Page 3 - Seafarers---_Pension_Fund_Annual_Report_2020_s

we have selected will be visible in all our activities of the Board, was tested in a way that could never
as they concern both our customers and personnel. have been made up for any training scenario.
We were taken by surprise along the way by, for
The overall return on our investments was example, the premium income being cut down
6.2%, which can be viewed as highly successful so heavily, but our investment plan for 2020 had
considering, for example, the liquidity challenges prepared us to manage our liquidity risk in many
brought on by the decreasing premium income. ways. This preparation enabled us to weather the
In accordance with our diversified investment storm and maintain our long-term investment
strategy, returns were obtained from multiple activities. Our solvency strengthened further,
sources. Special attention should be drawn to our thereby facilitating profitable investment activities
forest investments, whose returns were boosted within a negative interest environment.
by the sales profits achieved in early 2020, and
real estate investments, whose values rose in the We hope that, soon, the corona situation will
analyses of external assessors. improve, the difficult situation for navigation will
ease up and we will be able to see you at our new
The smooth functioning of the Seafarers’ offices located at Kanavaranta 9 in Helsinki.
Pension Fund organisation, including the work

”At the moment, we view investments
in well-being at work as being
exceptionally important.“

Helsinki, March 2021
Jari Puhakka

Contents 2020

CEO’s Review 2 | Report by the Board of Directors for the Year 2020 4 | Key Figures 4 |
Financial Operating Environment 5 | Development of The Earnings-Related Pension System 7 |
Result and Solvency 7 | Premium Income and Government Share 8 | Pensions 9 | Disability Risk
Management 11 | Technical Provisions 12 | Investment Activities 12 | Information Systems 13 |
Risk Management 13 | Personnel 14 | Operating Expenses 15 | Responsibility 15 | Administration 20 |
Data Security and Data Privacy 21 | Communications 21 | Future Outlooks 22

3