The following two time series graphs illustrate earnings-related pension assets:

  • Earnings-related pension assets as a percentage of the GDP from 1997 onwards
  • Distribution of investments by pension insurance companies from 1980 onwards
    • Shares and other
    • Premium lending
    • Bonds, investment loans, money market
    • Real estate investments.

The graphs are updated once a year, during February–March, when the information on the previous year is available. The graphs can also be downloaded as a PDF file using the link:

Time series graphs on earnings-related penson assetspdf, 110 kB

In relation to the gross domestic product, earnings-related pension assets increased from 38 per cent to 89 per cent between 1997 and 2017. This rising trend includes a couple of years when the absolute value of the assets declined because of difficulties on the financial market. The GDP has usually had a positive trend at the annual level. The GDP shrank only in 2009, when the reverberations of the financial market crisis reached the Finnish real economy. The increase of assets in relation to the GDP is attributable to returns on investments.

In the 1980s, premium lending was the largest single investment category for pension insurance companies, accounting for nearly two thirds of all investments. The second largest investment category consisted of fixed-income investments other than premium lending. These investments comprised bonds, investment loans and money market investments.

The lion’s share of pension insurance companies’ investments, around 80 per cent, were premium loans and investment loans In the 1990s, the share of sovereign debt instruments issued by the State of Finland rose to over one third of the companies’ investments. The investment reforms carried out in 1997 and 2007 increased pension insurance companies’ investments in equity. Between the years 2008 and 2017, equity and equity-like instruments accounted for about 30–52 per cent of the companies’ investments. When the analysis refers to investments in equities and equity-like instruments, this means the following categories of investment figures: listed shares (incl. funds); hedge funds; and other investments in equities, which include, for instance, equity investments and investments in unlisted shares.