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Report on Operations and Financial Statements 2019

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Report on Operations and Financial Statements 2019 Se t REPORT ON OPERATIONS AND FINANCIAL STATEMENTS 2019 Ilmarinen • Porkkalankatu 1, Helsinki • FI-00018 Ilmarinen Tel +358 10 284 11 • www.ilmarinen.fi 1 REPORT ON OPERATIONS 1 ILMARINEN IN BRIEF IN 2019 2019 was an excellent year for Ilmarinen. The customer base grew, costs decreased, cost-effectiveness improved and pension processing times declined. Thanks to strong investment returns, Ilmarinen’s total result grew to EUR 2,039.7 million (–1,581.0). The development of both the equity and fixed income markets was favourable. Il- marinen’s return on investments for 2019 rose to 11.8 (–1.4) per cent. Investment as- sets grew to EUR 51 (46) billion, and the solvency ratio strengthened to 126.6 (123.7) per cent. Ilmarinen’s premiums written increased to EUR 5,758.3 (5,409.9) million and pensions paid to EUR 6,077.8 (5,698.4) million. Measured in premiums written, net customer ac- quisition was EUR 204 (262) million. The customer acquisition in the comparison year 2018 was increased by EUR 121 million by the OP-Eläkekassa portfolio transfer. A total of 8,509 (5,740) new TyEL insurance policies and 9,356 (9,097) YEL insurance policies were sold. Due to transfers, the company’s premiums written increased by EUR 15.5 million. Loading income grew to EUR 184.7 (178.7) million and the operating expenses covered by it declined to EUR 130.2 (148.8) million. The loading profit grew significantly to EUR 54.5 (29.9) million and the ratio of operating expenses to expense loading components correspondingly improved to EUR 70.5 (83.2) per cent. The operating expenses in the comparison year 2018 were burdened by EUR 15.3 million in expenses from the write- downs of duplicative systems. The company’s strategy and management system were renewed during the year. The organisational structure was renewed in summer and new core processes and a new development model that supports customer-driven business development were estab- lished for the company. The Incomes Register was taken successfully into use and integration work has pro- ceeded as planned. However, development work on the basic systems must be contin- ued in 2020. Despite the busy start to the year, with the introduction of the Incomes Register and the integration process, and the changes taking place in the organisation, personnel’s work energy remained excellent. Efforts to establish operating practices and improve daily work will continue. 2 The key figures describing Ilmarinen’s operations are presented below. The figures pre- sented in the Report on Operations are the parent company’s figures, unless otherwise stated. 2019 2018 2017 2016 2015 Insurance contributions, EUR million 5,758.3 5,409.9 4,311.6 4,301.8 4,268.7 Pensions paid, EUR million 6,077.8 5,698.4 4,721.8 4,594.1 4,441.6 Operating expenses covered by loading income, EUR million 130.2 148.8 108.9 107.6 109.1 Ratio of operating expenses to expense loading components, % 1) 70.5 83.2 81.1 74.9 75.5 Technical provisions, EUR mill. 42,150.1 40,625.7 33,390.9 31,458.7 30,630.2 Solvency capital, EUR mill. 2) 10,791.8 8,917.7 9,420.7 8,460.0 8,244.2 in relation to solvency limit 1.6 1.6 1.8 2.0 2.0 Pension assets, EUR million 3) 51,342.1 46,473.8 39,76.4 37,422.9 36,098.7 % of technical provisions 3) 126.6 123.7 131.2 129.2 129.6 Investments at current value, EUR million 50,527.8 46,024.0 39,355.1 37,214.4 35,841.0 Net return on investments, EUR mill. 5,375.4 –641.6 2,693.4 1,743.3 2,070.6 ROCE, % 11.8 –1.4 7.2 4.8 6.0 Pensioners 459,932 459,993 336,654 329,323 323,172 TyEL payroll, EUR mill. 21,923.2 20,568.0 16,708.6 16,788.0 16,651.0 YEL confirmed income, EUR mill. 1,678.2 1,682.5 1,483.6 1,470.6 1,484.6 TyEL policies 4) 70,491 73,370 38,766 38,131 38,354 Insured under TyEL 609,862 624,800 503,800 502,000 500,500 YEL policies 76,063 74,443 63,052 61,486 61,851 Permanent personnel 31 Dec 616 649 520 540 542 1) Due to the change in premium rates affecting the expense loading component, the ratio of operating expenses to expense loading components for 2015–2016 is not com- parable with the figures of previous years. In addition, Ilmarinen and Etera merged in the beginning of 2018; the comparison data for 2015–2017 only includes Ilmarinen’s figures. 2) Calculated according to the regulations in force at any given time. 3) Technical provisions + solvency capital in accordance with section 11, item 10, of the Ministry of Social Affairs and Health’s decree (614/2008.) Until 2016, technical provi- sions + valuation differences. 