Finnish Insurance in 2024 (Finanssiala Finance Finland)

Summary

• Insurance premiums written in Finland increased by 5% to a total of €29.8 billion, while claims and pension benefits paid out were €29.2 billion.p.4
• Life insurers' premium income grew by 20%, totalling €5.5 billion, while claims paid under life insurance grew by 1% to €4.5 billion.p.4
• Non-life insurers' premiums written increased by 3% to €5.6 billion, with a combined ratio of 96.7%, loss ratio of 75.5% and expense ratio of 21.2%.p.4
• Return on investments was 9%, with shares and equity yielding the best return at 14%.p.4
• Authorised pension insurers' premium income grew by 2% to €18.8 billion, and their investments totalled €161 billion.p.11
• The aggregate market value of insurers' investments totalled €194 billion on 31 December 2024, an increase of 7% from year-end 2023.p.12
• At the end of 2024 there were 46 licensed Finnish insurers: 34 in non-life, 9 in life and 4 in statutory employee pension insurance.p.7

Key insights

1. The total net return on investments was 8.7%.p.5
2. Insurers' operating expenses grew by 4%, totalling a fair €1.7 billion.p.5
3. The non-life loss ratio increased from 69.1% to 75.5%.p.7
4. The annual average number of persons employed by Finnish insurance companies was 10,847.p.7
5. Motor vehicle insurance loss ratio rose to 90.4%, and premiums written grew by 5% to €1.1 billion.p.9
6. Unit-linked products comprised 88% of life insurers' premium income.p.10
7. Premium income from unit-linked life insurance grew by 42% to a total of €1.5 billion.p.10
8. Mandatum Life Insurance Company Limited held a 30.3 % share of life insurers' premiums written.p.11
9. Shares and other equities grew 13% in market value to €144 billion, and their proportion in the portfolio increased to 74%.p.12