Varma Mutual Pension Insurance Company

Varma — Finnish private-sector mutual earnings-related pension insurer; official EUR EUR 71.4B investments at 30 Jun 2026; EUR 68.3B at 31 Dec 2025. President & CEO Risto Murto; Deputy CEO/CIO Markus Aho. Not Keva.

UAO Editorial September 11, 2026 52 min read

Registry · Top 100 · INST rank 76 · Mutual earnings-related pension insurer · Finland · Last researched 11 September 2026 · Corrections: info@universalassetowners.com

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

Executive brief

Varma Mutual Pension Insurance Company is a Finnish mutual earnings-related pension insurer. Official ‘This is Varma’ materials describe a company that provides statutory pension insurance for work carried out in Finland — TyEL for employees and YEL for the self-employed — and that invests assets collected as pension contributions profitably and securely. Varma is owned by its client companies, self-employed customers and insured employees. Head office: Salmisaari, Helsinki (Salmisaarenranta 11 / P.O. Box 1, FI-00098 VARMA). Personnel about 550 in H1 2026 brief facts. This Registry profile (slug varma-mutual-pension-insurance-company, INST rank 76) treats Varma as a private-sector mutual — not a sovereign wealth fund and not Keva.

Official EUR scale (prefer these; no invented USD headline): investments at fair value EUR 71.4 billion at 30 June 2026 (H1 return 5.3%); EUR 68.3 billion at 31 December 2025 (FY return 7.5%; net investment income EUR 4.8 billion); EUR 67.9 billion at 31 March 2026 (Q1 return −0.1%). Solvency capital EUR 19.7 billion / solvency ratio 137.4% at mid-2026; EUR 18.2 billion / 135.7% at YE 2025. Insured and pensioners exceeded 1,003,000 by mid-2026.

Leadership (live official Executive Group): President and CEO Risto Murto; Deputy CEO and Chief Investment Officer Markus Aho. Finance contact in interim reports often cites Pekka Pajamo; sustainability communications leadership includes Hanna Kaskela. Work-ability leadership includes Pauli Forma. Board Chair Jaakko Eskola; Supervisory Board Chair Christoph Vitzthum.

Researchers care because Varma sits near the top of Finland’s private-sector earnings-related pension stack, publishes frequent EUR fair-value prints with asset-class detail, runs a large equity/private-markets book behind a strong solvency buffer, and is navigating the 1 July 2026 pension-reform solvency relaxation. Related UAO hubs: Registry, UAO 100.

Speakable summary

Varma Mutual Pension Insurance Company is a Finnish mutual earnings-related pension insurer for private-sector TyEL and YEL cover. Investment assets were about seventy-one point four billion euros at mid-twenty twenty-six, after sixty-eight point three billion at year-end twenty twenty-five. Risto Murto is President and CEO. Markus Aho is Deputy CEO and Chief Investment Officer. Varma is not Keva and is not a sovereign wealth fund. Prefer official euro figures from varma.fi.

Mandate & ownership

Official About language: Varma provides pension insurance for work carried out in Finland and takes care of the statutory pension cover of private entrepreneurs and employees. Companies take out TyEL insurance for their employees; entrepreneurs insure themselves through YEL. Premium assets are invested mainly in fixed income, equities, real estate and hedge funds; corporate financing is also offered to customers; work-ability management services support client companies.

Ownership: Varma is a mutual company, owned by its client companies, self-employed customers and insured employees — not a listed commercial insurer and not a state agency. Articles of Association and the Corporate Governance Statement 2025 describe AGM, Supervisory Board, Board of Directors and management structures typical of a Finnish mutual pension insurer.

Mandate honesty: headline AUM figures on this page are investment assets at fair value as published in Varma’s financial reports — not FX-converted USD rankings, not Keva’s municipal/wellbeing fund perimeter, and not a sovereign reserve. Technical provisions, solvency capital and pension assets relative to technical provisions are separate official metrics.

Disambiguation (≠ Keva)

  • Varma ≠ Keva — Keva is the public-sector earnings-related provider under public law / the Keva Act (elite profile already live). Varma is a private-sector mutual TyEL/YEL insurer. Do not mix AUM, leadership, or allocation tables.
  • Varma ≠ Ilmarinen / Elo — peer private mutuals with separate boards, solvency prints and RI programmes.
  • Varma ≠ Finnish state SWF — investment assets back statutory private-sector pension liabilities within the earnings-related system.
  • Mutual ownership ≠ government ownership — owners are clients and insured persons; governance is AGM / Supervisory Board / Board / Executive Group.
  • Solvency capital ≠ AUM — solvency capital is the risk buffer (EUR 19.7bn at mid-2026); investments fair value is the portfolio (EUR 71.4bn).
  • INST ~US$72bn estimate ≠ headline — superseded by official EUR prints on this page; no invented USD conversion.

Scale & portfolio

Metric30 Jun 202631 Mar 202631 Dec 2025
Investments (fair value)EUR 71.4 bnEUR 67.9 bnEUR 68.3 bn
Period return5.3% (H1)−0.1% (Q1)7.5% (FY)
Solvency capitalEUR 19.7 bnEUR 17.7 bnEUR 18.2 bn
Solvency ratio137.4%134.7%135.7%
Solvency / limit1.7×1.6×1.7×
Insured + pensioners1,003,000957,000 (Q1 bio)975,000 (FY bio)

H1 2026 fair-value asset mix (official presentation / report tables, EUR million / % of investments): fixed-income 13,298 / 19%; equity investments 42,834 / 60% (listed equities 29,999 / 42%; private equity 11,682 / 16%; unlisted equities 1,153 / 2%); real estate 4,328 / 6%; hedge funds 10,891 / 15%; total 71,365. Investments in Finland about 19% / EUR 13.6 billion. Asset-class H1 returns: equities 8.0%; listed 10.7%; fixed income 0.4%; private equity 2.2%; real estate −2.0%; hedge funds 5.0%.

FY 2025 operating scale (official result release): premiums written EUR 6.9 billion; pensions paid EUR 7.7 billion; TyEL payroll EUR 27.0 billion; YEL payroll EUR 1.1 billion. H1 2026 pensions paid EUR 3.9 billion; TyEL payroll of client companies +4.2% versus H1 2025. Presentation series cites average nominal ten-year return about 6.7%.

Governance & leadership

Executive Group (opened 2026-09-11)

  • Risto Murto — President and CEO (since 2014; EG since 2006; joined 2006; Ph.D. Econ.).
  • Markus Aho — Deputy CEO, Chief Investment Officer (CIO since 2022; EG since 2022; joined 2014; M.Sc. Tech.).
  • Pauli Forma — Senior Vice-President, Work Ability Management (EG since 2020).
  • Suvi Hintsanen-Kärpijoki — Senior Vice-President, Customer Relations (EG since 2019).
  • Hanna Kaskela — Senior Vice-President, Sustainability and Communications (EG since 2023).
  • Pasi Mustonen — Chief Actuary / Appointed Actuary (EG since 2004).
  • Pekka Pajamo — Finance leadership (EG since 2012; interim-report finance contact).
  • Tarja Syvälä — Senior Vice-President, Pension and Insurance Services (EG since 2025).
  • Hanna Vainio — Executive Group member since 2024.
  • Mikaela Öberg — Executive Group member since 2023 (People).
  • Employee representatives: Eeva Hautala; Hanna Peri (since 2026). EG secretary: Head of Legal Affairs Kaisu Viitasalo.

Board of Directors (ordinary members, official page)

  • Chair Jaakko Eskola (member since 2021).
  • Deputy Chair Anu Ahokas, CEO Staffpoint Group (since 2021).
  • Deputy Chair Else-Mai Kirvesniemi, Chair STTK (since 2026).
  • Ordinary members opened on the Board page include Riku Aalto; Nina Arkilahti; Eveliina Dahl; Anja Frada; Kristiina Mäkelä; Simon-Erik Ollus; Teo Ottola; Pekka Piispanen; Saana Siekkinen.
  • Deputy members opened include Jari Elo; Jouni Hakala; Ville Talasmäki (CIO, Sampo Group).

Supervisory Board: Chair Christoph Vitzthum; Deputy Chairs include Päivi Leiwo and Petri Vanhala (opened Supervisory Board page). Sustainability oversight: Board decides sustainability principles/programmes; Investment Committee addresses RI policies; Board briefed on investment sustainability about ten times a year (Sustainability governance page).

Investment philosophy

Official framing emphasises profitable and secure investment of statutory pension assets, with solvency as the buffer that allows equity and private-market risk across cycles. H1 2026 commentary notes an increasing share of equities and careful preparation for the July 2026 pension reform’s staged solvency relaxation and subsidiary real-estate leverage. Currency risk is managed across asset classes; US-dollar moves are cited explicitly in 2025–2026 market narratives.

Real-estate investor role: focus on high-quality business premises in growth centres; H1 2026 describes residential sales to Lumo Asuminen Oy increasing holding in Lumo Kodit parent, plus financing arrangements to release equity tied in real estate after reform. Corporate financing is offered to customers. Ownership Policy and Principles for Responsible Investment guide engagement, AGM voting and nomination-board participation (38 Finnish nomination boards in 2025; >700 AGMs globally).

Climate / ESG / ethics

Opened stack: Climate Policy for Investments; Sustainability Programme 2026–2030; Sustainability Statement (CSRD-aligned reporting narrative); Review of Responsible Investment 2025; PRI assessment (four or five stars across ten sections in 2025 per sustainability page). SBTi-related targets described in sustainability news: Scope 1–2 −60% by 2030 vs 2021; Scope 3 investee SBT commitment share goal 51% by 2027 for equities/listed fixed income/real-estate funds.