4) Insurance policies of employers with insurance contracts Ilmarinen and Etera merged in the beginning of 2018. The figures for 2015–2017 do not include Etera’s figures. 3 2 ILMARINEN’S STRATEGY Ilmarinen’s updated strategy was adopted in April. The strategy update was prepared jointly with the Board of Directors, company management and, to a large extent, the en- tire personnel. Ilmarinen’s basic task is to take care of the earnings-related pension cover of its customers. The company’s vision is to be the most attractive working life partner – responsibly, for you. The long-term goals set in the strategy were to be one of Finland’s best places to work, offer the best customer experience in the sector and grow profitably and faster than the market. In terms of the ratio of operating expenses to expense loading components and solvency, the goal is to be better than the sector average. To reach these goals, the strategy defines five focal areas: we will succeed together and reinvent ourselves courageously, we will operate with a focus on customers and promote work ability, grow profitably together with our customers, digitalise customer paths and processes and invest profitably, securely and responsibly. Ilmarinen’s values remained unchanged and they guide the work towards the goals: openly and responsi- bly and achieve success through teamwork. 3 ECONOMIC DEVELOPMENT Global economic growth slowed down to around three per cent in 2019 from close to four per cent in 2018. The year was marked by uncertainty over the trade relations be- tween the USA and China, which depressed global trade volumes and the economic outlook. Due to the uncertain outlook, the central banks started to lighten their monetary policies again. In the USA, the central bank cut its key interest rate three times. The ECB kept its key interest rate at zero and restarted its bond purchase programme. Sup- ported by a lighter monetary policy, the global financing markets showed favourable de- velopment: interest rates declined and stock prices rose. 4 Finland’s total production is estimated to have grown by some 1.5 per cent in 2019, on a par with the previous year. The rise of the economy also impacted employment, im- proving it significantly. The unemployment rate declined by almost one percentage point to 6.7 per cent and the average employment rate rose to 72.6 per cent. These changes also impacted the development of payroll. The payroll for the whole economy grew by some 4 per cent during the year and the private sector TyEL payroll grew by around 6.6 per cent. The average earnings level growth rate was close to 3 per cent. Consumer prices rose 1.0 per cent and average real earnings thus rose by approxi- mately two per cent. The effects of the positive economic development could also be seen in public finances, the balance of which remained more or less intact compared to the previous year. Pub- lic indebtedness in relation to total production did not grow, and the debt of public cor- porations in relation to total production remained at around 59 per cent. Towards year-end, expectations of economic development turned towards slightly slower growth. The cycle was, however, expected to remain positive, supported by a light monetary policy. Stock prices continued to rise during the final quarter of the year, with interest rates remaining low. Real estate and other real investment markets contin- ued to strengthen during the year. 4 DEVELOPMENTS IN THE EARNINGS-RELATED PENSION SYSTEM The national Incomes Register was introduced in Finland in early 2019. As of the start of the year, employees’ earnings data, which is essential for the calculation of pensions and pension insurance contributions, was available through the Incomes Register al- most in real time. Before, this information was received separately from each employer with a longer delay. The introduction of the Incomes Register in the tax administration was challenging, but the information flow and timeliness changed during 2019. A deci- sion was made by way of legislation to defer the reporting of pension data to the In- comes Register by one year. Pension data will be reported to the Incomes Register as of 1 January 2021. The age limit for old-age pensions continued to rise. The lower age limit for those born in 1956 was 63 years and 6 months. The retirement age rises by age group until the lower age limit is 65 years.
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