Annual Report 2025 (Finanssivalvonta)

Summary

• Finland's gross domestic product grew by 0.2% for 2025 as a whole.p.7
• The life insurance sector's solvency ratio declined to 212.1% (12/2024: 222.4%).p.10
• The non-life insurance sector's solvency ratio was 256.5%, slightly higher than 254.4% a year earlier.p.10
• The employee pension sector's investment returns were 7.7%, and the share of equity investments rose to 56.3%.p.11
• The domestic fund sector's assets exceeded EUR 220 billion, with UCITS funds accounting for nearly 80%.p.12
• Life insurers' investment returns were 2.8%, with equity investments performing best at 10.6%.p.10
• The FIN-FSA issued four macroprudential decisions in 2025.p.15

Key insights

1. The Finnish Centre for Pensions estimated the pension reform could increase the proportion of shares in portfolios by more than ten percentage points.p.4
2. In December 2025, the European Commission made a proposal for a savings and investment union.p.3
3. Non-life insurers' investment returns were 4.5%, with equity investments returning 9.6%.p.10
4. Credit purchasers and credit servicers came under supervision in 2025, with a total of eight authorisations granted.p.16
5. Approximately one-third of open-ended real estate funds have restricted, deferred or suspended redemptions since autumn 2023.p.22
6. A thematic review in 2024 examined the second line of defence resources in six credit institutions.p.17
7. The pension sector's supervised entity event was attended by 120 participants.p.21