​Ilmarinen predicts big 2020 year-on-year fall in contributions

first_imgJouko Pölönen, Ilmarinen’s chief executive officer, said: “In the second quarter, Ilmarinen’s investment portfolio yielded 5.9% and solvency strengthened to 124% as the equity markets recovered rapidly from the dramatic stock price plummet caused by the corona pandemic earlier in the year.”Equity investments ended the six-month period with a -4.2% return and fixed income investments finished with a -2.9% return, he said, while alternative assets turned out to be the best performers generating a positive result of 10.6%, and real estate returned 1.8%.The total result for the pension fund – which is the largest of the four mutual pension insurance companies in Finland’s earnings-related pension scheme – was -€1.1bn, compared with the €931m profit registered at last year’s halfway point.Total assets fell to €48.8bn at the end of June from €50.5bn the end of last year.Pölönen said “strong development” in cost-effectiveness had continued in the first half and operating expenses financed using loading income declined by €7m from the corresponding period last year.Commenting on the pandemic, Pölönen said Finland had been successful in limiting human suffering during the first wave of the pandemic, but acknowledged that the virus continued to spread globally, with a “worrying growth trend” in infection figures in some European countries.“A key factor in terms of future development is how well a resurgence of the virus can be prevented without extensive lockdown measures, which would exacerbate the economic crisis and unemployment,” said Pölönen.Looking for IPE’s latest magazine? Read the digital edition here. Ilmarinen reported a 2% loss on its investment portfolio in the first half of this year, and the Finnish pensions insurance company warned full-year contribution inflows would be much lower than last year because of effects of the COVID-19 pandemic.Releasing its January-to-June financial report, Ilmarinen said premiums written fell to €2.7bn from €2.9bn in the same period last year, as a result of an increase in temporary layoffs and a temporary discount to the statutory TyEL contributions from employers.Commenting on the outlook for the full year, the pension provider said: “Owing to growing unemployment and the temporary discount on employers’ TyEL contributions, premiums written will fall considerably year-on-year.”Investment returns ended the first half in the red for the Helsinki-based institution, despite having rebounded between April and June.last_img read more

Syracuse field hockey team dominates Monmouth in season opener

first_imgFor the second season in a row, the Syracuse field hockey team started with a victory over the Monmouth Mudhawks, marking a perfect 6-0 in openers for head coach Ange Bradley.A total of five Orange players scored goals in an 8-1 victory Friday in West Long Branch, N.J.Forward Kelsey Millman and midfielders Liz McInerney and Stephanie Hussey scored two goals each to power the SU attack. Lauren Brooks and Emma Russell also notched goals.Russell struck first for her first career goal. The Orange ended the first half with a 4-0 lead after Brooks found the back of the net at 17:29 and Millman scored back-to-back goals.The game ended with a goal from Michelle Pieczynski of the Hawks with just 2:47 to go.AdvertisementThis is placeholder textSU will play Ohio in its home opener on Sunday at 1 p.m.—Compiled by Adelyn Biedenbach, contributing writer, albieden@syr.edu Comments Published on August 24, 2012 at 6:08 pm Facebook Twitter Google+last_img read more