RI Review 2025 headlines (official news): climate allocation 43.7% toward 50% by 2027; absolute investment emissions −55% vs 2021; shift of emphasis from exclusions toward engagement; careful assessment in high-risk sectors. Tax Policy and anti-bribery materials are published under How we do things.

Performance & reporting

  • Half-year and interim reports + slide decks (H1 2026, Q1 2026) with fair-value allocation tables.
  • Report of the Board of Directors and Financial Statements 2025 (incl. Sustainability Statement).
  • Financial statement presentation 2025; Corporate Governance Statement 2025; Articles of Association.
  • Review of Responsible Investment 2025; PRI reports archive; AGM voting summaries.
  • Newsroom EN/FI releases with CEO/CIO attributable quotes (Murto / Aho).

Transparency stack is strong on EUR fair-value AUM, solvency and asset-class returns; holdings-level public dumps are not the primary consumer product on the EN site in the same way as some global peers. Always prefer the dated PDF/table over secondary USD league tables.

Controversies & debates

Official-attributable themes (not invented narratives): (1) July 2026 pension reform — staged solvency relaxation and subsidiary real-estate leverage; Varma stresses controlled risk increase and unchanged benefit/contribution rates; (2) YEL reform debate — Murto publicly warns entrepreneurs’ pension security may remain too low or weaken under proposed choice designs; (3) geopolitical / energy-market risk — H1/Q1 2026 commentary on Iran conflict, Hormuz, inflation and ECB/Fed responses; (4) real-estate impairments — H1 notes EUR 87 million impairment on directly owned real estate amid tighter monetary policy; (5) Varma ≠ Keva confusion — common for international researchers; keep mandates separate. Label any secondary press as secondary.

Timeline

  • 1998 — INST founded field (mutual earnings-related lineage; verify corporate history details in CG/Articles for legal succession).
  • 2006 — Risto Murto joins Varma / enters Executive Group path (official bio).
  • 2014 — Risto Murto becomes President and CEO.
  • 2014 — Markus Aho joins Varma (PE path to CIO).
  • 2022 — Markus Aho becomes Chief Investment Officer / Deputy CEO track (EG since 2022).
  • 2023 — SBTi targets approval narrative (third pension company worldwide per sustainability news).
  • 2025-01 — National pension reform agreement referenced in H1 2026 reporting.
  • 2025-12-31 — Investments EUR 68.3bn; FY return 7.5%; solvency capital EUR 18.2bn.
  • 2026-03-31 — Investments EUR 67.9bn; Q1 return −0.1%.
  • 2026-06-30 — Investments EUR 71.4bn; H1 return 5.3%; solvency capital EUR 19.7bn; 1,003,000 insured/pensioners.
  • 2026-07-01 — Pension reform enters into force (solvency rules staged relaxation).
  • 2026-08-21 — H1 2026 news: investments exceed EUR 70 billion.
  • 2026-09-11 — This UAO elite profile researched/shipped (72nd live elite).

Annex: AUM honesty (EUR)

Use only dated official euro fair-value investment prints from varma.fi. Primary triple for this ship: EUR 71.4 billion at 30 June 2026, EUR 67.9 billion at 31 March 2026, EUR 68.3 billion at 31 December 2025. Do not invent a USD headline. Do not blend Keva’s public-sector figures. Instantiations aumd should cite official EUR, not the older ~US$72bn public estimate.

FigureAs-ofNotes
EUR 71.4bn investments30 Jun 2026H1 report + presentation + news
EUR 67.9bn investments31 Mar 2026Q1 interim
EUR 68.3bn investments31 Dec 2025FY 2025 results
Return 5.3%H1 2026Fair-value MWR
Return 7.5% / EUR 4.8bnFY 2025Income + % return
Solvency capital EUR 19.7bn30 Jun 2026137.4% ratio; 1.7× limit

Annex: H1 2026 half-year fold

Folded language from Varma’s Half-Year Financial Report 1 Jan–30 Jun 2026 and the EN news release on investments exceeding EUR 70 billion.

1 (13) Varma’s Half-Year Financial Report 1 January–30 June 2026 The comparison figures in parentheses are from 30 June 2025 unless otherwise indicated. • Total result amounted to EUR 1,507 (-24) million. • The six-month return on investments was 5.3 (1.7) per cent. • The market value of investments was EUR 71.4 (68.3 on 31 Dec 2025) billion.

• Solvency capital amounted to EUR 19,728 (18,221 on 1 Jan) million and 1.7 (1.7 on 1 Jan) times the solvency limit. The economic environment The first half of 2026 was characterised by geopolitical tensions, the war in Iran, disruptions in the energy market and a rapid shift in monetary policy expectations.

Full-scale military operations in the Persian Gulf during the spring heightened concerns over energy availability and disruptions to global trade. The rise in energy prices also hit households’ purchasing power and created cost pressures for businesses. However, the ceasefire between the United States and Iran enabled a partial recovery in energy exports and resulted in a downward turn in energy prices.

However, the ceasefire has not held and peace negotiations have progressed slowly. The impacts of disruptions in the energy markets varied across countries. European and Asian economies are dependent on energy imports and therefore suffered relatively more than economies with greater energy independence.

In the first half of the year, US economic growth was stronger than the eurozone’s. The economy continued to be supported by the tax cuts introduced in the spring, expansionary fiscal policy, and in particular, capital expenditure on artificial intelligence, data centres and defence. In the eurozone, growth was subdued, and uncertainty related to the energy situation weakened the outlook especially in industry and consumer-driven sectors.

China’s economic growth continued to rely on exports and industry, while consumer demand and investments were hampered by problems in the real estate sector, among other things. In Finland, rising energy prices and persistently high unemployment put a damper on consumer confidence, but economic development has nevertheless been positive in the first half of the year.

Preliminary data on economic growth in the second quarter was surprisingly strong, and real economic growth of more than two per cent this year is entirely possible. Fuelled by rising energy prices, inflation in the eurozone climbed clearly above the European Central Bank’s (ECB) target in the spring.

The ECB responded to the situation by raising its key interest rates and signalling that it was prepared to continue its restrictive policy if the knock-on effects of disruptions in the energy markets threaten medium-term price stability. In the United States, too, the Fed adopted a more restrictive monetary policy as rising energy prices, strong investment demand and strengthening labour markets increased inflation expectations.

2 (13) Earnings-related pension system The pension reform, which was agreed on in January 2025, entered into force on 1 July 2026. The pension reform is significant in terms of investment regulation. It strengthens the system by providing more leeway in investment activities and improving the conditions for pursuing long-term returns.

Varma has carefully prepared for the change. The reform enables private-sector earnings-related pension companies to pursue better returns on their investments by increasing their risk level. Also, the funding of earnings-related pensions will be strengthened. The goal of the reform is to reduce the pressure to raise earnings-related pension contributions going forward.

Pension benefits and contributions will not be affected by the reform. The solvency regulations for earnings-related pension companies will be relaxed in three distinct stages so that pension companies can raise their investments’ risk in a controlled and responsible manner. The possibility of taking out a loan will be extended to cover all real estate investments of earnings-related pension insurance institutions’ subsidiaries.

Following the reform, annual variations in returns may be greater than before the reform, but the long investment horizon will level off the variations. Varma’s strong solvency provides flexibility to implement the changes within an optimal timeframe, in accordance with the company’s investment strategy and considering the market situation.

The Finnish Government decided in its spending limits session in April to reform the pension insurance system for self-employed persons (YEL). The goal of the reform is to improve the conditions for entrepreneurship and support economic growth. According to the Government, the YEL reform aims to moderate the pension contributions of low-income entrepreneurs and give them greater freedom of choice.

Under the draft proposal, entrepreneurs would be able to choose whether their YEL income is based on an overall assessment similar to the current system, or on the taxable earned income from their business activities. The proposed legislative amendment is currently in the consultation phase, and the plan is for the government proposal to be considered under an expedited procedure.

The proposed laws would take effect on 1 January 2028. However, the provision concerning the determination of an entrepreneur’s YEL income would enter into force as early as 1 November 2027 to allow the new YEL income option to be applied to the YEL income for 2028. Varma is monitoring the legislative process and preparing to implement the legislative amendments according to the timetable for their entry into force.

The Ministry of Social Affairs and Health has appointed a rapporteur to assess the possibilities of applying the Swedish premium pension model (premiepension) in Finland. He will also assess the benefits of and challenges related to different implementation options. The term of the rapporteur ends in January 2027 and he will provide a final report on his work.

Source fold: varmas-interim-report-q2-2026.pdf + presentation + en H1 news. Verify against the live page or PDF before citing beyond this page.

Annex: FY 2025 results fold

Folded language from the 2025 result news, financial-statement presentation, and opening pages of the Report of the Board / Financial Statements 2025.

Varma’s 2025 result - Varma Varma.fi This is Varma Current issues News and articles Varma’s 2025 result Varma’s 2025 result: return on investments 7.5 per cent – very strong return on Finnish equities 12.02.2026 News economy and investment, about Varma Varma’s investments yielded EUR 4.8 billion in 2025.

Despite the shadow of US import tariffs over the global economy, the equity markets trended upwards. Finnish equities emerged as the highest-yielding asset class in Varma’s portfolio, propelled by Nasdaq Helsinki’s historically strong year. The return on Varma’s investments in 2025 was 7.5 (10.2) per cent.

The value of the investments was EUR 68.3 (64.4) billion. There was considerable uncertainty related to geopolitics, but ultimately, for example, the import tariffs imposed by the USA had only minor impacts on the markets’ development. After a few lacklustre years, Finnish equities saw a welcome recovery in returns,” says Varma’s President and CEO Risto Murto.

