The year 2016 as a whole was positive for insurance companies in Finland. Operating profits were good, and in the investment market the insurers’ year was better than the previous one. Their returns from the equity market also improved towards the end of the year.
Insurance companies maintained the previous year’s good level of operating profits. Aggregate premium income shrank 6% to a total of €23 billion. Investments yielded a return of 5%, and the market value of the largest investment class in the portfolio – shares and other equity – grew 9% to a total of €81 billion. The aggregate market value of insurers’ investments was €145 billion, which is a growth of 3% from the year before.
Claims and pension benefits were paid for €22 billion, which was an increase of 5%.
At the end of 2016, there were 52 licensed Finnish insurers in Finland, with 36 specialising in non-life business and reinsurance, 10 in life insurance, and 6 in statutory employee pension insurance. The annual average number of persons employed by insurance companies was 9,525. This is 165 employees fewer than the previous year.
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Finnish insurance in 2016