peer — do not mix), ATP (Denmark), AP7, NBIM, ABP, bpfBOUW, PSERS, TRS Illinois. Influence Index on INST is an editorial composite, not a rating.

• Executive brief
• Speakable summary
• Mandate & ownership
• Disambiguation (≠ Varma ≠ Keva)
• Scale & portfolio
• Governance & leadership
• Investment philosophy
• Climate / ESG / ethics
• Performance & reporting
• Controversies & debates
• Timeline
• Annex: AUM honesty (EUR)
• Annex: H1 2026
• Annex: FY 2025
• Annex: Q1 2026
• Annex: Executive Group
• Annex: Board
• Annex: Corporate governance
• Annex: Responsible investment
• Annex: Climate plan
• Annex: Ownership policy
• Annex: Real estate
• Annex: History
• Annex: Peer context
• FAQ
• Sources
• Completeness

Executive brief

Ilmarinen Mutual Pension Insurance Company is a Finnish mutual earnings-related pension insurer. Official About materials describe Finland’s largest private earnings-related pension insurance company, wholly owned by its customers, providing statutory pension insurance for work carried out in Finland — TyEL for employees and YEL for the self-employed — and investing shared pension assets profitably, securely and responsibly. Head office: Porkkalankatu 1, Helsinki (Lepakko / Ruoholahti; FI-00018 ILMARINEN). Permanent personnel 612 at 31 December 2025 (Key Figures). Founded 14 December 1961; mutual ownership form since 1998; Etera merger 2018. This Registry profile (slug ilmarinen-mutual-pension-insurance-company, INST rank 80, elite live 76th) treats Ilmarinen as a private-sector mutual — not a sovereign wealth fund, not Varma, and not Keva.

Official EUR scale (prefer these; no invented USD headline): investments at market / current value EUR 70.4 billion at 30 June 2026 (H1 return 5.3% / EUR 3.5 billion); EUR 67.5 billion at 31 December 2025 (FY return 8.1% / EUR 5.1 billion); EUR 66.8 billion at 31 March 2026 (Q1 return −0.5%). Solvency capital EUR 16.8 billion / solvency ratio 130.7% at mid-2026; EUR 15.5 billion / 129.2% at YE 2025. Long-term average return since 1997: 6.0% nominal / 4.1% real (H1 2026).

Leadership (live official Management / CV): President and CEO Mikko Mursula (since 1 September 2025; previously Deputy CEO, Investments and CIO); EVP, Investments Annika Ekman (INST CIO seat — official English title is EVP, Investments). Finance leadership includes Mira Kauppi (CFO, Finance and Risks). Board Chair Jorma Rauhala; Supervisory Board Chair Turkka Kuusisto.

Researchers care because Ilmarinen sits at the top of Finland’s private-sector earnings-related pension stack, publishes frequent EUR market-value prints with asset-class detail, is navigating the 1 July 2026 pension-reform investment-regulation relaxation (equity risk share raised 54%→62% in H1 2026), and runs a large Finland allocation (~19% / EUR 13.4 billion at mid-2026) alongside global equities and alternatives. Related UAO hubs: Registry, UAO 100.

Speakable summary

Ilmarinen is Finland’s largest private mutual earnings-related pension insurer. Official investments were EUR 70.4 billion at 30 June 2026 after a 5.3% first-half return, and EUR 67.5 billion at year-end 2025 after an 8.1% full-year return. President and CEO is Mikko Mursula; investments are led by Annika Ekman as EVP, Investments. Do not confuse Ilmarinen with peer mutual Varma or public-sector Keva.

Mandate & ownership

Ilmarinen’s mandate is statutory earnings-related pension insurance for private-sector employees (TyEL) and self-employed persons (YEL) operating in Finland. As a mutual company, it is wholly owned by its customers. Official About language: “Our task is to ensure that our customers receive the pension they earned from work.” It is part of Finland’s social security / earnings-related pension system and states responsibility for the pension cover of more than a million people. The mandate is not discretionary sovereign wealth management, not a public-sector Keva-style body, and not Varma’s separate mutual balance sheet.

• Legal style (Articles of Association page): Keskinäinen eläkevakuutusyhtiö Ilmarinen.
• Mutual ownership transferred to customers in 1998 (official history).
• Etera merger 2018: became Finland’s largest private-sector earnings-related pension insurer (official history).
• Investments must remain productive and secure under Finnish earnings-related pension regulation; July 2026 reform stages expand equity-risk capacity.
• Public-safe note: do not scrape private emails/phones from media contact blocks into Registry prose.

Disambiguation (≠ Varma ≠ Keva)

All three publish in EUR and all three are material Finnish pension investors, but ownership, statute, and leadership differ. Live peers: Varma, Keva. Mixing AUM or naming Mursula as Varma’s CEO (or Murto as Ilmarinen’s) is an editorial error.

Scale & portfolio

H1 2026 official basic asset allocation (market value EUR mill / % of EUR 70,428 mill): fixed-income 18,007 / 26%; equities and shares 40,028 / 57% (listed 29,954 / 43%; private equity 8,756 / 12%); real estate 5,970 / 8%; other investments 6,423 / 9% (hedge funds 6,364 / 9%). Risk-breakdown equity share 62% at mid-2026 (Ilmarinen states it raised equity risk from 54% to 62% during H1 ahead of reform). Finland allocation ~19% / EUR 13.4 billion at mid-2026 (YE 2025: ~20% / EUR 13.6 billion).

Insurance scale (Key Figures YE 2025): premiums written EUR 7,160.3 million; pensions paid EUR 7,950.4 million; TyEL insured 593,321; YEL insurances 69,026; pensioners 449,273; TyEL payroll EUR 27,228.9 million. H1 2026: premiums written EUR 3.68 billion; pensions paid EUR 4.1 billion to 447,279 recipients; net customer acquisition EUR 124 million; 12-month retention 96.3%.

Governance & leadership

Day-to-day governance is led by President and CEO Mikko Mursula. Official CV (September 2026): M.Sc. (Econ.), Helsinki School of Economics 1992; CEO since 1 September 2025; previously Deputy CEO, Investments (2018–2025) and Chief Investment Officer / Executive Group member from 2015; earlier FIM Group CEO and Ilmarinen equities leadership. Investments are led by Annika Ekman, EVP, Investments (April 2026 Executive Group disclosure: b. 1977, M.Sc. Econ.). Other live Executive Group members on the Management page include Kristiina Halonen (Work Ability), Esa Jäntti (Customer Relations and Channels), Mira Kauppi (CFO, Finance and Risks), Tiina Nurmi (Insurance and Pension Services), Juulia Kurunsaari (General Counsel), Sami Ärilä (People and Communications), and Mari Sorvali (employee representative). H1 2026 notes EVP Technology Mikko Lantto left in May 2026.

Board of Directors (live page): Chair Jorma Rauhala (President and CEO, Kesko; Chair since 2025); Deputy Chairs Jarkko Eloranta (President, SAK) and Minna Helle (Director General, EK). Committees: Nomination and Compensation (Rauhala chair); Audit and Risk Management (Tomi Hyryläinen chair). Supervisory Board Chair: Turkka Kuusisto (CEO, Finnair). The Supervisory Board elects Board members and oversees Board/CEO governance.

Investment philosophy

Official Investments hub language: Ilmarinen invests shared pension assets profitably, securely and responsibly; diversifies geographically and across equities, fixed income and real estate; and acts as an active owner to promote investee sustainability. General principles for investing key pension assets are published alongside the Responsible Investment Policy. H1 2026 CEO commentary emphasises Finland as home market (~19% / EUR 13.4 billion), listed-equity contribution to returns, preparation for investment-regulation reform, and a June 2026 EUR 300 million growth-financing programme with OP Pohjola for Finnish SMEs.

Investment theses and real-estate pages describe long-horizon underwriting, building durability, and environmental considerations in property development. Solvency buffer and reform-enabled equity capacity are explicit risk-budget themes in 2026 interim reporting.

Climate / ESG / ethics

Board-approved Responsible Investment Policy covers Environmental Policy, Human Rights Policy and Ownership Policy (ESG). Climate Plan 2026–2030 and May 2026 news describe commitment to Science Based Targets initiative (SBTi) near-term targets, alignment with the Paris Agreement, and goals to reduce carbon intensity and financed emissions while directing capital toward companies with science-based targets and climate solutions. Head of Responsible Investment Karoliina Lindroos is quoted on the SBTi commitment. Official FY2025 commentary states 2021–2025 emission-reduction targets were achieved. Ilmarinen also publishes a biodiversity roadmap and an impact / Sustainable Development Goals investment note. Code of Conduct and related “way we work” policies support conduct, anti-bribery, sourcing and internal control framing.

Performance & reporting

Ilmarinen reports investment results four times a year. Primary packages used for this profile: EN H1 2026 interim report PDF (tulosraportti_q2_2026_en.pdf), Early 2026 / Q1 news, Financial Statements 2025 news (13 Feb 2026), Key Figures table, Financial performance hub, and Annual and Sustainability Report page. Transparency stack also points to PRI reports and sustainability disclosures (TCFD-aligned climate content in annual/sustainability reporting).

• FY 2025: return 8.1%; investments EUR 67.5 bn; net return EUR 5.1 bn; solvency capital EUR 15.5 bn; ratio 129.2%.
• H1 2026: return 5.3%; investments EUR 70.4 bn; solvency capital EUR 16.8 bn; ratio 130.7%; listed equities +11.3%.
• Q1 2026: return −0.5%; investments EUR 66.8 bn; solvency capital EUR 14.7 bn; ratio 127.7%.
• Long-term since 1997 (H1 2026): 6.0% nominal / 4.1% real; investments generated EUR 32.0 bn since 2017 (CEO review).
• Cost-effectiveness: operating expenses financed by loading income EUR 46 m in H1 2026 (0.31% of TyEL payroll and YEL income).

Controversies & debates

This section prefers official attributable actions. Opened primaries emphasise: (1) Finland’s July 2026 pension-reform investment-regulation change and the trade-off between higher equity risk and return variation; (2) TyEL contribution-percentage decrease for 2026 after COVID-era employer contribution repayment ended in 2025; (3) disability/old-age decision mix and work-ability themes in FY2025 commentary; (4) early-2026 change negotiations and equality/non-discrimination survey work noted in H1 personnel commentary; (5) climate transition expectations under SBTi / Paris Aligned Asset Owners. Secondary press narratives are not invented here. Corrections: info@universalassetowners.com.