Of Varma’s investments, listed equities yielded 16.4 (16.5) per cent. The return on all equity investments was 10.6 (14.9) per cent, and the return on Finnish equities was 36.2 (0.2) per cent. Private equity investments yielded -0.6 (12.0), fixed income investments 4.1 (4.7) and hedge funds 5.0 (10.5) per cent.

The return on real estate investments was 1.0 (-2.8) per cent. “Major investments in AI and data centres in the USA bolstered the economy, and economic sentiment in Europe was also upbeat, thanks to investments in the defence sector and other planned investments. Emerging market returns and the Nasdaq Helsinki reached record highs.

For the European investor, the depreciation of the US dollar eroded the returns on US investments,” says Varma’s Deputy CEO Markus Aho. “The strong rise in Finland’s equity market stood in stark contrast to the country’s sluggish economic growth in 2025. Stable global economic growth and the recovery of nearby markets raise hopes that the markets are correctly pricing in an economic turnaround this time,” says Murto.

Varma’s solvency ratio was 135.7 (134.6) per cent, and solvency capital was EUR 18.2 (16.8) billion. Varma is the most solvent earnings-related pension company, which enables long-term investment activities even when the markets fluctuate. Strong payroll development continued, efficiency improved The payroll of Varma’s TyEL customers increased 3.5 per cent.

The stronger-than-average growth of the payroll is partly explained by the successful acquisition of new customers. EUR 105 (130) million in net TyEL income was transferred to Varma from other earnings-related pension companies, and sales of TyEL insurance policies to new customers amounted to EUR 54 (57) million.

The corresponding impact on YEL premiums written was EUR 26 (28) million. Varma’s operating expenses (EUR 78 million) were down six per cent, or EUR 5 million, compared to the previous year. Thanks to its strong solvency and strong investment returns, Varma pays the highest client bonuses in the pension insurance sector.

Gold medal for Varma’s sustainability in EcoVadis ratings Varma updated its sustainability programme to cover the years 2026–2030. In the programme, we commit to ensuring pension security, investing responsibly, promoting sustainable work ability and being a good employer. EcoVadis, an international corporate social responsibility assessment specialist, awarded Varma with its Gold medal recognition.

The gold medal was granted to five per cent of the companies rated by EcoVadis. EcoVadis assesses companies’ sustainability performance from the perspectives of the environment, labour & human rights, ethics and sustainable procurement. EUR 7.7 billion in pensions were paid out At year-end, Varma had 348,000 pension recipients and paid out a total of EUR 7.7 billion in pensions.

In 2025, Varma issued approximately 49,000 pension decisions, which is seven per cent less than in the previous year. The decrease is due to fewer applications for partial old-age pension, as not a single new age cohort was eligible for the pension benefit in 2025. In 2025, Varma received 13,500 disability pension applications, which is around the same as in the previous year.

Varma well-prepared to implement the pension reform The proposed pension reform bill that was negotiated in 2025 is scheduled to be submitted to Parliament in early 2026. The objective of the reform is to stabilise the pension system and improve investment returns in the long term. The reform will enable increased risk-taking and a higher equity weight in the investment portfolio.

“Our strong solvency gives us flexibility to implement changes based on the market situation. Our preparations for the pension reform have gone according to plan, and we are well-prepared for its implementation,” says Murto. Varma Mutual Pension Insurance Company is a responsible and solvent investor of pension funds.

The company is responsible for the statutory earnings-related pension cover of 975,000 people in the private sector. Premiums written totalled EUR 6.9 billion in 2025 and pension payments stood at EUR 7.7 billion. Varma’s investment portfolio amounted to EUR 68.3 billion at the end of 2025. Can you tell us what information you were hoping to find?

We will use the feedback we receive to develop our services. Please note, however, that we do not respond to messages sent using this form. If you have a matter related to your customer account, you can take care of it in the Varma Online Service or by contacting our customer service 010 192 100. s to improve the user experience on our website, target content and marketing, and develop our website.

Source fold: varma.fi 2025 result news + FY presentation + statements PDF p1–40. Verify against the live page or PDF before citing beyond this page.

Annex: Q1 2026 interim fold

Folded language from the Q1 2026 interim report and EN news on unsettled markets / Iran risk commentary.

1 (12) Varma’s Interim Report 1 January–31 March 2026 The comparison figures in parentheses are from 31 March 2025, unless otherwise indicated. • The total result was EUR -489 (-307) million. • The three-month return on investments was -0.1 per cent (0.0) per cent. • The market value of investments was EUR 67.9 (68.3 on 31 Dec 2025) billion.

• Solvency capital was EUR 17,732 (18,221 on 1 Jan) million and 1.6 (1.7 on 1 Jan) times the solvency limit. Economic operating environment The first quarter of 2026 was marked by the escalation of geopolitical tensions into a full-blown war in the Persian Gulf. When the year started, growth was expected to accelerate in both the USA and Europe, but the war in March and the energy supply and price shock it caused has hit the global economy hard.

The shock has had varying effects on different geographical areas. The economies of Asia and Europe, which depend on energy imports, are suffering more than the energy-independent USA. Changes in supply and prices are starting to reach several other sectors besides the energy markets, such as industry, services and agriculture.

The situation in the Middle East and the Persian Gulf escalated when the USA and Israel launched attacks on Iran. Consequently, energy exports passing through the Strait of Hormuz essentially halted, causing a global fuel supply problem and an increase in energy prices. The war in Ukraine continued, and hopes for peace were delayed further.

Other geopolitical tensions also persisted, although they received less media attention. In the USA, the economy recovered from the public sector disruptions of late last year. While spring tax concessions and rebates provide a cushion for households, the sharp rise in fuel prices is simultaneously weakening their purchasing power.

Meanwhile, the eurozone economy experienced subdued growth in the first quarter, and the conflict in the Persian Gulf introduced major new risks to the outlook. Germany’s strategic investments in defence and infrastructure support the eurozone’s economic growth, but these gains will likely be outweighed by the negative impacts of the energy shock.

Moreover, it will take time for these public investments to be implemented. In China, economic growth relied on stimulus measures and the strong development of exports, but domestic demand still suffered from problems in the real estate markets. In Finland, changes in energy supply and pricing have dealt a further blow to an economy plagued by a persistent downturn and high unemployment.

Fuelled by rising energy prices, inflation in the eurozone climbed above the European Central Bank’s target in March. The ECB emphasised that it is ready to raise key interest rates if the price increases threaten medium- term price stability. In the USA, the Fed is balancing labour market uncertainty against inflation that remains above the target level.

Fiscal policy responses to the threat of the energy crisis vary by country. Several nations have announced temporary energy tax cuts to cushion the impact of the energy shock on household purchasing power and business costs, which in turn places pressure on fiscal sustainability. Earnings-related pension system At the end of March, a government proposal on pension reform was submitted to the Finnish Parliament.

A key objective of the reform is to ensure the financial sustainability of the earnings-related pension system and strengthen public finances by improving risk-taking capacity, thereby enabling the pursuit of higher investment returns. The legislation is intended to enter into force on 1 July 2026 in a staggered manner such that the risk- taking capacity of pension institutions improves gradually on 1 January 2027 and 1 July 2027.

2 (12) The report on the development needs of the YEL system was completed in November 2025. The report proposes making the determination of entrepreneurs’ income more earnings-based, eliminating the time limit set for the insurance obligation and lowering the income limit. The report also presented perspectives on how the funding of entrepreneurs’ pensions could be arranged and implemented.

The Finnish Government has continued the dialogue with entrepreneurs this year, and announced that it is ready to reform the YEL system. In 2026, the average pension insurance contribution in accordance with the Employees Pensions Act (TyEL) is 24.4 per cent of wages and salaries, whereas in 2025 it was 24.85 per cent.

Source fold: varmas-interim-report-q1-2026.pdf + EN Q1 news. Verify against the live page or PDF before citing beyond this page.

Annex: Executive Group fold

Opened Executive Group biographies and roles (President & CEO, Deputy CEO/CIO, SVPs, actuary, employee reps).

Executive Group - Varma Varma.fi This is Varma Governance and organisation Executive Group Executive Group Risto Murto President and CEO b. (Econ.) President and CEO since 2014 Member of the Executive Group since 2006 Joined Varma in 2006 Key work experience: Executive Vice-President, Investments, Varma 2010–2013 Senior Vice-President, Chief Investment Officer, Varma 2006–2010 Managing Director, Opstock Ltd 2000–2005 Director, Opstock Ltd 1997–2000 Positions of trust: Sampo Plc, Deputy Chair of the Board 2025– Nordea Bank Abp, Member of the Board 2023- Finance Finland, Member of the Board 2025– The Finnish Pension Alliance TELA, Member of the Board 2025– Markus Aho Deputy CEO, Chief Investment Officer b.

(Tech.) Member of the Executive Group since 2022 Joined Varma in 2014 Key work experience: Chief Investment Officer, 2022– Head of Private Investments, Varma 2022 Head of Private Equity and Infrastructure, Varma 2016–2021 Portfolio Manager, Private Equity, Varma 2014–2016 Director, Head of Private Equity, Pontos Group 2008–2013 Consultant, Accenture 2005–2008 Pauli Forma Senior Vice-President, Work Ability Management b.

1970 Doctor of Political Science, Adjunct Professor, Executive MBA Member of the Executive Group since 2020 Joined Varma in 2019 Key work experience: Finnish Institute of Occupational Health 2017–2019 Director, Work Ability and Working Careers Chief Data Officer Keva 1999–2017 Director, Working Life Services Research and Development Director University of Turku Professor of Social Policy 2004–2007 Adjunct Professor 2001– University of Helsinki Adjunct Professor 2007– Suvi Hintsanen-Kärpijoki Senior Vice-President, Customer Relations b.

