Varma
Helsinki-based mutual pension insurance company providing statutory TyEL and YEL pension cover in Finland. It reported investments of 68.3 billion euros at the end of 2025.
Industry: Earnings-related pension insurance | Location: Helsinki, Finland | Founded: 1998
About Varma
Varma Mutual Pension Insurance Company is a Finnish earnings-related pension insurer. It provides statutory pension insurance for work done in Finland: employers take out TyEL insurance for their employees and entrepreneurs insure themselves under YEL. It invests pension contributions mainly in fixed income, equities, real estate and hedge funds, and offers work ability management services to client companies and private customers. Its head office is in Salmisaari, Helsinki.
Varma is a mutual company owned by its client companies, self-employed customers and insured employees. Its 2025 financial statements say the company in its present form was founded in mid-1998. It is governed under the Finnish Act on Employment Pension Insurance Companies and the Finnish Corporate Governance Code. Jaakko Eskola chairs the Board of Directors, with Anu Ahokas and Else-Mai Kirvesniemi as deputy chairs. Risto Murto is President and CEO, and Markus Aho is Deputy CEO and Chief Investment Officer.
As of the first half of 2026 Varma reported 550 employees and pension cover for 1,003,000 insured people and pensioners. The company says it focuses its real estate investments on business premises in growth centres and offers corporate financing.
According to its financial statements for 2025, Varma's investments returned 7.5 percent, or 4.8 billion euros, and were worth 68.3 billion euros at year end. Premiums written totalled 6.9 billion euros, of which 6.7 billion came from TyEL insurance and 249 million from YEL insurance, up 3.7 percent from 2024. It paid 7.7 billion euros in pensions, and its solvency capital was 18.2 billion euros. The underwriting result was 3.0 million euros. For January to June 2026 it reported a 5.3 percent investment return, investments of 71.4 billion euros and solvency of 19.7 billion euros.
TechScoop reported in June 2026 that Varma and fellow Finnish pension insurer Ilmarinen were among the investors in a funding round for the satellite company ICEYE worth more than 1 billion euros.
Varma's website says a government proposal to reform the YEL scheme is before Parliament and is expected to take effect on 1 April 2028.
Leadership
- Risto Murto, President and CEO
- Markus Aho, Deputy CEO and Chief Investment Officer
- Pekka Pajamo, Senior Vice-President, Finance and Internal Services
- Pasi Mustonen, Chief Actuary, Appointed Actuary
- Jaakko Eskola, Chair of the Board of Directors
- Anu Ahokas, Deputy Chair of the Board of Directors
- Else-Mai Kirvesniemi, Deputy Chair of the Board of Directors