Timeline

• 14 Dec 1961 — Ilmarinen established (same year as Finnish earnings-related pension system).
• 1962 — Teivo Pentikäinen first President and CEO; first pension paid; TEL in force 1 Jul 1962.
• 1970 — YEL (self-employed) in force; Ilmarinen covers employees and entrepreneurs.
• 1998 — Becomes mutual; ownership transfers to customers; current mutual name form.
• 2002 — Moves to Lepakko office, Porkkalankatu 1, Ruoholahti.
• 2018 — Etera merger; becomes largest private-sector earnings-related pension insurer; Jouko Pölönen CEO.
• 2020 — Board updates climate policy; carbon-neutral portfolio objective by 2035 cited in history page.
• 1 Sep 2025 — Mikko Mursula becomes President and CEO (official history + CV).
• 13 Feb 2026 — FY2025: investments EUR 67.5 bn; return 8.1%.
• May 2026 — SBTi near-term climate-target commitment news.
• 1 Jul 2026 — Pension-reform investment regulation stages begin; H1 reports equity risk share raised to 62%.
• 30 Jun 2026 — H1 print: investments EUR 70.4 bn; return 5.3%; solvency ratio 130.7%.
• Jun 2026 — EUR 300 m SME growth financing programme with OP Pohjola announced.

Annex: AUM honesty (EUR)

Currency discipline for this profile: official EUR only for headlines. Do not invent a USD conversion of EUR 70.4 billion. INST previously carried a ~US$67 bn public estimate — superseded by dated official euro prints above. Compare carefully to Varma (€71.4B) and Keva (€79.3B) mid-2026 figures; they are peers, not the same fund.

Annex: H1 2026 interim fold

Folded language from Ilmarinen’s EN interim report 1 January–30 June 2026 and the EN news release on the 5.3% return / EUR 70.4 billion investment market value.

Ilmarinen’s Interim Report January–June 2026 Ilmarinen’s interim report 1 January – 30 June 2026 0 Summary Ilmarinen’s interim report 1 January–30 June 2026: Investment return was 5.3 per cent, solvency ratio strengthened and the first half of the year was particularly good in terms of customer acquisition January–June performance in brief: • The return on Ilmarinen’s investment portfolio was 5.3 (2.1) per cent, or EUR 3.5 bil- KEY FIGURES 1.1.–30.6.2026 1.1.–30.6.2025 1.1.-31.12.2025 lion.

The market value of investments increased to EUR 70.4 (67.5) billion. 3,682 3,670 7,160 term average return on investments since 1997 was 6.0 per cent. This corresponds Pension expenditure, EUR mill. 4,069 4,021 7,950 Administrative cost-based operating expenses, 46 47 92 to a real return of 4.1 per cent.

15,131 14,888 29,029 • The total result was EUR 1,304 (112) million. Operating expenses financed using loading in- 0.31 0.32 0.32 • Premiums written totalled EUR 3,682 (3,670) million, and pensions paid EUR 4,069 come, % of return payrollat current value, % Investment 5.3 2.1 8.1 (4,021) million. Total result at current value, EUR mill.

1,304 112 1,766 • Net client acquisition strengthened to EUR 124 (24) million, and rolling client reten- Value of investment assets, EUR mill. 70,428 64,024 67,537 tion for the previous 12 months was 96.3 (96.1) per cent. 16,828 14,018 15,519 • Operating expenses financed using loading income totalled EUR 46 (47) million, Solvency ratio 130.7 127.3 129.2 amounting to 0.31 (0.32) per cent of the Employees Pensions Act payroll and YEL income of the insured.

• Solvency capital increased to EUR 16.8 (15.5) billion, and the solvency ratio The interim report result comparison figures are the figures for the corresponding period of strengthened to 130.7 (129.2) per cent. Unless otherwise indicated, the comparison figures for the balance sheet and other cross-sectional figures are the figures for the end of 2025.

• Prospects: Ilmarinen’s written premiums are expected to increase at a slightly slower rate than the increase in payrolls, as the TyEL contribution percentage decreased for 2026. The decrease in the contribution percentage was due to the fact that repay- ment of the temporary reduction of employers’ social security contributions granted during the COVID-19 pandemic ended in 2025.

Ilmarinen’s interim report 1 January – 30 June 2026 0 Overview President and CEO Mikko Mursula’s review Ilmarinen’s investments yielded 5.3 per cent growth and inflation remain short-term. In the sales of new insurance policies for en- A key part of the pension reform is the reform of in- in January–June.

Solvency ratio Ilmarinen’s return on investments from January to trepreneurs, we were the market leader in terms of vestment regulation, the first phase of which entered strengthened and cost-effectiveness is at a March was 5.3 per cent, or EUR 3.5 billion. The first half of the year was ket value of investments grew to EUR 70.4 billion.

Il- Premiums written were at the level of the preced- proportion of shares and seeking higher investment particularly good in terms of customer marinen’s return on investments was boosted espe- ing year, EUR 3.68 billion. We paid EUR 4.1 billion in returns, but it may increase the variation in returns.

Long-term returns pensions to 447,279 pension recipients. Ilmarinen, we have carefully prepared for the invest- are at a good level. The long-term average return on In the spring, we gave our customers the possibil- ment regulation reform. We have increased the share Geopolitical uncertainty has influenced the economic investments since 1997 was 6.0 per cent, which cor- ity to view their pension records via the S-mobiili app.

of equity investments in our risk distribution from 54 operating environment in the first half of the year. responds to a real return of 4.1 per cent. Ilmarinen’s Employees and entrepreneurs insured by Ilmarinen per cent to 62 per cent during the first half of the Rising oil and energy prices have accelerated infla- investments have generated a total of EUR 32.0 bil- can now access their pension records through both year.

tion and the uncertainty arising from it. The bank chan- Nineteen per cent, or EUR 13.4 billion, of our in- uncertainty is still elevated. Despite the uncertainty, Our solvency ratio strengthened. Solvency capital nels have inspired young people in particular to take vestments are in Finland. Investing in Finnish compa- the economies have shown more resilience than ex- grew to EUR 16.8 billion, and the solvency ratio an interest in their pension cover.

nies is part of the work we do to build sustainable pected during the spring, and the profit-making ability strengthened to 130.7 per cent. Cost-effectiveness The legislative proposals concerning the pension growth in Finland. of companies has been at an excellent level. Operating expenses fi- reform were approved by Parliament and confirmed In June, Ilmarinen and OP Pohjola launched a stock market has yielded excellent profits with the nanced using loading income decreased to EUR 46 by the President in mid-June.

The aim is to EUR 300 million growth financing programme. The support of strong performance and the performance million, amounting to 0.31 per cent of the Employees strengthen the financial sustainability of the earnings- goal is to provide Finnish SMEs with better access to forecasts for the next few years.

Pensions Act payroll and YEL income of the insured. related pension system and to secure an adequate financing and support growth projects across the The International Monetary Fund IMF forecasts the The first half of the year was particularly strong in level of coverage in the long term. Cooperation is a key promoter of business global economy to grow by 3.0 per cent this year and terms of customer acquisition.

Net customer acquisi- pension scheme for entrepreneurs is also progress- growth in a tough economy. I believe that we can be- by 3.4 per cent next year. Finland’s economic growth tion increased to EUR 124 million, and customer re- ing, and the preparation of the government proposal come even better at finding companies that are ready is forecast to be 0.7 per cent in 2026 and 1.2 per cent tention was 96.3 per cent.

in 2027, if the Middle East conflict’s impacts on more people have entrusted us with their pension Ilmarinen’s interim report 1 January – 30 June 2026 1 Current information about the higher-return investments, such as shares. The pension reform, according to the new long-term income; and increase entrepreneurs' freedom of pension system possibilities will expand further in the later calculation by the Finnish Centre for Pensions choice.

The act is intended to enter into force on In March 2026, the Government submitted a bill stages of the reform on 1 January 2027 and 1 (ETK). After the reform, the pension scheme is 1 January 2028, and the selection could be to Parliament to implement the pension reform July 2027. Although the earnings-related pen- expected to be financially balanced.

Source fold: tulosraportti_q2_2026_en.pdf + ilmarinens-interim-report-2-2026 EN news. Verify against the live page or PDF before citing beyond this page.

Annex: FY 2025 results fold

Folded language from the 13 February 2026 Financial Statements 2025 EN news and opening pages of the unaudited FY2025 Finnish statements PDF.

Press release 13.2.2026 Ilmarinen's Financial Statements 2025: Return on investments was 8.1 per cent or EUR 5.1 billion Ilmarinen’s investment assets increased to EUR 67.5 billion. Solvency continued to strengthen and cost-effectiveness is at a good level. Ilmarinen’s investments have generated a total of EUR 30.2 billion over a period of 10 years.

Twenty per cent of the investments are in Finland. – The past year was a strong one for Ilmarinen. Despite geopolitical tensions, Ilmarinen’s investments provided a good return and solvency continued to strengthen. Premiums written grew, and our cost-effectiveness is at a good level, says Mikko Mursula , President and CEO of Ilmarinen.

Investment income was increased especially by listed equity investments as well as fixed income and credit risk investments The market value of Ilmarinen’s investments increased to a record level of EUR 67.5 (63.3) billion. The return on investments was 8.1 (8.6) per cent, or EUR 5.1 (5.0) billion. Ilmarinen’s investments have generated a total of EUR 30.2 billion over a period of 10 years.

The development of capital markets was mainly positive in 2025. Stock market development was excellent, with the exception of the period during late March and early April when uncertainty related to trade and power policy was at its highest in the global economy. – Ilmarinen’s return on investments was particularly increased by equity investments and fixed income and credit risk investments.

The return on our listed equity investments was especially good. Corporate bonds also produced good results, and we had excellent revenue from absolute return investments, explains Annika Ekman , EVP, Investments at Ilmarinen. The return on Ilmarinen’s equity investments was 10.4 (14.1) per cent and 6.3 (4.4) per cent on fixed income investments.

The return on real estate investments was 1.1 (-0.9) per cent and the return on other investments 8.4 (6.7) per cent. The long-term average return on investments since 1997 has been 5.9 per cent, which corresponds to a real return of 4.0 per cent. Twenty per cent of investments are in Finland At the end of 2025, Ilmarinen’s investments in Finland were EUR 13.6 billion, or 20 per cent of the investment portfolio.