(Econ.) Member of the Executive Group since 2019 Joined Varma in 2019 Key work experience: OP Financial Group, Helsinki 2001–2018: Head of Payments and Daily Banking, Banking Head of Cash Management and Trade Finance, OP Corporate Bank plc Senior Vice President, Business Development, Pohjola Bank plc and OP-Services Ltd Senior Vice President, Customer Relations and Marketing, Pohjola Bank plc and Pohjola Group Business area director, development director and consultant, 1998-2001 TNS Sifo, Stockholm Hanna Kaskela Senior Vice-President, Sustainability and Communications b.

(Econ.) Member of the Executive Group Member since 2023 Joined Varma in 2003 Key work experience: Director, Responsible Investment and Sustainability, Varma 2022–2023 Director, Responsible Investment, Varma 2017–2022 Sustainable Development Portfolio Manager, Varma 2016–2017 Equity Portfolio Manager, Varma 2006–2016 Equity Analyst, Varma 2003–2006 Pasi Mustonen Chief Actuary, Appointed Actuary b.

1964 M.Sc., FASF Member of the Executive Group since 2004 Joined Varma in 1996 Key work experience: Senior Vice President, Actuaries and Insurance Services, Varma 2017–2025 Chief Actuary, Varma 2001–2017 Actuary, Varma 1998–2001 Actuary, Sampo Pension 1996–1998 Pekka Pajamo Senior Vice-President, Finance and Internal Services b.

(Econ.) Member of the Executive Group since 2012 Joined Varma in 2012 Key work experience: Employment with KPMG Oy Ab 1988–2012: Authorised Public Accountant 1993–2012 Partner, 1998–2012 Tarja Syvälä Senior Vice-President, Pension and Insurance Services b. (Econ.) Member of the Executive Group since 2025 Joined Varma in 2008 Key work experience: Pension Director, Varma 2023–2025 Pension Services Director, Varma 2017–2023 IT Development Manager, Varma 2015–2017 Development Manager, Varma 2012–2015 Pensions Handling Manager, Varma 2010–2012 Hanna Vainio Senior Vice-President, IT and Digitalisation b.

(Econ.) Member of the Executive Group since 2024 Joined Varma in 2024 Key work experience: Mutual Pension Insurance Company Ilmarinen 2021–2024 Department Manager, Large Customers Process Manager, Insurance Mutual Pension Insurance Company Varma 2014–2021 Growth Manager, Customer Relations Department Manager, Service Design and Marketing Department Manager, Digital and BI Services Department Manager, Project Services Nordea 2001–2014 Supervisor, manager and expert positions Mikaela Öberg Senior Vice-President, People and Organizational Development b.

1979 Master of Arts Member of the Executive Group since 2023 Joined Varma in 2023 Key work experience: Chief People Officer, Remedy Entertainment Ltd, 2016–2023 Partner, Senior Consultant, Interim Director, Trainer, and Coach, Innovate Consulting, 2011–2016 HR Director, HR Manager, Nycomed Pharmaceuticals (now Takeda), 2003–2011 Eeva Hautala Pension Adjudication Specialist b.

1963 Bachelor of Social Services Employee Representative since 2016 Joined Varma in 2006 Key work experience: Pension Adjudication Specialist, Varma 2006– Hanna Peri Development Manager, Work Ability Management b. 1983 Employee Representative since 2026 Joined Varma in 2019 Key work experience: Senior Key Account Manager, StaffPoint 2016–2019 Senior CSR Specialist, Verso Globe 2013–2016 CSR Specialist, Verso Globe 2010–2013 Secretary for the Executive Group is Head of Legal Affairs Kaisu Viitasalo.

Positions of trust held by the Executive Group Positions of trust held by the President & CEO and management Thank you for your feedback! Can you tell us what information you were looking for? We will use the feedback we receive to develop our services. Please note, however, that we do not respond to messages sent using this form.

If you have a matter related to your customer account, you can take care of it in the Varma Online Service or by contacting our customer service 010 192 100. s to improve the user experience on our website, target content and marketing, and develop our website. Some of the s are necessary for the website to function properly, while others help us provide you with better services when you visit our website.

Visit our s s page page for more information or to later change your settings. The link to the page is also provided below. Below, you can read about the different types of s we use and choose which s you want to enable. You can change your settings at any time on the s page.

Source fold: https://www.varma.fi/en/this-is-varma/about-us/governance-and-organisation/executive-group/. 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, ordinary/deputy members).

Board of Directors - Varma Varma.fi This is Varma Governance and organisation Board of Directors Board of Directors Ordinary members Chair Jaakko Eskola b. 1958 M.Sc (Eng.) Member since 2021 Term expires in 2026 Deputy Chair Anu Ahokas CEO, Staffpoint Group b. Member since 2021 Term expires in 2028 Deputy Chair Else-Mai Kirvesniemi Chair, Finnish Confederation of Professionals STTK b.

1972 Master of Laws with court training Member since 2026 Term expires in 2027 Riku Aalto President, The Finnish Industrial Union b. (Admin.) Member since 2012 Term expires in 2026 Nina Arkilahti Head of Business Banking, Nordea b. Sci., BSc in Economics and Business Administration Member since 2025 Term expires in 2027 Eveliina Dahl Executive Vice President, HR, Elisa Oyj b.

(Eng) Member since 2025 Term expires in 2026 Anja Frada Vice President Finance & Control, Wärtsilä Energy b. (Econ.) Member since 2024 Term expires in 2026 Kristiina Mäkelä Professor, Provost, Aalto University b. 1966 Ph.D Member since 2024 Term expires in 2028 Simon-Erik Ollus Executive Vice President, Corporate Customers and Markets b.

Member since 2025 Term expires in 2027 Teo Ottola CFO, Konecranes Plc b. (Econ.) Member since 2022 Term expires in 2027 Pekka Piispanen Director, Akava ry b. Member since 2017 Term expires in 2028 Saana Siekkinen Director, The Central Organisation of Finnish Trade Unions SAK b. 1972 M.Soc.Sc Member since 2020 Term expires in 2028 Deputy members Jari Elo CEO, Suomen Ekonomit (The Finnish Business School Graduates) b.

(Econ.) Member since 2023 Term expires in 2028 Jouni Hakala Secretary General, Foundation of the Confederation of Finnish Industry and Employers (TT-), Confederation of Finnish Industries EK b. MBA Member since 2021 Term expires in 2028 Ville Talasmäki Chief Investment Officer, Sampo Group b. (Econ.) Member since 2024 Term expires in 2028 Positions of trust held by the members of the Board of Directors Positions of trust held by the members of the Board of Directors Thank you for your feedback!

Can you tell us what information you were looking for? We will use the feedback we receive to develop our services. Please note, however, that we do not respond to messages sent using this form. If you have a matter related to your customer account, you can take care of it in the Varma Online Service or by contacting our customer service 010 192 100.

s to improve the user experience on our website, target content and marketing, and develop our website. Some of the s are necessary for the website to function properly, while others help us provide you with better services when you visit our website. Visit our s s page page for more information or to later change your settings.

The link to the page is also provided below. Below, you can read about the different types of s we use and choose which s you want to enable. You can change your settings at any time on the s page. Supervisory Board - Varma Varma.fi This is Varma Governance and organisation Supervisory Board Supervisory Board The members of the Supervisory Board Chair Christoph Vitzthum b.

1969 President & CEO, Fazer Group Term expires in 2028 Deputy Chair Päivi Leiwo b. 1964 Vice Chairman of the Board, Oilon Oy Term expires in 2027 Deputy Chair Petri Vanhala b. 1963 President, Finnish Paperworkers' Union Term expires in 2027 Ari Akseli b. 1972 President, Kesko Corporation, Grocery Trade Term expires in 2028 Kim Forsström b.

1976 Head of Large Corporates & Institutions Finland,Danske Bank A/S, Finland Branch Term expires in 2028 Thomas Hietto b. 1967 CEO, Sweco Finland Oy Term expires in 2029 Virpi Holmqvist b. 1970 CEO, Attendo Oy Term expires in 2029 Marko Hovinmäki b. 1969 Executive Manager of MMA, the Union of Sales and Marketing Professionals Term expires in 2029 Janne-Olli Järvenpää b.

1971 CEO, Mehiläinen Group Term expires in 2027 Jukka Jäämaa b. 1965 CEO & Managing Director, ISS Palvelut Oy Term expires in 2029 Esa Kaikkonen b. 1969 CEO, Metsä Board Oyj Term expires in 2028 Risto Kalliorinne b. 1971 Organisation Director, Service Union United PAM Term expires in 2027 Anne Karjalainen b.

1970 Chief Financial Officer, Trade Union for the Public and Welfare Sectors JHL Term expires in 2029 Ville Kopra b. 1977 Managing Director, Versowood Oy Term expires in 2027 Tapio Korpeinen b. 1963 Chief Financial Officer, UPM-Kymmene Corporation and Executive Vice President, UPM Energy Term expires in 2029 Jari Korpela s.

1976 Chairman, Finnish Electrical Workers Union Term expires in 2028 Pekka Kuusniemi b. 1968 CEO, VAK Group Term expires in 2028 Markku Luoto b. 1984 Executive Vice President, Foodservice and Liquid Board, Stora Enso Oyj Term expires in 2029 Hanna Lylander b. 1975 Divisional CFO, SSAB Europe Oy Term expires in 2027 Elisa Markula b.

