Fennia Annual Report 2015

Managing Director’s Review

Profitable year for Fennia

Antti KuljukkaThe development of the company’s underwriting result was positive and the combined ratio fell. The company’s operating profit equalled EUR 88 million. Premiums written for non-life insurance before the reinsurers’ share amounted to EUR 429 million and the company’s combined ratio fell to 98.5 per cent. The comparable combined ratio fell to 96.7 per cent. The numbers show that Fennia employees have worked hard for many years to develop the basic business.

We have built up our services and profitability in a number of ways. Private customers already take care of many of their daily matters conveniently online and, for the most part, wish to manage their insurance and financial services electronically. That is why we have developed the Oma Fennia (“My Fennia”) web service for companies and households. Automation can reduce the need for manual work processes, leaving more time for customer contacts.

As a non-life insurance company, we constantly strive to improve our customers’ experience at the “moment of truth” by providing them with information and ensuring the competence of Fennia’s employees and our partners when it is needed most. Through our partnerships, we aim to achieve smooth, high-quality customer experiences.

As an example of a partnership forged last year, the core competence of our partner Dextra is an optimal treatment chain and satisfied patients. Their expertise and services are quickly and effortlessly available to our customers.

During the year in progress, Fennia has focused on the same issues as our customers: social decision-making, local agreements, corporate financing, challenges linked to changes in ownership, exports, global threats, travel safety and economic uncertainty.

We at Fennia are, however, happy that self-employed persons’ perceptions concerning economic development in the near future have strengthened in the early part of the year and optimism is on the rise. Support for entrepreneurship and entrepreneurs is strong among Finns, with more than 80 per cent of the Finnish population standing behind it. The brighter outlook for self-employed persons radiates into society, bringing positive things for everyone.

Dear customer, I would like to thank you for helping us improve our operations through your messages and feedback. According to the EPSI Rating, we are the most recommended insurance company among companies and the self-employed. According to a survey of households, we are in the top three. We will continue our improvement of a competitive Fennia in order to meet your expectations of good service – also in the future.

A warm thank you to our customers, employees and partners for their positive co-operation.

Antti Kuljukka
Managing Director