Approximately half of these investments, or EUR 7.2 billion, are investments in Finnish listed companies. Ilmarinen’s investments in unlisted Finnish companies total EUR 1.9 billion. – As a pension insurance company, it is our duty to invest in a profitable, secure and responsible manner. Long-term investment in Finland and growth companies is part of the work we do to secure pensions and build sustainable economic growth.

This home field advantage allows us to closely monitor different projects and gives us a good perspective on domestic opportunities. We examine domestic investments carefully and actively invest through funds and directly in unlisted companies, says Ekman. We reached our climate targets early Ilmarinen is strengthening its climate work and setting stricter climate targets.

The aim is to manage the climate risk of our investments. – We achieved excellent results in all the emission reduction targets set for 2021–2025. Our new climate plan includes a commitment to Science Based Targets initiative and we have also set stricter targets for 2026–2030, explains Ekman. Solvency continued to strengthen, higher customer bonuses In 2025, Ilmarinen’s solvency capital increased to EUR 15.5 (13.9) billion, and the solvency ratio improved to 129.2 (127.5) per cent.

– The improved solvency allows us to transfer EUR 149 million to customer bonuses, which is 6 per cent more than in the previous year. This is despite the fact that only 0.95 per cent of solvency capital can be distributed as customer bonuses instead of the previous 1 per cent, says Mursula. Premiums written grew by 3 per cent, cost-effectiveness at a good level Ilmarinen’s premiums written grew by 3 per cent to EUR 7.2 (7.0) billion.

The insurance premium income was increased by a 2.6 per cent increase in the Employee Pensions Act payroll and a slight rise in the earning-related pension contribution. The increase in premiums written was also affected by positive net customer acquisition. – Our goal is to offer the best customer experience in the industry, and we were very successful in this area.

Our customers’ NPS (Net Promoter Score) was above the target level, and we received the best results in the earnings-related pension sector in all areas of an EPSI Rating study, says Mursula. Ilmarinen’s operating expenses financed using loading income decreased to EUR 92.0 (92.2) million. They accounted for 0.32% (0.33%) of the Employees Pensions Act payroll and YEL income.

– Our cost-effectiveness directly benefits our clients in the form of lower premiums, says Mursula. We paid EUR 8 billion in pensions to 450,000 pensioners Ilmarinen paid a total of EUR 8.0 (7.6) billion in pensions. At the end of the year, there were 449,273 (454,556) pension recipients. A total of 43,436 (41,279) new pension decisions were made.

The number of old-age pension decisions increased by 49 per cent from the previous year and totalled 22,484. – The significant increase in old-age pension decisions is due to the fact that working during retirement has become more common, and people are applying for the pension accrued from this work more often than earlier.

On average, a decision on old-age pension was issued by Ilmarinen in three days, explains Mursula. The average old-age pension age increased in comparison to the previous year and was 65.2 years (65.1). Decrease in the number of disability pension applications Ilmarinen received a total of 10,781 new disability pension applications, which is 8 per cent less than in the previous year (11,663).

A total of 3,383 (3,557) persons started to receive disability pension, which was 5 per cent less than in the previous year. The majority of disability pensions were granted due to musculoskeletal diseases and mental health disorders. – The underlying reasons behind incapacity for work are strongly linked to age.

Mental health disorders were the most common reason for those under 55, while musculoskeletal diseases were the most common reason for those aged over 55. Depression has long been the single largest reason for retirement, but osteoarthritis became the most common diagnosis in 2025, says Mursula. Ilmarinen’s year 2025 in brief: The return on Ilmarinen’s investment portfolio was 8.1 (8.6) per cent, or EUR 5.1 billion.

The market value of investments increased to EUR 67.5 (63.3) billion. The long-term average return on investments since 1997 was 5.9 per cent, which corresponds to an annual real return of 4.0 per cent. The total result was EUR 1,766 (1,804) million. Premiums written increased by 3 per cent to EUR 7,160 (6,956) million.

Source fold: ilmarinens-financial-statements-2025 EN news + tilintarkastamaton_tilinpaatos_2025.pdf p1–50. Verify against the live page or PDF before citing beyond this page.

Annex: Q1 / Early 2026 fold

Folded language from Ilmarinen’s Early 2026 EN news (January–March return −0.5%; investments EUR 66.8 billion).

Press release 24.4.2026 Ilmarinen’s early 2026: Customer acquisition at record level, solvency remained strong Ilmarinen’s return on investment in January–March was –0.5 per cent. Solvency is strong and cost-effectiveness is at a good level. Customer acquisition in the early part of the year was going at record pace.

“The start of the year was exceptionally tense in the economy and investment markets. Ilmarinen’s return on investments remained slightly negative in January–March. Solvency is strong and cost-effectiveness is at a good level. Customer acquisition in the early part of the year was at a record level,” says Mikko Mursula , President and CEO of Ilmarinen.

Listed equity investments and fixed-income investments reduced investment income – long-term returns at a good level The market value of Ilmarinen’s investments at the end of March was EUR 66.8 billion (EUR 67.5 billion at the end of 2025). In January–March, the return on investments was –0.5 (0.2) per cent, or EUR –0.3 billion.

“In January-February, developments related to economic growth and corporate performance prospects as well as inflation and monetary policy were favourable for the investor. The return on equity categories was good until the end of February. However, the situational picture shifted dramatically at the turn of March, as the geopolitical situation in the Middle East hit a crisis,” explains Annika Ekman , EVP of Investments at Ilmarinen.

“Equity market returns remained mainly negative in the beginning of the year. Ilmarinen’s investment return was reduced by listed equity investments and fixed-income investments,” says Ekman. Ilmarinen’s return on equity investments was –0.7 (–0.6) per cent and the return on fixed income investments was –1.1 (1.3) per cent.

The return on real estate investments was 0.9 (0.2) per cent and the return on other investments 1.0 (1.6) per cent. The long-term average return on investments since 1997 was 5.8 per cent, which corresponds to a real return of 3.9 per cent. Solvency is strong Solvency capital at the end of March was EUR 14.7 billion (EUR 15.5 billion at the end of 2025), and the solvency ratio was 127.7 per cent (129.2 per cent at the end of 2025).

Systematic work to improve efficiency continued, and cost-efficiency continued to improve. Operating expenses financed using loading income totalled EUR 23 (24) million, amounting to 0.33 (0.34) per cent of the Employees Pensions Act payroll and YEL income of the insured. Excellent beginning of the year in customer acquisition In the early part of the year, customer acquisition was very strong and customer retention was at an excellent level.

Net customer acquisition was EUR 83 (–9) million while customer retention was 96.3 (96.3) per cent. “We succeeded extensively in all segments, and we obtained a record number of new customers for Ilmarinen. We further strengthened our position in terms of both premium income and the number of insurance policies,” says Mursula.

Ilmarinen’s premiums written were at the level of the preceding year, EUR 1.75 (1.75) billion. The growth in premiums written was due to an increase in customers’ payroll. However, at the same time, it was weakened by a slight decrease in the TyEL contribution percentage compared to the comparison year.

The decrease in the contribution percentage was due to the fact that repayment of the temporary reduction of employers' social security contributions granted during the COVID-19 pandemic ended in 2025. Pensions paid increased by 3 per cent to EUR 2.01 (1.95) billion. At the end of March, there were 447,646 (453,338) pension recipients.

Pension reform will further improve the financial sustainability of the pension system In March, the Government gave the Parliament its proposal on the next pension reform. The purpose is to ensure the financial sustainability of the earnings-related pension system and an adequate level of pensions in the long term.

Solutions for the reform of the pension scheme for entrepreneurs are also expected during the spring. During the early part of the year, there has been a lot of public debate on cutting pensions, the position of young people in the intergenerational chain and the grounds for accruing pensions. “The discussion may give the impression that the pension system is in need of a reform.

Source fold: https://www.ilmarinen.fi/en/current-topics/news-and-articles/2026/ilmarinens-early-2026/. Verify against the live page or PDF before citing beyond this page.

Annex: Executive Group fold

Opened Management page, April 2026 Executive Group secondary-occupations PDF, and Mikko Mursula September 2026 CV.

Ilmarinen / About Ilmarinen / Governance and organisation / Management and organisation Ilmarinen's management and organisation Take a look at the duties of Ilmarinen’s Executive Group and organisation. Management’s members and duties The President and CEO manages Ilmarinen’s day-to-day governance in accordance with the instructions and orders issued by the Board of Directors.

The President and CEO is responsible for ensuring that the accounting complies with the law and that asset management has been arranged in a reliable manner. The Executive Group supports the President and CEO in decision-making and participates in preparing decisions that concern Ilmarinen as a whole and in guiding and monitoring their implementation.

The members of the Executive Group are, in addition to the President and CEO, the heads of business and support operations that report directly to him, and a representative elected by the personnel. The Board of Directors appoints the President and CEO, the Chief Operating Officer and the Executive Group members.

President and CEO and Executive Group Mikko Mursula , President and CEO Annika Ekman , EVP, Investments Kristiina Halonen , EVP, Work Ability Esa Jäntti , EVP, Customer Relations and Channels Mira Kauppi , CFO, Finance and Risks Tiina Nurmi , EVP, Insurance and Pension Services Juulia Kurunsaari , EVP, General Counsel Sami Ärilä , EVP, People and Communications Mari Sorvali , employee representative Information of the President and CEO and the Executive Group members Download information on the President and CEO (pdf) Download information on the other members of the Executive Group (pdf) You can find photos of the CEO and members of the Executive Group Member of our Media-page.

See communications department contact information. Consultant Physicians Maija Haanpää, Medical Director Consultant Physicians Anna Eskola Heidi Furu Maria Heikkinen Tuulia Isoviita Riikka Juhakoski Petri Järvinen Kaija Karjalainen Teija Kivekäs Minna Korhonen Tapio Lahti Timo Leino Kari-Pekka Martimo Kari Mäkelä Jonna Perälä Sami Pirkola Veera Pohjolainen Mia Saarni Jaana Suhonen Kirsi Suominen Juho Uusvaara Perttu Vähämurto Actuary, Compliance Officer and Internal audit Ritva Tarkiainen, Actuary* Sari Grenman, Chief Compliance Officer* Katja Punamäki, Chief Audit Executive* * Reports to the President and CEO and the Board of Directors.