1966 CEO, VR Group Term expires in 2028 Teemu Miettinen b. 1972 Executive Director, Union of Private Sector Professionals Erto Term expires in 2027 Tuomas Mäkipeska b. 1978 Chief Financial Officer, Kemira Oyj (starting 1.4.2026) Term expires in 2028 Pasi Pesonen b. 1981 Organisation Director, Trade Union of Education, OAJ Term expires in 2028 Marko Piirainen b.

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

Annex: Corporate governance fold

Governance hub language plus Corporate Governance Statement 2025 text on structures, committees and controls.

Governance and organisation - Varma Varma.fi This is Varma Governance and organisation Governance and organisation Varma’s governance is based on the Finnish Act on Employment Pension Insurance Companies. Varma also complies with the applicable provisions of the Finnish Corporate Governance Code. Varma’s central executive bodies are the Annual General Meeting, the Supervisory Board, the Board of Directors and the President and CEO.

Supervisory Board Board of Directors Executive Group Auditing Consultant physicians Consultative Committees Good governance at Varma The starting point for Varma’s corporate governance is the company’s core task – securing pensions. The statutory earnings-related pension scheme was created by an agreement concluded between the government and labour market organisations, and the tripartite model still plays a key role in the development of the system.

Labour market organisations also participate in the administration of earnings-related pension companies. Good governance promotes the transparency of Varma’s operations and administration, which in turn contributes to strengthening public confidence in the earnings-related pension scheme. Varma’s governance is based on the Finnish Act on Employment Pension Insurance Companies.

Varma also complies with the applicable provisions of the Finnish Corporate Governance Code. Corporate Governance Report Our operating principles The Finnish Corporate Governance Code on the Securities Market Association’s website Annual General Meeting Policyholders and the personnel employed by them (the insured) are Varma’s customers.

Varma is a mutual company, owned by policyholders and insured employees. This means that the policyholders and the insured have a right to participate in decision-making at the Annual General Meeting. The main task of the Annual General Meeting is to elect the members of the Supervisory Board and decide on their remunerations on the basis of the proposal submitted by the Election Committee.

Articles of Association Read more about governance Corporate Governance Report Statement on remuneration at Varma Articles of Association Positions of trust Positions of trust held by the members of the Board of Directors Positions of trust held by the President & CEO and management Investment Organisation's Positions of Trust Varma's memberships in shareholders' nomination boards of listed companies Insider Management Varma follows Insider Guidelines confirmed by the Board of Directors.

The purpose of the guidelines is to promote the public reliability of the company's investment operations and the personnel's knowledge of insider regulations, so that they are not unintentionally violated. The instructions are applied to Varma’s investment operations and employees’ personal trading in securities.

The insider guidelines require advance consultation for trading in listed equities or securities entitling to listed equities by those Varma employees who are considered as permanent insiders based on their position or tasks where they regularly receive inside information. In advance consultation the compliance officer authorises the transaction.

The authorisation requires that there is no insider information at Varma concerning the listed equity in question; the compliance officer ensures this from Varma’s internal register prior to the authorisation. Permanent insiders are also prohibited from short selling. Following a transaction carried out after the advance consultation, the permanent insider is required to notify the compliance officer of the number of securities acquired or disposed of for the purpose of maintaining Varma’s internal register.

Insider Guidelines The data in the public insider register accessed through the Public Display of Insider Register service Register principles The company maintains an internal related party register that includes the members of the Supervisory Board and the Board of Directors, the chief auditor, the President & CEO and other members of the Executive Group, as well as the spouses and wards of these persons.

Significant trades and other transactions between Varma as a company and a registered related party must be approved by the Board of Directors before they are realised. Related party transactions Thank you for your feedback! Can you tell us what information you were looking for? We will use the feedback we receive to develop our services.

Please note, however, that we do not respond to messages sent using this form. If you have a matter related to your customer account, you can take care of it in the Varma Online Service or by contacting our customer service 010 192 100. s to improve the user experience on our website, target content and marketing, and develop our website.

Some of the s are necessary for the website to function properly, while others help us provide you with better services when you visit our website. Visit our s s page page for more information or to later change your settings. The link to the page is also provided below. Below, you can read about the different types of s we use and choose which s you want to enable.

You can change your settings at any time on the s page. Corporate governance and remuneration 2025 CORPORATE GOVERNANCE CORPORATE GOVERNANCE REPORT STATEMENT ON REMUNERATION Contents Corporate Governance................................................3 Corporate Governance Report.....................................4 Deviations from the Finnish Corporate Governance Code.

.............................................................. 4 Supervisory Board........................................................................ 4 Supervisory Board’s supervisory function. 4 Election Committee...................................................................... ............................................

6 Composition and duties of the Board of Directors...................... ............................................. 9 Composition and duties of the Board of Directors’ committees. ............................................................... 13 Audit Committee.........................................................................

Source fold: corp_gov_2025.pdf + governance EN page. Verify against the live page or PDF before citing beyond this page.

Annex: Strategy & About fold

Strategy/values/vision page and This is Varma brief facts (mutual ownership, Salmisaari HQ, 550 staff, H1 KPIs).

Strategy, values and vision - Varma Varma.fi This is Varma Strategy, values and vision Strategy, values and vision Our strategy will guide our operations until 2030. The strategy is based on our enduring values: courage, reliability and sustainability – with joy and passion. In keeping with our core task, we are responsible for making sure that the pension funds our customers entrust us with are secure.

Our vision is: We support you in a world that’s going through incredible change. Strongest pension partner Varma’s core task is to secure pensions. We are responsible for making sure that the pension funds our customers entrust us with are secure. Strategy The strategy is based on our core mission and values.

The customer is at the heart of our strategy. Our goal is to be the most cost-effective partner with the smoothest services for our customers and a leader of sustainable working life and responsibility. We provide our customers with a seamless customer experience by offering smooth and effective service regardless of the channel.

We deepen our understanding of our customers’ needs and want to be the right choice for all companies. Profitable and secure investment of pension assets and wise use of resources make us the most cost-effective earnings-related pension insurer. By focusing on meaningful sustainability actions, we influence what the world will look like tomorrow.

We continuously develop our operations, cutting-edge competence and distinctive work culture. Values We are guided in our work by our values: courage, reliability and sustainability – with joy and passion. Courage: We boldly find new ways of working, together with our customers. Our courage stems from trust, co-operation and strong competence.

Reliability: We work openly and with integrity. We keep our promises to clients, partners and each other. Sustainability: We continuously develop our responsible ways of operating. For us, sustainability means making long-term choices to secure pensions and improve operational efficiency. We work and live our values every day with joy and passion.

Vision Our vision is: We support you in a world that’s going through incredible change. Can you tell us what information you were looking for? We will use the feedback we receive to develop our services. Please note, however, that we do not respond to messages sent using this form. If you have a matter related to your customer account, you can take care of it in the Varma Online Service or by contacting our customer service 010 192 100.

s to improve the user experience on our website, target content and marketing, and develop our website. Some of the s are necessary for the website to function properly, while others help us provide you with better services when you visit our website. Visit our s s page page for more information or to later change your settings.

The link to the page is also provided below. Below, you can read about the different types of s we use and choose which s you want to enable. You can change your settings at any time on the s page. This is Varma - Varma Varma.fi This is Varma This is Varma Varma provides pension insurance for work carried out in Finland.

We take care of the statutory pension cover of private entrepreneurs and employees. Varma’s responsibility for managing pension assets, and for our customers, employees and shared environment spans far into the future. We are building a world that is sustainable for future generations. Current issues News and articles Blogs and podcasts Service by publication Financial information and sustainability Financial information Varma as a real estate investor Sustainability Annual Reviews About us Strategy, values and vision Governance and organisation How we do things Services for the media Varma’s Half-Year Financial Report 1 January–30 June 2026 The return on Varma’s investments in January–June was 5.3 (1.7) per cent.

The value of Varma’s investments was EUR 71.4 (68.3 on 1 Jan) billion. “The investment markets demonstrated strong resilience, as the war in Iran and the ensuing energy crisis did not interrupt the upward trend in the market. Also positive is that rising interest rates and the conflict in the Middle East were not able to stall Finland’s economic recovery,” says Varma’s President & CEO Risto Murto.

Read more about result Varma in brief Varma provides pension insurance for work carried out in Finland. We take care of the statutory pension cover of private entrepreneurs and employees. Companies take out TyEL insurance for their employees, while entrepreneurs insure themselves through YEL insurance.

Source fold: strategy + this-is-varma + how-we-do-things EN pages. Verify against the live page or PDF before citing beyond this page.

Annex: Responsible investment fold

Review of Responsible Investment 2025 plus Principles for Responsible Investment and RI news headlines (climate allocation, engagement, AGMs).

Review of responsible investment 2025 Investing for change Responsibility guides our investment decisions. We direct our investments towards tackling our current global challenges: mitigating climate change, adapting to the consequences of environmental impacts and slowing down biodiversity loss. Contents Responsible investment..................................................3 Addressing climate change in investments....................6 Roadmap for Varma’s climate targets.............................7 Addressing biodiversity in investments .........................13 Environmental risks and opportunities..........................16 Investment due diligence and exclusions.......................17 Engaging with investee companies ................................18 Review of responsible investment in 2025 2 Responsible investment Responsibility is an essential part of Varma’s strategy and an integral part of our investment operations.

In 2025, we focussed on promoting biodiversity and assessing and mitigating the risks related to climate change. We entered a new strategy period at the Management and organisation of each asset class is in charge of the day-to-day In addition to our climate targets, we manager must exercise special diligence in beginning of 2025.

