FINLAND – Finnish pensions insurer Fennia reported a return on investments of 9.1% for 2012, up from the previous year’s slim profit of 0.8%.

Investment director Eero Eriksson said: “Despite the general economic situation, all our asset classes produced good returns.”

The company posted an operating profit of €35m, recovering from 2011’s €69m operating loss.

“The company’s technical results fell short of expectations, but earnings from investments were excellent,” it said.

Within investments, equities returned 12.8%, up from 2011’s loss of 9.7%, and bonds produced 12.7%, up from 2.4%.

Property returned 6.7%, down from the previous year’s 7.9%.

In its life insurance business, solvency capital rose to €137m from €105m, and the solvency level increased to 21.8 from 17.4.

Fennia’s chief executive Antti Kuljukka said: “We set an ambitious goal for our staff for 2012 of increased premiums and successful service.”

In the event, customer satisfaction had increased, and results showed a substantial plus, he said.

But in the injury prevention and risk management areas, much work remained to be done, Kuljukka said.

Kuljukka said Fennia’s goal was to continue to grow profitably alongside other Finnish companies.

Low economic growth forecasts for 2013 meant it would be difficult to achieve good investment returns, the company said.

In Fennia’s main customer segments, the year will be characterised by steady but slow growth, it said.