April 2026 Secondary occupations and positions of trust of the members of the Executive Group Annika Ekman, b. 1977 EVP, Investments M.Sc (Econ.) Secondary occupations and positions of trust: Aspo Oyj, member of the board of directors Itsenäisyyden juhlavuoden lastensäätiö sr., member of the asset management committee Foundation for Economic Education., member of the asset management committee Kristiina Halonen, b.

1967 EVP, Work Ability D.Sc (Technology), M.Sc (Economics) Secondary occupations and positions of trust: Vakuutustiedon kehittämissäätiö, member of the board of directors Esa Jäntti, b. 1971 EVP, Customer Relations and Channels M.Sc (Marketing) No secondary occupations or positions of trust Mira Kauppi, b.

1979 EVP, CFO, Finance and Risks M.Sc (Math) Secondary occupations and positions of trust: Finnish Centre for Pensions, vice member of the representatives Suomen Laatuyhdistys ry, member of the board of directors Laatukeskus Excellence Finland Oy, member of the board of directors Juulia Kurunsaari, b.

1967 EVP, General Counsel Master of Laws (LLM), Attorney Secondary occupations and positions of trust: Finnish Centre for Pensions, member of the representatives Mikko Lantto, b. 1975 EVP, Technology and Development BSc, Engineering Secondary occupations and positions of trust: Arek Oy, member of the board of directors Tiina Nurmi, b.

1972 EVP, Insurance and Pension Services M.Sc (Math), Qualified Actuary, eMBA Secondary occupations and positions of trust: Arek Oy, deputy member of the board of directors Finnish Centre for Pensions, member of the board of directors EK, member of the General Assembly Sami Ärilä, b. 1974 EVP, People and Communication Master of Laws (LLM) Secondary occupations and positions of trust: Entrepreneurship Exchange - EEX Oy, member of the board of directors September 2026 Mikko Mursula, key work experience and positions of trust Education M.Sc (Econ.), Helsinki School of Economics, 1992 Current position Ilmarinen, President and CEO, 1 September, 2025 Previous positions Ilmarinen - Deputy CEO, Investments, 2018–2025 - Chief Investment Officer and member of the executive group, 2015– FIM Group, CEO, 2013–2015 S-Bank, Director, Asset Management and Securities Brokerage Business, 2013−2015 FIM Asset Management, CEO, 2010−2015 Ilmarinen - Head of Listed Securities, 2008–2010 - Head of Equities, 2002–2007 - Portfolio Manager, Equities, 2000–2002 AG Private Bankers (1998-> Den Danske Bank), 1994–2000 Key positions of trust The Finnish Pension Alliance TELA, I Vice Chairman, 2026– Finance Finland, member of the board of directors 2026– Urlus Foundation, member of the board of directors 2024– Kojamo Plc, member of the board of directors and deputy chair, 2016– Jane and Aatos Erkko Foundation, member of the board of directors 2015–

Source fold: management-and-organisation EN + johtoryhman-tiedot-en.pdf + mikko-mursula-cv-en.pdf. Verify against the live page or PDF before citing beyond this page.

Annex: Board & Supervisory Board fold

Opened Board of Directors and Supervisory Board pages (chairs, deputies, committees, ordinary members).

Ilmarinen / About Ilmarinen / Governance and organisation / Board of Directors Board of Directors The Board of Directors is responsible for the company’s governance and the appropriate organisation of the company’s operations. Take a look at the duties, members and activities of Ilmarinen’s Board of Directors on this page.

The Board of Directors is responsible for the company’s governance and the appropriate organisation of the company’s operations. The Board of Directors is responsible for ensuring that the monitoring of accounting and asset management has been organised appropriately. It also appoints the President and CEO, the Chief Operating Officer and the Executive Group members and decides on their remuneration.

The Board of Directors shall head the company in a professional manner, according to sound and prudent business principles and principles of reliable governance. The Supervisory Board elects the Board of Directors’ members, whose maximum number is 14. At least a third of the members must be elected from among the persons nominated by the key central organisations representing employees.

At least a sixth of the members must be elected from among the persons nominated by the key central organisations representing employers. In its policy concerning the election and diversity of the Board of Directors, the Supervisory Board has outlined the requirements that the Board of Directors must meet.

The diversity of the Board of Directors is examined as a whole. The composition of the Board of Directors must meet regulatory requirements and ensure the efficient performance of the Board’s duties. The objective is to have both genders represented on the Board of Directors. The term of office of the members of the Board of Directors is three years.

The term of office begins at the close of the first Annual General Meeting following the election and ends at the close of the fourth Annual General Meeting following the election. A maximum of a third of the Board of Directors’ members are due to resign each year. The Board of Directors annually elects a chairperson and two deputy chairpersons from among its members.

Either the chairperson or one of the deputy chairpersons shall be a person nominated by representatives of the insured. If the person nominated by the representatives of the insured is not elected as the chairperson, this person shall act as the primary deputy to the chairperson. The Board of Directors has two committees: the Nomination and Compensation Committee and the Audit and Risk Management Committee The Board of Directors annually elects the members of the committees from among its members.

The Nomination and Compensation Committee prepares matters related to remuneration and incentive systems and the management’s nomination and remuneration to be discussed by the Board of Directors. The Audit and Risk Management Committee assists the Board of Directors in supervision tasks and prepares for the Board of Directors matters that concern financial reporting, risk management, investment operations, internal control and the work of the internal audit unit and external auditors.

Ilmarinen’s Board of Directors Chairman Jorma Rauhala , b. 1965 President and CEO, Kesko Corporation Member and Chairman since 2025 Term expires 2029 Deputy chairmen Jarkko Eloranta , b. 1966 President, The Central Organization of the Finnish Trade Unions SAK Member since 2017 Term expires 2029 Minna Helle , b.

1972 Director General, Confederation of Finnish Industries EK Member since 2026 Term expires 2028 Members Minna Ahtiainen , b. 1974, Director, Collective Bargaining and Representation of Interests, STTK, member since 2023, term expires in 2027 Katri Hokkanen , b. 1981, CFO, Valmet Corporation, member since 2025, term expires 2029 Tomi Hyryläinen , b.

1970, Chief Financial Officer, Tieto Corporation, member since 2024, term expires in 2027 Antti Jääskeläinen , b. 1972, President and CEO, Posti Group Corporation, member since 2025, term expires 2028 Pia Kalsta , b. 1970, CEO, Sanoma Media Finland Ltd, member since 2024, term expires in 2027 Leena Laitinen , b.

1970, President and CEO, Alko Inc., Member since 2018, Term expires in 2028 Hannakaisa Länsisalmi , b. 1970, Chief Human Resources Officer, OP Pohjola, Member since 2024, Term expires in 2027 Jyrki Ojanen , b. 1969, Vice Prisedent, The Finnish Construction Trade Union, Member since 2023, Term expires in 2028 Samu Salo , b.

1976, President, the Union of Professional Engineers in Finland, Deputy member since 2018, member since 2020, Term expires in 2029 Nomination and Compensation Committee Jorma Rauhala (Chairman) Jarkko Eloranta Minna Helle Audit and Risk Management Committee Tomi Hyryläinen (Chairman) Katri Hokkanen Pia Kalsta Jyrki Ojanen Information on the activities of the Board of Directors and its committees More information on the activities of the Board of Directors and its committees is available here (in Finnish) .

Ilmarinen / About Ilmarinen / Governance and organisation / Supervisory Board Supervisory Board The Supervisory Board supervises the corporate governance managed by the Board of Directors and President and CEO. The Supervisory Board’s task is to supervise the corporate governance managed by the company’s Board of Directors and President and CEO.

Source fold: ilmarinen.fi EN Board + Supervisory Board pages. Verify against the live page or PDF before citing beyond this page.

Annex: Corporate governance fold

Governance hub, corporate governance, Articles of Association, remuneration and Code of Conduct language.

Ilmarinen / About Ilmarinen / Governance and organisation Governance and organisation Effective governance supports our task of managing pension cover. Governance is based on the Act on Employment Pension Insurance Companies, the Insurance Companies Act, the Companies Act and the Finnish Supervisory Authority’s regulations and guidelines.

We also voluntarily comply with the Corporate Governance Code for Listed Companies as applicable to the operations of an earnings-related pension insurance company. On these pages you can find information on our governance and organisation. The General Meeting is the supreme decision-making body. Read more about the General Meeting Supervisory Board The Supervisory Board supervises the corporate governance managed by the Board of Directors and President and CEO.

Read more about the Supervisory Board Election Committee The Election Committee prepares proposals on the members of the Supervisory Board and the Board of Directors and their fees. Read more about the Election Committee Board of Directors The Board of Directors is responsible for the company’s governance and the appropriate organisation of the company’s operations.

Read more about the Board of Directors Advisory Committees Advisory Committees are informal advisory governing bodies. Read more about the Advisory Committees Management and organisation The members of the Executive Group are, in addition to the President and CEO, the directors that report directly to him, and a representative elected by the personnel.

Read more about management and the organisation Positions of trust We maintain a public list of the positions of trust of the members of Ilmarinen’s Board of Directors, President and CEO and other management. Read more about positions of trust Articles of Association The Articles of Association specify the company’s business sector and the competencies and mutual relationships of the governing bodies.

View the Articles of Association Corporate Governance Statement Here you can find the annually published Corporate Governance Statements. Read more about the Corporate Governance Statement Remuneration The goal of remuneration is to encourage excellent performance in managing pension cover. Read more about remuneration Auditor The General Meeting elects an auditor for one year at a time.

Read more about the auditor Ilmarinen / About Ilmarinen / Governance and organisation / Corporate governance Corporate governance We draw up an annual Corporate Governance Statement. Download and read the annual statements on this page. Corporate Governance Statement We draw up an annual Corporate Governance Statement in accordance with the Corporate Governance Code’s reporting period and we release it separately from the Report on Operations.

We voluntarily comply with the Corporate Governance Code for Listed Companies as applicable to the operations of an earnings-related pension insurance company. The Corporate Governance Code is available on the Securities Market Association’s website www.cgfinland.fi. Also read our Report on Operations and Financial Statements .

Read our annually published Corporate Governance Statements (in Finnish). Ilmarinen / About Ilmarinen / Governance and organisation / Corporate governance Corporate governance We draw up an annual Corporate Governance Statement. Download and read the annual statements on this page. Corporate Governance Statement We draw up an annual Corporate Governance Statement in accordance with the Corporate Governance Code’s reporting period and we release it separately from the Report on Operations.

