Fennia Life Annual Report 2016

Managing Director’s Review

During my watch

Seppo Rinta

Fennia Life Insurance Company was established in 1998 by Fennia Insurance Company and earnings-related pension company Pension Fennia. Before the establishment of our own life insurance company, which will soon turn 20, life insurance solutions were offered through, for example, Nova Life Insurance Company. Fennia’s contributions to Nova Life’s insurance portfolio were subsequently transferred to Fennia Life.

The oldest insurance policy that is still valid today started on 5 August 1980.

It is a pure life insurance policy. Almost 40 years ago, we assumed through the insurance policy the risk of the death of the insured up to a certain amount. The oldest insurance policy based on savings started on 1 July 1986 (Sesam group pension).

Of the current insurance policies, the termination date furthest in the future is around 12 November 2096, when the youngest insured person in the insurance portfolio turns 100; the person benefits from so-called lifelong pension. In individual pension insurance, the youngest insured person will turn 100 on 23 April 2092 and in risk life insurance, the youngest person insured will reach the maximum age of 90 years on 31 March 2091.

We have close to 80 years of liabilities ahead of us. And, according to the Insurance Contracts Act, once we have signed the contract, our liability remains unchanged unless the policyholder expressly wants to make changes.

I have had the great honour to be part of this continuum for ten years as the company’s Managing Director. I am also very proud to hand the reins over to my successor, Alexander Schoschkoff, at a point in time where the company is in excellent shape and has experienced significant growth over the past five years.

I wish to express my warmest gratitude to our customers for the trust they have shown in us, both in the past and in the future. In this change situation, I would like to take the opportunity to thank our skilled personnel for their dedicated work over the past decade. Thank you to the Board of Directors for their trust and to the shareholders for their patience; for using the company’s profit primarily for the insured’s benefits and the company’s solvency.

A warm thank you also to all our co-operation partners for actively making use of Fennia Life’s services. Without your help we could not have reached the significant growth we have seen in recent years.

We work each day to further improve our services and manage the company so that the person receiving group pension mentioned above can celebrate their 100th birthday on 12 November 2096 while enjoying the pension paid by us.

Seppo Rinta

Managing Director of Fennia Life until 1 April 2017
Fennia’s Deputy Managing Director and deputy to the Group CEO as of 1 April 2017