Varma’s goal is to become a responsible investment application of the principles of responsible focused on enhanced attendance to biodiver- assessing the companies’ responsibility. leader in sustainable working life and respon- The principles for responsible investment, investment. We reviewed We have excluded from our direct invest- sibility.

In accordance with our strategy, we which have been approved by Varma’s Board our investee companies’ policies concerning ments companies that manufacture contro- focus on actions that truly make a difference. of Directors, form the foundation for our Environmental targets steer our the prevention of biodiversity loss for the third versial weapons, such as nuclear weapons, By these, we mean concrete matters that are responsible investment activities.

Companies’ policies concerning sustain- anti-personnel mines, cluster bombs, and within our ability to influence. sight responsibility for sustainability at Varma Our environmental policy guides our target able management of water resources have chemical and biological weapons, and whose In 2025, we updated our Sustainability is exercised by Varma’s Board of Directors.

The setting in terms of the environment. Mitigating become increasingly common compared to headquarters are not located in a NATO coun- Programme, which now covers the years Board decides on the principles and policies climate change is one of the main goals of our earlier reviews. In accordance with the related to sustainability, as well as on the sus- Varma’s responsible investment.

The climate mental policy, we have excluded investments programme, we will prepare for the future by tainability programme to support the strategy. targets cover Varma’s investment assets in Investment due diligence in companies with coal- or lignite-based investing responsibly. Responsible investment The Investment Committee is informed of their entirety.

The policy has been approved In our Principles for Responsible Investment, operations accounting for more than 5 per means taking into account aspects related to the responsible investment principles and by Varma’s Board of Directors. we have defined the kind of companies that cent of their revenue, production or produc- the investee’s responsibility and sustainability, policies that are presented to the Board of In 2021, we set the target of reducing the are subject to due diligence on environmental tion capacity.

The exception to this general including environmental impacts, social mat- Directors. The committee monitors the invest- investment portfolio’s absolute emissions by and other sustainability issues. Significant rule is companies that have set science-based ters and good governance, in our investment ment risks related to responsibility, such as cli- 25 per cent by 2025 and 50 per cent by 2030 change is brought about through investment targets.

We believe that responsibility has mate change-related risks, and also evaluates compared to 2021. At the end of 2025, the and engagement, not through exclusion. That an impact on the operating conditions of violations of international agreements and absolute emissions were down 55 per cent is why we focus on due diligence and active Engagement with investees companies.

ownership, which enable transparent and In 2025, we were in direct contact with 8 (7) From an investor’s perspective, attending to The Responsible Investment & Sustainability Varma is the only Finnish earnings-related strategic engagement. In 2025, we reduced companies as part of our engagement pro- sustainability does not conflict with expected department defines the high-level sustainabil- pension insurance company to have set sci- the emphasis on exclusion, as a result of cess.

Contacts with companies involved in the returns. For us, sustainability is a means of ity objectives and develops and co-ordinates ence-based emission reduction targets in line which investments in controversial weapons, engagement process covered a wide range of securing long-term returns on investments the responsibility of Varma’s operations and with the international climate initiative SBTi.

nuclear weapons and the tobacco industry topics, such as corruption, competition law, while ensuring that risks and opportunities investments together with the company’s var- The targets were set in 2023. We are commit- were brought under the due diligence pro- governance violations, business ethics, labour are broadly taken into account in investment ious functions.

The functions are responsible ted to setting long-term SBTi targets by July cess. When investing in companies that fall rights and human rights, information security, decisions. within the scope of the process, the portfolio and environmental issues. The companies Review of responsible investment in 2025 3 were located in North America, Asia and women accounted for a larger share of board Investees included in Varma’s engagement process in 2025 Europe.

members (39 per cent) than in North American Company’s Potential or Engagement process In our view, well-defined diversity brings companies (36 per cent). In Asia, the propor- Company’s sector location likely violation* stage at the end of 2025 Targets 2026 clear added value to the work of boards of tion of female board members was clearly Retail North America Competition rights The portfolio manager contacted the company.

Monitored by the Reconsidered by the Investment Committee directors. The boards with the most female mem- Investment Committee. Actions brought against the company and their progress is also monitored. from diverse backgrounds and possess a bers (43 per cent) were companies operating Media and technology North America Human rights, labour rights, The portfolio manager contacted the company.

Source fold: review-of-responsible-investment-2025.pdf + RI principles + news. Verify against the live page or PDF before citing beyond this page.

Annex: Climate policy & sustainability fold

Climate Policy for Investments, climate work/goals, sustainability governance, Sustainability Statement and 2026–2030 programme news.

Climate policy for Varma’s investments - Varma Varma.fi This is Varma Sustainability Climate policy for Varma’s investments Climate policy for Varma’s investments Climate change will have substantial financial, social and environmental impacts and risks for current and future generations. In 2022–2035 we will develop our portfolio towards carbon neutrality Investors must be prepared for the major changes brought by climate change.

Greenhouse gases from human activities have already changed the climate and caused financial risks for investors. The operating conditions of many industries and companies are on the verge of a change. In several industries, such as electricity generation and the automobile and mining industries, the change has already begun.

Mitigating climate change calls for substantial emission reductions. The goal of the Paris Agreement is to limit the increase in the global average temperature to 1.5 °C above pre-industrial levels. This requires a global transformation to a low-carbon economy as well as an appreciable reduction in the use of fossil fuels.

We support actions to mitigate climate change and make adapting to the change possible. Varma has, since 2016, committed to aligning its investments and investment processes with the Paris Agreement. In 2022–2035 we will develop our portfolio towards carbon neutrality by: investing in companies that enable a change towards lower emissions and whose business offers solutions for resolving climate-change issues fostering collaboration in the financial markets in order to promote climate change mitigation and adaptation focusing on analysing the financial risks of climate change in the investment portfolio transparently disclosing the impacts of climate change on our investments and the impacts of our investments on the climate.

We aim for a carbon-neutral portfolio by 2035, provided that the investment environment allows it. We invest in solutions that help mitigate climate change We guide our investment portfolio towards carbon neutrality by selecting investees that recognise the opportunities related to climate change mitigation and adaptation.

We steer away from investees that are significantly exposed to the risks brought by climate change. Our climate policy is an integral part of our investment process and investment decisions. Our other tools for controlling climate-related financial risks include negative screening, active ownership and engagement.

Building a carbon-neutral portfolio calls for major emission reductions within all asset classes. By investing profitably and securely we also reduce the greenhouse gas emissions of our investments. We work together with other investors Sustainability is a strategic focus for Varma, and mitigating and adapting to climate change are among our key sustainability targets.

We promote collaboration within the financial markets in order to mitigate and adapt to the effects of climate change, while also taking part in the public debate on the impacts of climate change at events and through collaborative initiatives. We are involved in developing business and investment strategies that reduce the greenhouse gas emissions of our investments.

Particularly in externally managed funds, our aim is to develop collaboration between investors as a tool for mitigating the effects of climate change. Our goal is to influence, independently and with other investors, how fund managers take climate aspects into account as part of their responsible investment practices.

We encourage funds to disclose their financial risks and opportunities in accordance with the Task Force on Climate-related Financial Disclosures (TCFD) framework, to set science-based emission-reduction targets (Science Based Target initiative), and to assess the emissions of their portfolio in accordance with the reporting standards of the Partnership for Carbon Accounting Financials (PCAF) initiative if their emissions data is otherwise unavailable.

Identifying and managing climate-related risks From an investor’s perspective, climate change causes both physical and transition risks, which have an impact on the value of investments. Physical risks are divided into acute and chronic risks, which refer to the challenges that climate change poses to companies and society, such as sudden destruction caused by extreme weather events or the depletion of natural resources in the longer term.

Transition risks refer to changes, for example, in regulation, technology and consumer behaviour that the transition to a lower-carbon economy entails. Transition risks can also include energy security and self-sufficiency requirements. Just transition to a low-carbon economy requires societies to promote, among other things, job opportunities in new and transitioning industries, retraining and an affordable and secure supply of energy.

Varma addresses climate-change risks in its risk and solvency assessment and in the reports of the Board of Directors and executive management. Every quarter, the allocation group of Varma’s Investment Operations reviews the climate change-related financial risks that our investment portfolio is exposed to.

We have defined industries that, in terms of climate change, both offer the greatest opportunities for emission reductions through their business and are also significantly exposed to transition risks caused by climate change mitigation. These industries are: oil & gas utilities automobiles metals & mining construction materials transportation forestry and chemicals.

In addition to the above-mentioned industries, we also analyse climate change-related transition risks that our real assets are exposed to in order to identify and assess the significance of the key political, technology, market and reputation risks. In our assessments of physical risks we focus especially on evaluating the climate burden of our real estate and infrastructure investments, and we look at, among other things, the weather resistance of properties as well as sea flood risks and rainwater run-off risks.

The assessments highlight a review of broader geographic areas as well as an analysis of very local climate impacts. We assess the risk of fossil reserves in our investments as part of the climate change risk assessment. When the aim is to limit global warming, stranded assets pose significant financial risks to investors.

Source fold: climate policy/goals pages + sustainability hub + programme/statement news. Verify against the live page or PDF before citing beyond this page.

Annex: Ownership policy fold

Varma’s Ownership Policy language on engagement, AGMs, nomination boards and collaborative investor action.

Varma’s Ownership Policy - Varma Varma.fi This is Varma How we do things Varma’s Ownership Policy Varma’s Ownership Policy Varma’s Ownership Policy outlines Varma’s activities as a major shareholder. Varma’s goal is to support and encourage companies to succeed and thus safeguard and improve its long-term investment returns.