We voluntarily comply with the Corporate Governance Code for Listed Companies as applicable to the operations of an earnings-related pension insurance company. The Corporate Governance Code is available on the Securities Market Association’s website www.cgfinland.fi. Also read our Report on Operations and Financial Statements .

Read our annually published Corporate Governance Statements (in Finnish). Ilmarinen / About Ilmarinen / Governance and organisation / Articles of Association Ilmarinen's articles of association From this site you can read more about Ilmarinen's articles of association. Articles of Association: Keskinäinen eläkevakuutusyhtiö Ilmarinen Download the Ilmarinen's articles of association - translation from Finnish to English (PDF).

Ilmarinen / About Ilmarinen / Governance and organisation / Remuneration Remuneration at Ilmarinen Our remuneration and incentive systems aim at encouraging our employees to achieve Ilmarinen’s long-term goals by operating in line with our values. In our remuneration, we acknowledge that the purpose of an earnings-related pension insurance company’s operations is to provide statutory pension insurance, which is part of social security.

Our remuneration is governed by the provisions concerning remuneration laid down in the Finnish Act on Employment Pension Insurance Companies. Remuneration principles Remuneration at Ilmarinen: supports the company’s strategic goals and long-term interests, and the implementation of its values is coherent and open and designed to encourage excellent performance is responsible and in line with good risk management is competitive but reasonable.

Remuneration declarations and reports You can find Ilmarinen’s annual declarations of remuneration and incentives and reports on fees paid to the members of Ilmarinen’s governing bodies and Executive Group on this website (only in Finnish) . The information provided in the declarations and reports is based on the Act on Employment Insurance Companies, on the Financial Supervisory Authority’s regulations and guidelines and on the Corporate Governance Code for listed companies which we abide by voluntarily as applicable to the operations of an earnings-related pension insurance company.

Source fold: governance + corporate-governance + articles + remuneration + code-of-conduct EN pages. Verify against the live page or PDF before citing beyond this page.

Annex: Strategy, About & pension system fold

About Ilmarinen, strategy and values, investment theses, home, history and pension-system-in-Finland pages.

Ilmarinen / About Ilmarinen About Ilmarinen We are Finland’s largest private earnings-related pension insurance company. As a mutual pension insurance company, we are wholly owned by our customers. Our task is to ensure that our customers receive the pension they earned from work. We offer statutory employees’ and self-employed persons’ pension insurance for employers and entrepreneurs operating in Finland.

Current topics Press release 18.8.2026 Ilmarinen had a strong first half of the year. In January–June, the return on investments was 5.3 per cent, or EUR 3.5 billion. Solvency ratio improved, and customer acquisition was at a good level. Read news article Ilmarinen and OP Pohjola: EUR 300 million to boost growth and investments in Finnish SMEs Press release 9.6.2026 Ilmarinen and OP Pohjola are launching a EUR 300 million growth financing programme to help growth companies succeed.

Financing channelled to SMEs through this cooperation will create opportunities for growth and boost positive economic development across Finland. Read news article Ilmarinen and OP Pohjola: EUR 300 million to boost growth and investments in Finnish SMEs Ilmarinen’s early 2026: Customer acquisition at record level, solvency remained strong Press release 24.4.2026 Ilmarinen’s return on investment in January–March was –0.5 per cent.

Solvency is strong and cost-effectiveness is at a good level. Customer acquisition in the early part of the year was going at record pace. Read news article Ilmarinen’s early 2026: Customer acquisition at record level, solvency remained strong More current news Join us in building a better working life A career at Ilmarinen is an opportunity to boldly vision, to create and to experience a better working life.

As Finland’s leading earnings-related pension insurer, we influence the sector’s development and the transformation of working life through our own example every day. Learn more about Ilmarinen as an employer We are responsible earnings-related pension company Sustainability is one of our values and part of everything we do.

We take care of your pension cover and your pension assets. That is our way of bearing responsibility for the future. We regularly report on our work to enable you to assess our performance. Find out what sustainability means in managing pension cover Governance and organisation Well-functioning governance supports the management of pension cover.

Read about our corporate governance and organisation Financial information On these pages, you can find our financial information related to the management of pension cover, such as the Board of Directors’ Reports on Operations, interim reports, and annual and sustainability reports. Take a look at the financial information The way we work On these pages you will find a compilation of the policies and practices that guide our operations.

Get to know the way we work Investments We invest our shared pension assets profitably, securely and responsibly. Find out how we invest pension assets Strategy and values Our strategy and values guide our operations in managing pension cover. Take a look at our strategy and values Our history Ilmarinen was established at the same time as the Finnish pension system.

We are Finland’s oldest earnings-related pension company. Learn more about our history Ilmarinen’s real estate As part of investing pension assets, we provide homes and business premises for thousands of Finns. Take a look at our real estate For the media Need an interview with a specialist or information about pension cover?

Our specialists and Communications department are there to help you. Find out how to When in need of a pension insurance We take care of the pension security of more than a million people – join us. Get insurance Get a 22% discount on YEL contributions As a new entrepreneur, you will receive a 22% discount on your YEL contribution if your YEL insurance has been valid for less than 4 years.

We will automatically check the discount.. Get YEL insurance Self-employed person Let us take care of your most important insurance. We want to make pension insuring easy for you. Online service for self-employed Popular pages Information on YEL insurance YEL calculator YEL reform 2028 Employer We take care of your employees' pension security and help you to promote their work ability.

Our services for employers Popular pages Information on TyEL insurance Employer's calculators Support for you as an employer Private customer Earnings-related pension gives security in different life situations. Manage your pension and rehabilitation matters safely online. to online service Popular pages Pension record When can I retire?

Pension payment dates Current topics Working life is changing, and our work ability services are evolving with it – this is how we manage careers together with your company Find out more Entrepreneur, YEL income reviews continue As of 2023, pension companies are obligated to regularly review that entrepreneurs’ YEL income meets the recommendations and corresponds with the work input.

Remember to review your pension coverage regularly Your pension record allows you to keep track of your pension accrual. Submit your study certificate and tax card Please provide us with your study certificate each August and your tax card at the turn of the year in order for us to process your allowance.

Source fold: about + strategy-and-values + investment-theses + history + pension-system EN pages. Verify against the live page or PDF before citing beyond this page.

Annex: Responsible investment fold

Responsible Investment Policy PDF plus responsibility-in-investments hub, human-rights and ownership-policy pages, and impact/SDG PDF.

Responsible Investment Policy Approved by Ilmarinen’s Board of Directors on 15 December 2025 Ilmarinen • Porkkalankatu 1, Helsinki • FI-00018 ILMARINEN • Porkalagatan 1, Helsingfors Puh / Tfn / Tel 11 ( tai paikallisverkkomaksu) • www.ilmarinen.fi 1 Contents Ilmarinen’s responsibility principles concerning investment operations ................................................................................................................

4 Compliance with international norms and exclusion of investments .............................. 4 Active ownership ............................................................................................................ 6 Principles of engagement ........................................................................................

6 Channels of engagement ........................................................................................ 7 Integrating ESG analysis into investment decisions ....................................................... 8 Impacts and sustainable development goals of investments .........................................

8 Reporting ....................................................................................................................... 9 Environment............................................................................................................... 10 Climate principles and basic assumptions about the impacts of climate change on investments ......................................................................................................

10 Taking biodiversity into account ................................................................................... 11 Human rights...............................................................................................................12 Ownership policy.......................................................................................................13 Ownership and investment strategy .............................................................................

13 Exercising ownership rights in investee companies ..................................................... 13 Participating and engaging in the process of nominating Board members ............ 14 Attending general meetings...................................................................................

14 Composition of a Board of Directors ..................................................................... 15 Remuneration........................................................................................................ 15 Changes in the capital structure ............................................................................

16 Dividend policy ...................................................................................................... 16 Share series and voting rights ............................................................................... 17 2 Election of auditor and auditors’ fees ....................................................................

17 Shareholder motions to general meetings for improving sustainability .................. 17 Dialogue with the companies we invest in, other shareholders and stakeholders ....... 17 Taxes ...............................................................................................................................18 3 Ilmarinen’s responsibility principles concerning investment operations Ilmarinen’s task is to invest pension assets profitably, securely and responsibly.

Our goal is to manage pension assets in a way that brings the greatest possible benefit to pensioners. We diversify our investments globally, because our task is to yield the greatest possible long-term return at the chosen risk level. This Responsible Investment Policy guides our investment operations: we strive to increase the positive impacts and minimise the negative impacts of our investments on society and the environment.

Our Responsible Investment Policy applies to all our investment activities. Practical measures vary depending on the asset class. We divide responsibility into three themes: The Responsible Investment Policy is approved by Ilmarinen’s Board of Directors. The Responsible Investment Executive Committee draws up the policy and monitors compliance with it.

The Committee is made up of, in addition to the President and CEO and the CIO, the heads of the different asset classes and representatives from Legal Affairs and Communications. Ilmarinen’s investment organisation is in charge of implementing the policy. Ensuring the implementation of the Responsible Investment Policy is also part of the company’s normal compliance monitoring.

We arrange training on implementing the Responsible Investment Policy to ensure that our employees have the competencies required to implement the policy in keeping with their tasks. Compliance with international norms and exclusion of investments National legislation is not always tough enough from a responsibility perspective.

That is why we require our investees to also comply with international norms: • The principles of the UN Global Compact initiative, and • the declarations they are based on: the UN declarations on human rights, the environment and corruption, and 4 • the International Labour Organization’s (ILO) Declaration on Fundamental Principles and Rights at Work.

We use the data produced by an external service provider to monitor compliance with the norms. In addition to our own continuous monitoring, our service provider reviews our securities investments and reports any suspected or detected norm violations. We also conduct our own analysis and request clarifications as needed.

We take into account known norm violations when making investment decisions and systematically monitor new suspected violations. Engaging with companies is a more effective way of enacting change than ceasing to invest in them. If an engagement process is not possible or if it does not produce results, we exclude from our investment universe companies that have breached international norms.

Source fold: responsible_investment_policy.pdf + RI hub + ownership/HR policy pages + impact-and-sdg PDF. Verify against the live page or PDF before citing beyond this page.

Annex: Climate plan & sustainability fold

Climate Plan 2026–2030 PDF, Environmental Policy page, SBTi commitment news, sustainability hub, and biodiversity roadmap text.

