LocalTapiola Life’s result and solvency strengthened
15.2.2022 - Economy
LocalTapiola Life’s year 2021 concluded with a strong result as a consequence of investment market development and profitable insurance business, and our solvency strengthened above the pre-COVID-19 pandemic level.
Comments by LocalTapiola Life Managing Director Minna Kohmo:
“The year 2021 concluded with a strong result as a consequence of investment market development and profitable insurance business, and our solvency strengthened above the pre-COVID-19 pandemic level. In 2022 we will be expanding customer benefits for our owner-customers.
The uncertainty created by the COVID-19 pandemic has sensitised customers to think about their own security and that of their loved ones more than before. We want to be the best partner in lifelong security, and we are satisfied with the further improvements made in 2021 with customer satisfaction and customer retention. In 2021 the long-standing good development of premiums written also continued in term life insurance and group pension insurance, and premiums written in the saving business started increasing again.
I would like to express my sincere gratitude to our customers for their trust and to our personnel for their excellent work and commitment in these exceptional times.”
LocalTapiola Life’s result increased year on year. Operating result stood at EUR 92.3 million and total result was EUR 170.6 million. Buoyed by the good result, solvency was reinforced in 2021, with the solvency ratio at 213 per cent. Without the transitional provisions of solvency calculation, the solvency ratio stood at 183 per cent.
Premiums written increased in all focus areas. In term life insurance, premiums written grew by 5.6 per cent and in group pension by 12.8 per cent. In the saving business, premiums written increased by 14.8 per cent. Gross premiums written increased by 10.7 per cent to EUR 480.4 million.
In 2021 LocalTapiola Life renewed its investment service and offers its customers increasingly high-quality responsible co-investment and the benefits available to a large investor. In term life insurance, our product range was expanded with the introduction of the new Turvassa life insurance solution provided to trade union members and the Maksuturva life insurance product to guarantee the repayment of LocalTapiola motor vehicle finance. We strive to make preparing for the future easy across all our service channels. The preparations for a system reform project supporting this target progressed as planned in 2021.
LocalTapiola Life’s current Managing Director Minna Kohmo will retire in autumn 2022. Life’s Board of Directors appointed M.Sc (Econ.) Pasi Haarala, currently Managing Director of LocalTapiola Pohjanmaa, the company’s new Managing Director as of 1 August 2022.
Key figures for 2021
"In 2022 we will be expanding customer benefits for our owner- customers."
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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.