Important premises of Varma’s ownership policy are the equality of the shareholders, transparency and responsibility The goal of Varma’s investment operations is to secure the long-term and sustainable financing of the earnings-related pension scheme. We pursue this goal by, among other things, widely diversifying investments across and within various asset classes.

Through diversification, we strive to achieve the best possible return on investments and secure the payment of pensions, regardless of the market situation. Investments are made in Finland and abroad, and they may consist of both direct and indirect equity investments. All investments must be in line with the investment plan that is approved annually by Varma’s Board of Directors.

The investment plan defines the general principles for investments, the basic allocation for investments, targets for return, diversification and liquidity, decision-making powers, control systems and reporting, among other things. The policy covers Varma’s equity holdings both in Finland and abroad.

Our activities are focussed on companies and themes in which we estimate our expertise can be put to the best use. We have the most significant opportunities for engagement in Finnish companies and companies in which Varma is a large shareholder. Varma is a large shareholder typically in Finnish companies.

Application of the share ownership policy varies according to, among other things, the companies’ stage of development and ownership structure. In the case of unlisted companies, the special characteristics of each company are taken into account when applying the policy. The starting point for Varma’s share ownership policy is the shareholder’s position in the company as a financer who targets a return on their capital.

At the same time, the shareholder is the company’s key risk bearer, who receives a return only after other stakeholders have received their contractual compensation. The shareholder receives a return only once the company’s business has proven profitable in the longer term. Monitoring and influencing the company’s operations are essential in order to secure these key aspects.

As a shareholder, Varma receives information about the operations of companies through many channels. In addition to companies’ reporting, we take part in investor events arranged by companies and in general meetings of shareholders. We regularly meet with the management and boards of directors of the companies in which we have a holding, especially those companies in which Varma has a major holding.

During the meetings, we discuss the company’s targets, possible challenges, responsibility and other matters that are important to the company’s success. Our aim is to understand and assess the company’s and management’s operations as a whole, and to communicate to the company our policies and expectations as a shareholder.

Important premises of Varma’s share ownership policy are equality of the shareholders, transparency and responsibility. Varma engages in dialogue with investees, as well as with other shareholders and stakeholders. Varma strives for engagement jointly with other investors, especially when Varma’s holding is small, however also in cases where Varma is not a direct shareholder.

This makes addressing problems easier and more effective. The more shareholders behind the engagement process, the greater its impact will be on the decisions made by the investee. General meetings of shareholders and exercising voting rights At general meetings, the shareholders make decisions on matters that fall within the competence of the general meeting, by virtue of the Limited Liability Companies Act.

Of these matters, the most important are the appointment of the members of the board of directors, deciding on the distribution of assets, decisions related to shares and share capital and the appointment of the auditor. We expect the companies to comply with normal rotation practices when appointing an auditor.

Source fold: https://www.varma.fi/en/this-is-varma/about-us/how-we-do-things/varmas-ownership-policy/. Verify against the live page or PDF before citing beyond this page.

Annex: Real estate investor fold

Varma as a real-estate investor page plus H1 notes on Lumo transaction and reform-enabled leverage structures.

Varma as a real estate investor - Varma Varma.fi This is Varma Varma as a real estate investor Varma as a real estate investor Varma is one of Finland’s largest real estate investors, with real estate assets worth approximately EUR 4.3 billion. We invest in providing high-quality business premises in growth centres.

We take care of the energy efficiency of our properties. Key figures (Jun 30, 2026) SIZE OF THE REAL ESTATE PORTFOLIO 4.3 € billion COMMERCIAL PREMISES AND BUSINESS PROPERTIES 70 BREEAM ENVIRONMENTAL CERTIFICATES (Commercial premises) 56 Our investment portfolio includes both direct property investments and investments in real estate funds.

Our direct real estate investments focus on the largest cities in Finland. We own diverse assets including business premises, shopping centers, and hotels. A significant portion of our properties are situated in the Helsinki metropolitan area. Additionally, we participate in international real estate investments through carefully selected funds.

Are you looking for commercial premises? Commercial premises Varma’s selection of commercial premises includes both historical gems and several new sites. We offer a wide array of office and commercial premises of different sizes for various needs. We also own several hotel properties throughout Finland.

You can look over Varma’s lettable commercial premises on the separate commercial premises website. Check out the commercial premises (in Finnish) Katajanokan Laituri is a commercial property owned by Varman located in Katajanokka, Helsinki. A responsible real estate owner Responsibility runs through everything we do, from investment decisions to construction and real estate maintenance.

Our actions are guided by the strict responsibility targets we set. We invest in commercial properties that support not only your business, but also your environmental targets. We focus on the energy efficiency of the buildings we own by carrying out energy renovations. We aim for CO2-free heating in the properties we own by 2030.

We want to develop and monitor the sustainability of our properties. Commercial premises and business properties have 54 BREEAM environmental certificates, which speaks to, among other things, a property’s energy efficiency and waste-sorting and recycling possibilities. In addition, many of our properties are located near excellent transport connections, which enables low-emission commuting by public transport and by bicycle.

The properties also offer bicycle maintenance points and electric car charging points, among other things. Take a step towards more sustainable business premises and living. Responsibility in real estate business Taking sustainability into consideration in all our investment activities contributes to both Varma’s objective of first-rate investment and our position as a long-term pension investor.

Responsible practices are implemented in all areas of the real estate business: leasing, maintenance, real estate investments and construction, no matter whether we are handling them ourselves or with a partner company Important themes in responsible real estate investments include the improvement of buildings’ energy efficiency and bringing the circular economy into building and demolition operations.

We make numerous procurements every year, for example, in property development, real estate maintenance and IT services, most of which in Finland. We expect the suppliers who have a contractual relationship with us to comply with Varma’s Supplier Code of Conduct. At the same time, first-tier suppliers must undertake to ensure responsibility in their own supply chain.

Source fold: real-estate investor EN page + H1 2026 report. Verify against the live page or PDF before citing beyond this page.

Annex: Articles of Association & tax policy fold

Articles of Association PDF plus Tax Policy page for mutual-insurer legal/tax framing (no private contact scraping).

Articles of association Company name and domicile Owners Section 1 Section 3 The business name of the Company is Keskinäinen The Company’s owners are as follows: työeläkevakuutusyhtiö Varma, in Swedish: Ömsesidiga 1. policyholders with a valid insurance contract in the arbetspensionsförsäkringsbolaget Varma, and in English: Company pursuant to the legislation concerning Varma Mutual Pension Insurance Company.

The Company employees’ pensions domicile is Helsinki. self-employed persons with a valid insurance contract in the Company pursuant to the legislation concerning self-employed persons’ pensions Types of insurances included in the 3. those persons jointly insured under one insurance who Company’s operations are covered by basic insurance valid in the Company pursuant to the legislation concerning employees’ Section 2 pensions.

The Company operates in insurance business pursuant to legislation concerning employees’ and self-employed persons’ pensions, as well as reinsurance business related thereto. 1 Section 4 If the policyholder has no such representatives of the The owners are not personally liable for the Company’s personnel, the abovementioned election shall be carried obligations.

out by the insured parties under each basic insurance in their joint meeting or, if the policyholder has more than one basic insurance in the Company, by the insured parties Basic capital assets under the basic insurances in their joint meeting. Section 5 Varma’s capital and reserves include basic capital assets The election of the representative shall be entered in a amounting to EUR 11,941,342.78.

document to be signed by the chairman of the election meeting. The document shall show the insurance or those Varma has no guarantee capital. insurances that cover the insured parties represented by the representative concerned. Annual General Meeting The number of votes per each insurance is one vote per Section 6 each contribution amounting to EUR 2,000 paid during the The Annual General Meeting shall be held before the end previous calendar year.

The minimum number of votes per of May on a date determined by the Board of Directors. An Extraordinary General Meeting shall be held when the Board of Directors or the Supervisory Board considers it The number of votes per basic insurance pursuant to employ- necessary, or when it has to be held pursuant to the Insur- ees’ pensions legislation or, if the policyholder has more than ance Companies Act.

one basic insurance in force in the Company, the number of votes from these insurances, shall be divided in proportion A notice to convene the General Meeting shall be pub- to the average contribution percentage of the employer and lished on the Company’s website. The notice of the meet- employee pursuant to the employees’ pensions legislation ing shall be published no earlier than two months and no between the policyholder and the representative of the later than one week before the final participation registra- insured parties.

The numbers of votes thus obtained are tion date defined in the Articles of Association. If the number of votes per insurance is two, one vote belongs to the policyholder and An owner and the representative of the insured as referred the other to the representative of the insured parties. to in section 7 shall inform the Company that they will par- ticipate in the General Meeting, no later than on the date When dividing the numbers of votes per insurances given in the notice of the meeting, which may be no earlier between the policyholder and the representative of the than five days before the meeting.

insured parties, the contribution percentages used are the contribution percentages for the year, on the contribution Section 7 of which the number of votes is based. Policyholders and self-employed persons, who are owners in the Company pursuant to section 3, subsections 1 and Section 8 2, and a representative of the insured parties referred to in In the Annual General Meeting, the following: section 3, subsection 3, have the right to vote at a General 1.

shall be presented: the Financial Statements, the Meeting. A person entitled to vote may exercise his/her Report of the Board of Directors, the Consolidated right by using an authorised representative. Financial Statements and the Auditors’ Report 2. shall be decided: adoption of the Financial Statements A representative may only represent the insured parties of and the Consolidated Financial Statements one policyholder or the group mentioned below, and the 3.

shall be decided: any actions to be taken related to the representative shall be covered, as an insured party, by profit or loss shown on the adopted Balance Sheet or one of the basic insurances that he/she represents. shall be decided: discharging the members of the Board With respect to multiple basic insurances of the policy- of Directors and the Supervisory Board as well as the holder and the basic insurances of companies belonging to President and CEO from liability a group pursuant to the Limited Liability Companies Act, 5.

shall be decided: remuneration payable to the mem- one or more representatives can be elected to represent bers of the Supervisory Board the insured parties. shall be decided: remuneration payable to the Auditors basic insurance can be elected. shall be elected: members of the Supervisory Board The decisions concerning the election of the representa- 8.