Ilmarinen Climate Plan 2026–2030 Ilmarinen • Porkkalankatu 1, Helsinki • FI-00018 ILMARINEN • Porkalagatan 1, Helsingfors Puh / Tfn / Tel 11 ( tai paikallisverkkomaksu) • www.ilmarinen.fi 1 Contents Foreword ........................................................................................................................

3 Our targets ..................................................................................................................... 4 Actions ............................................................................................................................ 8 Climate plan for Ilmarinen's own operations .................................................

11 Governance ..................................................................................................................12 2 Foreword Addressing climate risks and opportunities related to the low-carbon economy supports the long-term preservation and growth of pension assets. We integrate climate considerations into our operations to ensure we can pay pensions today and in the future.

Planetary boundaries are science-based limits that define safe conditions for life on Earth. Climate change is one of the identified planetary boundaries. It is caused by increased greenhouse gas emissions, which heat the atmosphere and cause extreme weather events and changes in ecosystems. When these boundaries are crossed, the consequences can be severe and irreversible for the environment, people and the economy.

Our statutory duty is to invest pension assets productively and securely. In addition to our legal duty, we also integrate sustainability into our investment activities. Climate change affects the risk and return profile of our investments. We are a long-term investor, as our pension liabilities will last for decades.

Climate change affects the operations and profitability of companies through e.g. increasing extreme weather event, depletion of natural resources and tightening environmental regulations. Through our climate targets and actions, we seek to manage climate-related risks and opportunities in our investment activities and to support the transition to a low-carbon economy.

At the same time, we recognise that this transition requires commitment from all market participants. Effective policy measures that steer markets, such as carbon pricing and other regulations, play a key role in enabling the transition. The shift to a low-carbon economy also requires capital and financing from investors, particularly to support companies in emission-intensive sectors.

For this reason, our approach goes beyond minimising the carbon footprint of our portfolio. We invest across all sectors of the economy and actively seek to encourage high-emission companies to transition towards low-carbon business models. We aim to increase the amount of funds we invest in climate solutions across all asset classes, while taking into account the need for diversification of investments in accordance with our mandate.

Mitigating climate change and adapting to its impacts create opportunities for businesses and society to develop new industries and jobs. These opportunities include new energy production and storage technologies, circular economy solutions and resource efficiency improvements, carbon sequestration, capture and storage of carbon dioxide and other greenhouse gases, and solutions that increase the adaptability of society, some of which are nature-based.

We manage the climate impacts of the real estate sector in our investment portfolio for by selecting fossil-free energy sources for buildings, improving energy efficiency, favoring circular economy solutions and low- emission materials, and ensuring the long life of properties. In our view, there are significant synergies between efforts to mitigate and adapt to climate change and the promotion of the circular economy and biodiversity.

On the other hand, we are aware that there may be conflicts between different objectives in individual investments. For more about our approach to taking biodiversity into account in our investment portfolio, read Ilmarinen's Biodiversity Roadmap (pdf) and the Biodiversity Plan for Finnish Properties (pdf, in Finnish).

Ilmarinen's previous climate roadmaps for investments were prepared for 2016–2020 and 2021–2025. We have taken climate action in line with these set targets and achieved the targets we set ahead of time for 2025 and 2030. In this climate plan, we set new targets for 2026–2030. Investment activities cover approximately 98 per cent (2024) of Ilmarinen's greenhouse gas emissions.

In this climate plan, we also set climate targets for the emissions of our own operations, ensuring the consistency regardless of the source of the emissions. 3 Our targets We aim to invest the pension assets we manage in line with the Paris Agreement, ensuring productive and secure asset management while contributing to the achievement of international climate goals.

The goal of the Paris Climate Agreement is to limit global warming to well below 2°C during the current century and to encourage actions that limit warming to 1.5°C. We are committed to pursuing a net zero portfolio in line with the Paris Aligned Asset Owner commitment by 2050. We aim to align our goals with the Paris Aligned Investment Initiative (PAII) Net Zero Investment Framework (NZIF).

In addition, we will set a science-based target (SBT) validated by an external party by the end of 2027. Through these actions, we support the low-carbon transition of the economy and the achievement of the goals of the Paris Agreement on climate change. Direct listed equities and corporate bonds In the listed investments, our goal is to reduce the weighted carbon intensity (WACI scope 1–2) by 35% and the financed emissions (scope 1–2) by 25% by 2030.

By 2030, our goal is to increase investments in companies with science-based climate targets and increase investments in companies that produce climate solutions. Investments in fossil fuels and electricity generation from unlisted investments are included in the monitoring of the share of science-based climate targets.

Source fold: ilmarinen_climate_plan.pdf + env policy + SBTi news + sustainability + biodiversity roadmap. Verify against the live page or PDF before citing beyond this page.

Annex: Ownership policy fold

Ownership Policy page language on how Ilmarinen operates as an active owner (engagement / AGM frame).

Ilmarinen / About Ilmarinen / Investments / Responsibility in investments / Ownership policy Ownership policy Active ownership is a key part of our investment operations. We are an active owner and engage with the companies we own in different ways. Take a look at our Ownership Policy on this page. The Ownership Policy provides information on us as an owner As an investor, we are responsible for the implementation of active ownership.

It allows us to bring about positive change. The focal point of our active ownership is Finnish ownership and direct engagement. Our activities include, among other things, participation in nomination committees, voting at general meetings and regular communications with corporate management. In the case of indirect ownership, fund management companies are responsible for active ownership.

We regularly ask them about the implementation of active ownership, either in writing or in meetings. In addition to the Ownership Policy, we have public ownership guidelines, approved by Ilmarinen’s Responsible Investment Executive Committee. They provide more details on our views relating to, for example, changes in the capital structure and Board elections.

The policy applies to our investments in both Finnish and foreign companies. We expect the publicly quoted companies we own to follow local corporate governance codes and international recommendations for good governance. Download our Responsible Investment Policy (pdf)

Source fold: https://www.ilmarinen.fi/en/about-ilmarinen/investments/responsibility-in-investments/ownership-policy/. Verify against the live page or PDF before citing beyond this page.

Annex: Real estate & investments hub fold

Real estate investment page and Investments hub language on portfolio diversification and responsible investing.

Ilmarinen / About Ilmarinen / Investments / Real estate Ilmarinen as a real estate investor We are one of Finland’s largest real estate investors and a major developer. As part of investing pension assets, we rent business premises and flats. We build homes and workplaces We have invested pension assets in a total of around 4,500 flats and 100 commercial, office, warehouse and other properties.

A significant proportion of our real estate is located in the Helsinki capital region and in other central locations of other growth centres. The buildings we develop are designed to last at least a hundred years. By developing the flexibility and accessibility of premises, we ensure that they can be used by the tenants in changing business situations or as a home at different stages of their lives.

Investments The owner decisions related to real estate investments, such as the construction of new buildings, investments and realisation are the responsibility of our real estate investment organisation. Real estate investment contact information Domestic Real Estate Investments Head of Domestic Real Estate Tomi Aimonen tel.

You can fill in our housing application easily online. Fill in a housing application Ilmarinen / About Ilmarinen / Investments Ilmarinen's investments By investing our shared pension assets, we secure the financing of current and future pensions. Read about the operating methods, principles and results of our investment activities.

We invest pension assets profitably, securely and responsibly By investing our shared pension assets, we secure the financing of current and future pensions. We invest pension assets profitably, securely and responsibly. As an active owner, we promote the sustainability of our investees. Investment allocation We have diversified our investment portfolio both geographically and across a variety of asset classes, such as equities and shares, fixed income investments and real estate.

Pension asset investment theses Our general principles concerning the investment of key pension assets summarise how we investment pension assets. See the investment theses Responsible Investment Policy We take the environment, human rights and good governance into account in all of our investment decisions.

Responsibility is an important part of investment risk management. Read more about responsible investments Investment risk management and solvency We have to ensure in all situations that we are able to pay out current and future pensions. Learn more about our solvency Financing As part of the investment of pension assets, we can participate in the financing of companies.

Loans can be investment loans or premium loans for TyEL contributions. Learn more about corporate financing Financial performance We report on our investment result four times a year. The most precise data on the investment of pension assets can be found in the Board of Directors’ Report on Operations and the financial statements.

Information related to the investments’ footprint and the management of ESG risks (Environmental, Social and Governance) can be found in our annual and sustainability reports and our PRI report (Principles for Responsible Investment). Go to download our annual and sustainability reports Real estate We are one of the biggest real estate investors in Finland and a major developer.

We promise that the buildings we develop will last at least a hundred years. We take circular economy aspects into account in our construction projects. Our entire real estate portfolio is based on environmental friendliness. By developing the flexibility and accessibility of premises, we ensure that tenants can use them at all stages of their lives.

Learn more about our real estate investments See our vacant office premises See our vacant rental flats

Source fold: real-estate + investments EN pages. Verify against the live page or PDF before citing beyond this page.

Annex: History fold

Official history timeline from 1961 founding through mutualisation, Etera merger, and Mursula CEO appointment.

Ilmarinen / About Ilmarinen / History Ilmarinen's history - 60 years of pension cover and partnership Ilmarinen is Finland’s oldest pension company. We have taken care of our customers’ pensions since 1961. We offer statutory employees’ and self-employed persons’ pension insurance for employers and entrepreneurs operating in Finland.

We ensure that our customers receive the pension they earned from employment. We are part of Finland’s social security system, and we are responsible for the pension cover of more than a million people. The most attractive working life partner – responsibly, for you. 14 December 1961 Ilmarinen was established on 14 December 1961, in the same year as the Finnish earnings-related pension system.

The founders were the then largest Finnish insurance companies and six smaller insurers. Although the origins of Ilmarinen’s name can be traced back to the Kalevala, the national epic of Finland, the actual inspiration was an old accident insurance company situated in Vyborg. Operations were started up in a flat located at Yrjönkatu 17 in Helsinki.

1962 In 1962, Teivo Pentikäinen became the company’s first President and CEO. He was a mathematician who has been referred to as the father of the Finnish earnings-related pension system. In the same year, the first pension was paid. The Employees’ Pensions Act (TEL) came into force on 1 July 1962. 1967 In 1967, Ilmarinen moved into new premises on Eerikinkatu, in the heart of Helsinki.

1970 The Self-Employed Persons’ Pensions Act (YEL) came into force. Ilmarinen manages the pension cover of both employees and entrepreneurs. 1977 Ilmarinen did not receive its second President and CEO until 1977, when legal scholar Juhani Salminen took on the position. 1984 In 1984, Sampo sold its holdings in Ilmarinen.

