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LocalTapiola Life January–June 2021: Result and solvency strengthened

17.8.2021 - Economy

Total result stood at EUR 128.1 million and the solvency ratio at 201 per cent. The improved result was due to favourable investment market development and profitable insurance operations.

Comments by LocalTapiola Life Managing Director Minna Kohmo:

“The favourable development in the investment market in 2021 together with profitable insurance operations boosted LocalTapiola Life’s total result to a strong level. Buoyed by the good result, our solvency position has been reinforced in 2021 above the pre-Covid-19 pandemic level.

Our customers’ trust in LocalTapiola Life has continued to become stronger. In 2021 the long-standing good development of premiums written continued in term life insurance and group pension insurance, and premiums written in savings started increasing again.

LocalTapiola Life strives to make preparing for the future easy across all our service channels. In support of this goal, we have launched preparations for the system reform project, which aims at a major reform of customer experience.”

LocalTapiola Life’s result increased year on year. Operating result stood at EUR 89.9 million and total result was EUR 128.1 million. Buoyed by the good result, solvency has been reinforced in 2021, with the solvency ratio at 201 per cent. Without the transitional provisions of solvency calculation, the solvency ratio stood at 172 per cent.

Premiums written increased in all focus areas. In term life insurance, premiums written grew by 3.5 per cent and in group pension by 15.3 per cent. In savings, premiums written increased by 11.4 per cent. Gross premiums written increased by 8.6 per cent to EUR 244.1 million.

In spring LocalTapiola Life renewed the investment service offered. Now even better than ever, customers may accumulate savings and invest in the same investments as we use when investing LocalTapiola’s assets. In this way we offer our customers responsible co-investment and the benefits available to a large investor. In term life insurance we expanded our product range with the Maksuturva life insurance solution to guarantee the repayment of LocalTapiola motor vehicle financing. Life’s customer satisfaction has remained at a good level.

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