Source fold: articles-of-association.pdf + tax policy EN page. Verify against the live page or PDF before citing beyond this page.

Annex: Financial information hub fold

Financial information and Annual Reviews hub language pointing to interim/annual packages.

Financial information - Varma Varma.fi This is Varma Financial information Financial information We publish information about our results four times a year. Read our current and previous financial information. More information about Varma’s financial reporting Previous financial information Annual Report Archive Varma’s Half-Year Financial Report 1 January–30 June 2026: The value of Varma’s investments exceeded EUR 70 billion The return on Varma’s investments in January–June was 5.3 (1.7) per cent.

The value of Varma’s investments was EUR 71.4 (68.3 on 1 Jan) billion. “The investment markets demonstrated strong resilience, as the war in Iran and the ensuing energy crisis did not interrupt the upward trend in the market. Also positive is that rising interest rates and the conflict in the Middle East were not able to stall Finland’s economic recovery,” says Varma’s President & CEO Risto Murto.

Varma’s Half-Year Financial Report news release Half-Year Financial Report presentation Half-Year Financial Report Solvency Varma’s solvency remained at a strong level. The solvency capital, which serves as a risk buffer for investment operations, was EUR 19,728 million at the end of June (18,221 million on 1 Jan), and 137.4 per cent in relation to the technical provisions (135.7 on 1 Jan).

Varma’s solvency capital was on a sustainable level, i.e. 1.7 (1.7 on 1 Jan) times the solvency limit. The solvency limit is changed in accordance with the risk level of the investments. Varma’s strategic goal is to maintain the company’s strong solvency through stable returns. For more information please read our news release Strong solvency upholds confidence in pension provision.

Better investment returns mitigate the pressure to increase pension contributions. Varma’s strong solvency benefits our clients through lower insurance contributions. In good investment years, investment returns are used to increase the solvency capital, while in lean investment years, the solvency capital shrinks.

Good solvency enables Varma to aim for higher returns by making higher-risk investments. As a rule of thumb, one percentage point more in investment returns in the long term means a two-percentage-point drop in pension contributions. Market sounding Varma requires the disclosing market participant to be compliant with EU's Market Abuse Regulation (MAR).

The disclosing market participant must follow the following procedure for market sounding purposes. Procedure for market sounding purposes – EU's market abuse regulation (MAR) 1. Please do not approach or contact any Varma´s employee for market sounding purposes before your company has been accepted as a Market Sounding Partner by Varma.

If your company has already been accepted as a Market Sounding Partner, you can proceed to section 2. How to apply for becoming a Market Sounding Partner? Please send an application signed by your Head of Compliance where your company confirms that procedures in your company are compliant with MAR and other relevant EU guidelines and standards to [email protected].

Source fold: financial-information + annual-reviews EN pages. Verify against the live page or PDF before citing beyond this page.

Annex: Peer context

Closest Finnish public-sector neighbour is Keva (already live; different law and ownership). Closest private mutual peer in INST is Ilmarinen. Nordic/European context: ATP (Denmark), AP7, NBIM, ABP, bpfBOUW. US public-plan peer recently shipped: PSERS. Currency discipline: Varma/Keva/Ilmarinen → EUR; ATP → DKK; AP7 → SEK; NBIM → NOK; PSERS → USD.

Annex: Research notes

  • Leadership locked to live Executive Group page 2026-09-11: Murto CEO; Aho Deputy CEO/CIO. Do not invent titles.
  • Pekka Pajamo remains a named finance contact in interim reports; page title scrape for SVP Finance was thin — cite report contact lines carefully.
  • INST leaders may still list older names (e.g. prior Legal SVP); prefer live EG for narrative seats.
  • VideoObject omitted: official YouTube user/tyoelakevarma exists for member education; no 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.

FAQ

What is Varma Mutual Pension Insurance Company?

Varma is a Finnish mutual earnings-related pension insurance company (Keskinäinen työeläkevakuutusyhtiö Varma). It provides statutory private-sector TyEL insurance for employees and YEL insurance for the self-employed, and invests premium assets profitably and securely for current and future pensions. It is owned by its client companies, self-employed customers and insured employees. Official site: https://www.varma.fi/.

What is Varma’s latest official EUR investment figure?

Prefer dated official euro figures from varma.fi — do not invent a USD headline. At 30 June 2026, the market value of Varma’s investments was EUR 71.4 billion (H1 2026 half-year report). At 31 December 2025, investments were EUR 68.3 billion. At 31 March 2026, investments were EUR 67.9 billion. Older INST ~US$72 billion public estimates are not used as headlines and are not FX-converted here.

What returns did Varma publish for 2025 and H1 2026?

Full-year 2025 return on investments was 7.5% (net investment income at fair value EUR 4.8 billion). First-half 2026 return was 5.3%: equities 8.0%, listed equities 10.7%, fixed income 0.4%, private equity 2.2%, real estate −2.0%, hedge funds 5.0%. Q1 2026 return was −0.1%. Official materials also cite ~6.7% average nominal ten-year return (presentation series). Past performance is not a reliable indicator of future results.

Who is the President and CEO?

Risto Murto is President and CEO (toimitusjohtaja). Official Executive Group biography: Ph.D. (Econ.); President and CEO since 2014; Executive Group member since 2006; joined Varma in 2006 after senior investment roles at Varma and Opstock. UAO person SSR: /registry/person/risto-murto/.

Who is the Deputy CEO / CIO?

Markus Aho is Deputy CEO and Chief Investment Officer. Official Executive Group biography: M.Sc. (Tech.); CIO since 2022; Executive Group member since 2022; joined Varma in 2014 after private-equity leadership at Pontos Group. UAO person SSR: /registry/person/markus-aho/.

How is Varma different from Keva?

Varma is a private-sector mutual earnings-related pension insurer (TyEL/YEL). Keva is Finland’s largest public-sector earnings-related pension provider and an independent body governed by public law under the Keva Act. Both publish in EUR and both are major Finnish pension investors, but mandates, ownership, and supervision frames differ — do not mix figures or leadership. Keva’s elite profile is already live at /registry/institution/keva/.

How is Varma governed?

As a mutual company, Varma’s owners are client companies, self-employed customers and insured employees. Governance materials describe an Annual General Meeting, Supervisory Board (Chair Christoph Vitzthum), Board of Directors (Chair Jaakko Eskola; Deputy Chairs Anu Ahokas and Else-Mai Kirvesniemi), and an Executive Group led by President and CEO Risto Murto. Corporate Governance Statement 2025 and Articles of Association are published on varma.fi.

How is the portfolio allocated?

At 30 June 2026 (official H1 presentation fair-value allocation): fixed-income investments EUR 13.3 billion (19%); equity investments EUR 42.8 billion (60%), of which listed equities EUR 30.0 billion (42%), private equity EUR 11.7 billion (16%), unlisted equities EUR 1.2 billion (2%); real estate EUR 4.3 billion (6%); hedge funds EUR 10.9 billion (15%). Investments in Finland were about 19%, or EUR 13.6 billion.

What solvency figures does Varma report?

At 30 June 2026, solvency capital was EUR 19.7 billion, 1.7 times the solvency limit, with a solvency ratio of 137.4% of technical provisions. At YE 2025, solvency capital was EUR 18.2 billion and the solvency ratio 135.7%. Official commentary describes Varma as among the most solvent Finnish earnings-related pension companies, enabling longer-term risk-taking within regulation.

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

Varma publishes Principles for Responsible Investment, an Ownership Policy, a Climate Policy for Investments, and a Review of Responsible Investment 2025. Climate allocation was 43.7% of the portfolio toward a 50% goal by 2027; absolute investment emissions had declined 55% versus 2021. Sustainability Programme 2026–2030 and SBTi-aligned targets are described in official sustainability materials. Board oversight includes sustainability of investments briefings.

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

The pension reform agreed in January 2025 entered into force on 1 July 2026. Official H1 2026 reporting states solvency regulations for earnings-related pension companies will be relaxed in stages, allowing higher investment risk in a controlled way, and that subsidiaries’ real-estate investments may use leverage. Varma’s H1 2026 result is described as the last half-year print before the reform took effect; benefits and contribution rates themselves are stated as unaffected by the reform.

Where should researchers correct UAO Registry errors?

Send corrections to info@universalassetowners.com. Prefer primary documents on varma.fi (half-year/annual reports, Corporate Governance Statement, RI Review, Executive Group and Board pages) over secondary rankings. Currency discipline: official EUR only for headlines; do not invent USD conversions.

Sources & further reading

Completeness note

This elite profile targets ~10k+ sourced words from opened varma.fi primaries. Non-blocking expansions: fuller FY2025 statements fold beyond p40, complete Supervisory Board member table, AGM voting PDF extracts, and an official investment-strategy VideoObject if Varma publishes a durable embed. No filler; prefer omit over invent. Daily-refresh disabled for this ship.

The Daily Brief

The morning briefing for the people who allocate long-horizon capital.

Research, charts, video and podcast analysis for the institutions investing at the scale of the world.

Universal Asset Owners
Get the daily brief · Search the Top 100 Registry · SWF, pension & family office jobs