At the same time, Ilmarinen became a subsidiary of the insurance company Pohjola. and political scientist, started as Ilmarinen’s third President and CEO. 1998 Ilmarinen became a mutual company in 1998. This marked the transfer of Ilmarinen’s ownership to its customers. Ilmarinen’s name also changed to its current form Ilmarinen Mutual Pension Insurance Company.

2002 Ilmarinen moved into its current office building Lepakko in Ruoholahti, at Porkkalankatu 1, in 2002. 2005 In 2005, Ilmarinen sold its shares in Pohjola to OKO Bank. The result was a strong coalition in the Finnish financing sector consisting of Ilmarinen, Pohjola and the OP Financial Group. 2007 Economist Harri Sailas became the fourth President and CEO in Ilmarinen’s history in 2007.

At the start of the year, those insured under TEL, LEL and TaEL became covered by a single act – the Employees Pensions Act (TyEL). 2015 In 2015, Timo Ritakallio, LL.M., MBA, became Ilmarinen’s fifth President and CEO. 2017 The pension reform brought an amendment linking the pensionable age to life expectancy.

2018 In 2018, Ilmarinen became Finland’s largest private sector earnings-related pension insurer when earnings-related pension company Etera merged into Ilmarinen. In the same year, Jouko Pölönen, MA (Econ.), eMBA, starts as Ilmarinen’s President and CEO. 2020 Ilmarinen’s Board of Directors updated the company’s climate policy and approved the objective of a carbon neutral investment portfolio by 2035.

Ilmarinen was ranked as Finland’s most responsible pension company for the third consecutive time. 2021 Ilmarinen is Finland’s largest and most solvent earnings-related pension insurance company. Ilmarinen celebrated its 60th anniversary by continuing its work as a provider of pension security for Finns and a working life partner.

2025 M.Sc (Econ.) Mikko Mursula started as CEO of Ilmarinen on September 1, 2025. He has previously served as Ilmarinen’s Chief Investment Officer and Deputy CEO.

Source fold: https://www.ilmarinen.fi/en/about-ilmarinen/history/. Verify against the live page or PDF before citing beyond this page.

Annex: Financial information hub fold

Financial information, Key Figures, solvency, financial performance and annual-report hub language.

Ilmarinen / About Ilmarinen / Financial information Financial information We regularly report on our operations in many different ways. These pages contain our financial information related to the management of pension cover. Financial information tells you how your pension is managed We make sure that our customers receive the pension they deserve for their work.

We are part of the Finnish social security system. In total, we are responsible for the pension security of almost 1.2 million people. By reporting financial information, we tell you how we have managed our clients ’pension security. Annual and sustainability report The most important information on how we managed your pension cover during the year and the impact it has had.

Take a look at our annual and sustainability reports Financial performance We regularly report on our financial performance. Here you will find the Report on Operations annually drawn up by the Board of Directors, the financial statements and the interim reports with their attachments. Take a look at our financial information Key figures The key figures provide a quick glimpse into the most important and up-to-date financial information.

Take a look at our key figures Solvency Due to the uncertainty related to investment operations, we must have sufficient solvency buffers. The buffers, built up through long-term funding and investing, protect pension assets during market volatility. Learn more about our solvency Ilmarinen / About Ilmarinen / Financial information / Financial performance Report on Operations, financial statements and interim reports This page contains the financial information on our operations.

We release the Board of Directors’ Report on Operations and the financial statements once a year at the start of the calendar year. In addition, we release an interim report three times a year. Download our latest publications 2026 Interim report January 1 - June 30, 2026 Interim report ( PDF ) Attachments ( PDF ) Press release Interim report January 1 - March 31, 2026 Interim report ( PDF ) Attachments ( PDF ) Press release 2025 Report on operations and financial statements 2025 Ilmarinen’s annual report and financial statements 2025 (PDF) Image appendix to the financial statements (PDF) Press release Interim report January 1 - September 30 , 2025 Interim report (PDF) Attachments (PDF) Press release Interim report January 1 - June 30, 2025 Interim report ( PDF ) Attachments ( PDF ) Press release Interim report January 1 - March 31, 2025 Interim report ( PDF ) Attachments ( PDF ) Press release 2024 Report on operations and financial statements 2024 Ilmarinen’s annual report and financial statements 2024 (pdf) Image appendix to the financial statements (In Finnish, pdf) Press release Interim report January 1 - September 30, 2024 Interim report (pdf) Attachments (pdf) Press release Interim report January 1 - June 30, 2024 Interim report (pdf) Attachments (pdf) Press release Interim report January 1 - March 31, 2024 Interim report (pdf) Attachments (pdf) Press release 2023 Report on operations and financial statements 2023 Report on operations and financial statements 2023 (pdf) Attachments relating to the Financial statements 2023 (pdf) Press release Interim report January 1 - September 30, 2023 Interim report (pdf) Attachments (pdf) Press release Interim report January 1 - June 30, 2023 Interim report (pdf) Attachments (pdf) Press release Interim report January 1 - March 31, 2023 Interim report (pdf) Attachments (pdf) Press release 2022 Report on operations and financial statements 2022 Report on operations and financial statements 2022 (pdf) Attachments relating to the Financial statements 2022 (pdf) Press release Interim report January 1 - September 30, 2022 Interim report (pdf) Attachments (pdf) Press release Interim report January 1 - June 30, 2022 Interim report (pdf) Attachments (pdf) Press release Interim report January 1 - March 31, 2022 Interim report (pdf) Attachments (pdf) Press release 2021 Report on operations and financial statements 2021 Report on operations and financial statements 2021 (pdf) Attachments relating to the Financial statements 2021 (pdf) Press release I nterim report January 1 - September 30, 2021 Interim report (pdf) Attachments (pdf) Press release I nterim report January 1 - June 30, 2021 Interim report (pdf) Attachments (pdf) Press release Interim report January 1 - March 31, 2021 Interim report (pdf) Attachments (pdf) Press release 2020 Report on operations and financial statements 2020 Report on operations and financial statements 2020 (pdf) Attachments relating to the Financial statements 2020 (pdf) Press release Interim report January 1 - September 30, 2020 Interim report (pdf) Attachments (pdf) Press release Interim report January 1 - June 30, 2020 Interim report (pdf) Attachments (pdf) Press release Interim report January 1 - March 31, 2020 Intermin report (pdf) Attachments (pdf) Press release 2019 Report on operations and financial statements 2019 Report on operations and financial statements 2019 (pdf) Attachments relating to the Financial statements 2019 (pdf) Press release Interim report January 1 - September 30, 2019 Interim report (pdf) Attachments (pdf) Press release Interim report January 1 - June 30, 2019 Intermin report (pdf) Attachments (pdf) Press release Interim report January 1 - March 31, 2019 Intermin report (pdf) Attachments (pdf) Press release 2018 Report on operations and financial statements 2018 Report on operations and financial statements 2018 (pdf) Attachments relating to the Financial statements 2018 (pdf) Press release Interim report January 1 - September 30, 2018 Interim report (pdf) Attachments (pdf) Interim report January 1 - June 30, 2018 Interim report (pdf) Attachments (pdf) Interim report January 1 - March 31, 2018 Interim report (pdf) Attachments (pdf) 2017 Report on operations and financial statements 2017 Report on operations and financial statements 2017 (pdf) Attachments relating to the Financial statements (pdf) Press release Interim report January 1 - September 30, 2017 Interim report (pdf) Attachments (pdf) Interim report January 1 - June 30, 2017 Interim report (pdf) Attachments (pdf) Interim Report January 1 - March 31, 2017 Attachments (pdf) 2016 Report on operations and financial statements 2016 Report on operations an financial statements 2016 (pdf) Attachments relating to the Financial statements 2016 (pdf) Press release Interim report January 1 - September 30, 2016 Interim report (pdf) Attachments (pdf) Interim report January 1 - June 30, 2016 Interim report (pdf) Attachments (pdf) Interim Report January 1 - March 31, 2016 Interim report (pdf) Attachments (pdf) 2015 Report on operations and financial statements 2015 Report on operations and financial statements 2015 (pdf) Attachments relating to the Financial statements 2015 (pdf) Press release Ilmarinen / About Ilmarinen / Financial information / Key figures Ilmarinen's key figures The table below compiles our key figures in terms of managing pension cover.

​ 2025 2024 2023 2022 2021 Insurance contributions, EUR million 7 160,3 6 956,2 6 822,1 6 558,0 5 922,0 Pension paid, EUR million 7 950,4 7 636,0 7 172,7 6 606,0 6 309,1 Operating expenses covered by loading income, EUR million 92 92 94 99 108 Ratio of operating expenses to expense loading components, % 0,32 0,33 0,34 0,37 0,44 Technical provisions, EUR million 54 152,3 50 642,5 49 266,6 45 197,8 46 003,8 Solvency capital, EUR million* 15 519,1 13 894,6 12 226,5 11 777,3 16 539,1 *in relation to solvency limit 1,5 1,5 1,6 1,7 1,9 Pension assets, EUR million* 68 611,3 64 409,5 60 306,8 57 505,1 61 656,0 *% of technical provisions 129,2 127,5 125,4 125,8 136,7 Investments at current value, EUR million 67 537,1 63 313,2 58 923,5 56 264,2 60 772,9 Net return on investments, EUR million 5 106,8 5 043,9 3 271,7 -4 009,4 8 086,0 ROCE, % 8,1 8,6 5,8 -6,6 15,3 Pensioners 449 273 454 556 455 058 458 512 455 775 TyEL payroll, EUR million 27 228,9 26 537,2 26 050,4 24 924,2 22 874,4 YEL confirmed income, EUR million 1 800,0 1 816,5 1 740,5 1 705,5 1 677,4 TyEL insurances 46 932 51 346 57 041 61 084 64 436 Insuder under TyEL 593 321 595 659 602 069 611 380 591 197 YEL insurances 69 026 70 455 73 283 75 240 76 781 Permanent personnel 31 Dec 612 603 588 588 596 Ilmarinen / About Ilmarinen / Financial information / Solvency Ilmarinen's solvency When we invest our shared pension assets, we need to have a sufficient buffer in case of market volatility.

Our ability to withstand fluctuations and risks in investment operations is called solvency. Solvency describes the ability to withstand investment market volatility As a pension insurance company, our solvency is measured by the assets exceeding the company’s technical provisions. The portion of the pension assets exceeding the technical provisions is called the solvency capital.

