Fennia Life Annual Report 2014

Managing Director’s Review

Record-high figures add up to more responsibility

Seppo RintaFennia Life’s sixteenth year, 2014, was a record-breaker. Premiums written, sales, the solvency margin, solvency, the balance sheet and insurance savings all rose to record-high figures.

Our premiums written grew during the year by more than 60% compared to the previous year and, since 2010, Fennia Life’s premiums written have more than doubled. Sales exceeded the previous year’s premiums written.

Our growth last year was largely based on effective and extensive co-operation with our partners. Our improved results stem from long-term efforts in developing our sales and service culture.

In terms of its sales and service channels, Fennia Life is genuinely diverse. In addition to our online and phone services, our personal services are divided into three distinct channels:

In addition to its basic non-life insurance tasks, Fennia’s regional organisation takes care of the sales and management of Fennia Life’s risk life insurance.

Fennia Life’s sales managers are responsible for the sales and management of group pension and asset management insurance, as well as selling Fennia Asset Management’s services.

Many of our partners use our insurance products in augmenting their own services.

In deviation of the general trend in the life insurance sector, the premiums written on and sales of pension insurance taken out by companies at Fennia Life grew on the previous year. It is a sign that Fennia’s corporate customers are successful, and that we consider the building and managing of the voluntary pension insurance of companies and self-employed people to be an increasingly important and necessary part of ensuring our customers’ future security. Our level of expertise in that area is high and the transfer of a thousand group pension insurance contracts from Nordea Life Insurance Finland to Fennia Life at the beginning of February is proof of this.

According to a sector-specific customer satisfaction survey carried out by Taloustutkimus, Fennia Life is the most recommended in its field – something we have achieved for four years running.¹

What happens after our record-breaking year? We keep on working. Even though we are more than happy with the past year, all of us at Fennia Life know that our work to build financial security for our customers continues. Our goal is also for our solutions and services to be easy and convenient for our customers and partners to use.

I would like to express my gratitude to those who have participated in the administration of our company, our personnel, partners and particularly our customers in 2014.

Seppo Rinta
Managing Director

¹ Taloustutkimus: Sector-specific customer satisfaction survey 2014. Life insurance companies