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Development of responsibility

Seafarers’ Pension Fund in brief

The Seafarer’s Pension Fund (MEK) is an authorised To secure the funding of future pensions, the Fund carries
pension provider that manages statutory earnings-related out investment activities in a sustainable, responsible and
pension provision for seafarers. The Fund grants and pays profitable manner. The total value of the investment assets
earnings-related MEL pensions to seafarers. The activities is approximately 1.41 billion euro (in 2021). The invest-
of the Fund are regulated by the Seafarer’s Pensions Act ment assets of the Seafarers’ Pension Fund are comprised
(MEL). The Fund was founded in 1956 and is the oldest of equity investments, real investments and fixed-income
pension insurer in the private sector in Finland. The investments. In terms of real investments (real estate,
Fund provides security for approximately 7,100 seafarers forest and infrastructure), the aim is to achieve carbon
insured under MEL insurance. The Fund has approxi- neutrality by the year 2030.
mately 7,900 pension recipients and pays 163.7 million
euro in pensions each year. Logistically, Finland is an The disability risk management services of the Seafar-
island and about 85% of Finland’s imports and exports ers’ Pension Fund support our shipowner customers as
are transported by sea. Thus, navigation plays an excep- employers in their work ability management and help
tionally significant role in Finland’s national economy. seafarers to maintain their individual work ability.

The purpose of the investment activities of the Seafar- The Pension Fund’s offices are located in a property
owned by the Fund, at the address Kanavaranta 9,
ers’ Pension Fund is to secure the payment of pensions Helsinki. In 2021, the Seafarers’ Pension Fund employed
an average of 24 people.
for persons insured by the Fund now and in the future.

• Customers 2022 2021 • Investment activities 2022 2021

Insured 7,086 5,709 Assets (million EUR) 1,359 1,411
Shipping companies 33 31
Payroll (million EUR) Return on investments, % -1.7 16.2
Pension recipients 261.5 211.0 -23.2 201.2
7,910 8,001 Ncuertreinnctovmaleuoefsi(nmveilslitomneEnUtRs)a t
C(mosiltlsiofnorEiUnRv)e stment activities -2,8 -2,3

• Key figures for profit and loss account • Pension liability and Solvency

Insurance contributions (million EUR) 29.8 24.0 (Bmalilalniocne EshUeRe) t technical provisions 1,076 1,057
• Employers 19.9 16.0 Technical provisions (million EUR) 721 728
• Employees
Lcoiambiplietnysdaitsitornibsu(mtioilnlion EUR) 41.9 32.7 Solvency capital (million EUR) 650 688
State’s share (million EUR) 58.7 57.1
Solvency ratio, % 190.1 194.4

Paid pensions (million EUR) -166.8 -163.7 Solvency position (z score) 3.4 3.2
Management costs (million EUR) -3.9 -3.5

excl. costs for investment activities

Reliability Our values are Co-operation
Sustainability

Our strategic objective is to act in a responsible, cost-effective and productive manner.
Seafarers’ Pension Fund Corporate Responsibility Report 2022 3