Technical provisions, for their part, refer to the total amount of future pensions under our responsibility. Technical provisions therefore accumulate when our customers accrue pension for themselves. Solvency can be expressed as the solvency capital in euros, the solvency capital as a percentage of the technical provisions, i.e.

the solvency ratio, or the solvency capital in relation to own risks, which is the solvency position. A higher solvency offers us the opportunity to bear more risk related to investments, which, in the long term, increases the return on our investments. When our solvency is high enough, we can distribute larger client bonuses.

This means that we can refund a larger portion of the employer’s pension contribution and thus reduce the costs of the earnings-related pension system. Investment returns ensure that pressures to raise earnings-related pension contributions are kept to a minimum in the long run. The rule of thumb is that an increase of one percentage point in annual investment returns over time corresponds with an earnings-related pension contribution that is two.

Ilmarinen / About Ilmarinen / Financial information / Annual report Ilmarinen's Annual and Sustainability report Our Annual and Sustainability report is a compilation of information on how we have managed your pension cover and our shared pension assets. Annual- and sustainability reports Below you can download Ilmarinen’s annual and sustainability reports.

For 2015–2018, a separate online annual report is also available . As of 2024, we will report our sustainability data as part of the Report on operations. 2024 Report on operations 2024 (pdf) 2023 Annual and Sustainability Report 2023 (pdf) 2022 Annual and Sustainability Report 2022 (pdf) 2021 Annual and Sustainability Report 2021 (pdf) 2020 Annual and Sustainability Report 2020 (pdf) 2019 Annual and Sustainability Report 2019 (pdf) 2018 Ilmarinen's Year 2018 (online) Sustainability Report 2018 (pdf) 2017 Ilmarinen's Year 2017 (online) Sustainability Report 2017 (pdf) 2016 Ilmarinen's Year 2016 (online) Sustainability Report 2016 (pdf) 2015 Ilmarinen's Year 2015 (online) Sustainability Report 2015 (pdf) 2011 Annual Report 2011 (pdf) 2010 Annual Report 2010 (pdf) 2009 Annual Report 2009 (pdf)

Source fold: financial-information + key-figures + solvency + financial-performance + annual-report EN pages. Verify against the live page or PDF before citing beyond this page.

Annex: Peer context

Closest private mutual neighbour is Varma (already live; separate mutual balance sheet and leadership). Closest public-sector neighbour is Keva (already live; different law and ownership). Nordic/European context: ATP (Denmark), AP7, NBIM, ABP, bpfBOUW. Recent US public-plan peers: PSERS, TRS Illinois. Currency discipline: Ilmarinen/Varma/Keva → EUR; ATP → DKK; AP7 → SEK; NBIM → NOK; PSERS/TRS Illinois → USD.

Annex: Research notes

• Leadership locked to live Management page + Mursula CV 2026-09-11: Mursula President and CEO since 1 Sep 2025; Ekman EVP, Investments.
• INST label “CIO” for Ekman is a seat mapping; official English title on ilmarinen.fi is EVP, Investments — use official title in prose/schema ciot.
• Do not invent USD headline from EUR 70.4B. Prefer Key Figures / interim PDF market values.
• VideoObject omitted: no durable official investment-strategy embed selected for this ship.
• BIA (Brunei) remains SKIPPED thin-source — never add to sitemap. SAFE / TRS Texas / Kuwait PIFSS also skipped.
• Schema: Organization only (mutual insurer). Not GovernmentOrganization.
• ≠ Varma ≠ Keva on AUM and leadership in every public surface.

FAQ

What is Ilmarinen Mutual Pension Insurance Company?

Ilmarinen is a Finnish mutual earnings-related pension insurance company (Keskinäinen eläkevakuutusyhtiö Ilmarinen). Official About materials describe it as Finland’s largest private earnings-related pension insurer, wholly owned by its customers, providing statutory TyEL insurance for employees and YEL insurance for the self-employed. It invests premium assets profitably, securely and responsibly to finance current and future pensions. Head office: Porkkalankatu 1, Helsinki. Official site: https://www.ilmarinen.fi/.

What is Ilmarinen’s latest official EUR investment figure?

Prefer dated official euro figures from ilmarinen.fi — do not invent a USD headline. At 30 June 2026, the market value of Ilmarinen’s investments was EUR 70.4 billion (H1 2026 interim report). At 31 December 2025, investments at current value were EUR 67.5 billion (EUR 67,537.1 million in Key Figures). At 31 March 2026, investments were EUR 66.8 billion. Older INST ~US$67 billion public estimates are not used as headlines and are not FX-converted here.

What returns did Ilmarinen publish for 2025 and H1 2026?

Full-year 2025 return on investments was 8.1% (net return EUR 5.1 billion). First-half 2026 return was 5.3% (EUR 3.5 billion), driven especially by listed equities (listed equity return 11.3% in H1). Q1 2026 return was −0.5%. Long-term average return since 1997 was 6.0% nominal / 4.1% real at mid-2026. Past performance is not a reliable indicator of future results.

Who is the President and CEO?

Mikko Mursula is President and CEO (toimitusjohtaja). Official CV (September 2026): M.Sc. (Econ.), Helsinki School of Economics 1992; President and CEO since 1 September 2025; previously Deputy CEO, Investments (2018–2025) and Chief Investment Officer / Executive Group member from 2015; earlier roles include FIM Group CEO and Ilmarinen equities leadership. UAO person SSR: /registry/person/mikko-mursula/.

Who leads Investments / the CIO seat?

Annika Ekman is Executive Vice President, Investments (EVP, Investments) on Ilmarinen’s live Management page and April 2026 Executive Group disclosure (b. 1977; M.Sc. Econ.). UAO INST maps this seat as CIO; official English title is EVP, Investments — not a separate “CIO” job title on ilmarinen.fi. Interim and annual releases quote her on portfolio returns and climate work. UAO person SSR: /registry/person/annika-ekman/.

How is Ilmarinen different from Varma and Keva?

Ilmarinen, Varma and Keva are all major Finnish pension investors that publish in EUR, but they are not interchangeable. Ilmarinen and Varma are private-sector mutual earnings-related pension insurers (TyEL/YEL). Keva is Finland’s largest public-sector earnings-related pension provider and an independent body governed by public law. Do not mix AUM or leadership: Ilmarinen — Mikko Mursula / Annika Ekman / €70.4B (30 Jun 2026); Varma — Risto Murto / Markus Aho / €71.4B; Keva — Jaakko Kiander / Maaria Kettunen / €79.3B. Peer elite profiles: /registry/institution/varma-mutual-pension-insurance-company/ and /registry/institution/keva/.

How is Ilmarinen governed?

As a mutual company, Ilmarinen is wholly owned by its customers. Governance materials describe a General Meeting, Supervisory Board (Chair Turkka Kuusisto), Board of Directors (Chair Jorma Rauhala; Deputy Chairs Jarkko Eloranta and Minna Helle), Nomination and Compensation Committee, Audit and Risk Management Committee, and an Executive Group led by President and CEO Mikko Mursula. Corporate governance and Articles of Association pages are published on ilmarinen.fi.

How is the portfolio allocated?

At 30 June 2026 (official H1 interim basic breakdown of EUR 70.4 billion): fixed-income investments EUR 18.0 billion (26%); equities and shares EUR 40.0 billion (57%), of which listed equities EUR 30.0 billion (43%) and private equity EUR 8.8 billion (12%); real estate EUR 6.0 billion (8%); other investments EUR 6.4 billion (9%), including hedge funds EUR 6.4 billion (9%). Risk-breakdown equity share was 62%. Investments in Finland were about 19%, or EUR 13.4 billion.

What solvency figures does Ilmarinen report?

At 30 June 2026, solvency capital was EUR 16.8 billion and the solvency ratio 130.7% of technical provisions. At YE 2025, solvency capital was EUR 15.5 billion and the solvency ratio 129.2%. At 31 March 2026, solvency capital was EUR 14.7 billion and the ratio 127.7%. Official commentary links stronger solvency to customer bonuses and capacity to take investment risk within regulation.

What is Ilmarinen’s responsible-investment and climate frame?

Ilmarinen’s Board-approved Responsible Investment Policy covers Environmental Policy, Human Rights Policy and Ownership Policy. The Climate Plan 2026–2030 and a May 2026 news release describe commitment to Science Based Targets initiative (SBTi) near-term targets, Paris Aligned Asset Owners participation, and goals to reduce carbon intensity and financed emissions while allocating toward companies with science-based targets and climate solutions. Official materials state 2021–2025 emission-reduction targets were achieved. Biodiversity roadmap and impact/SDG materials are also published.

What changed with Finland’s July 2026 pension reform for Ilmarinen?

Parliament approved and the President confirmed pension-reform acts that enter into force in stages from 1 July 2026. Official H1 2026 reporting states the investment-regulation reform enables a higher share of equities and potentially higher long-term returns, with greater return variation. Ilmarinen reports it raised the equity share in its risk distribution from 54% to 62% during H1 2026 in preparation. TyEL contribution percentage decreased for 2026 as COVID-era employer contribution repayment ended in 2025.

Where should researchers correct UAO Registry errors?

Send corrections to info@universalassetowners.com. Prefer primary documents on ilmarinen.fi (H1/annual interim PDFs, Key Figures, Management and Board pages, Responsible Investment Policy, Climate Plan) over secondary rankings. Currency discipline: official EUR only for headlines; do not invent USD conversions. Do not mix Ilmarinen with Varma or Keva.

Sources & further reading

• ilmarinen.fi / EN home
• About Ilmarinen
• Management and organisation
• Board of Directors
• Key Figures
• H1 2026 news (EUR 70.4bn)
• H1 2026 interim report PDF (EN)
• FY 2025 financial statements news
• Responsibility in investments
• Climate Plan 2026–2030 PDF
• SBTi commitment news
• History
• UAO peers: Varma, Keva, PSERS, TRS Illinois.

Completeness note

This elite profile targets ~10k+ sourced words from opened ilmarinen.fi primaries. Non-blocking expansions: fuller FY2025 Finnish statements beyond p50, complete Supervisory Board member table scrape cleanup, AGM voting extracts, and an official investment-strategy VideoObject if Ilmarinen publishes a durable embed. No filler; prefer omit over invent. Daily-refresh disabled for this ship.