LocalTapiola Life January–June 2018: Customers have welcomed the revamp of our investor services

LocalTapiola Life's customers have welcomed last year's revamp of our investor services, which make the benefits of a major insurance company's investment activities available to all of our customers. There are now 15 700 customers covered by the new insurance asset management services.

In order to improve the customer experience, LocalTapiola Life introduced a digital application service for term life insurance, making it the first company in Finland to offer this service. Alongside improving the customer experience, the service significantly boosts the efficiency of the sales process and risk selection work.

LocalTapiola Life generated a good profit in the period from January to June. Operating profit amounted to EUR 68 million (EUR 80 million) and the overall result was EUR 35 million (EUR 90 million). The decline in profit was due to lower investment returns than in the previous year. Total expense loadings and bonus payments increased by 11 per cent. The result for risk premiums collected was EUR 16 million (EUR 9 million).

The company's solvency ratio in accordance with the Solvency II framework was 220.5 per cent.

Comments by Minna Kohmo, LocalTapiola Life's Managing Director:

Finnish people have shown strong levels of trust in LocalTapiola Life. In 2016, LocalTapiola became Finland's largest term life insurer, and its market share continued to grow in 2017.

In 2018, we will focus on group pension solutions. We aim to differentiate ourselves in this market with a good, clear service.

Due to the most recent pension reform, people are thinking — or worrying — about coping with their work throughout a long career, making it to retirement and getting by on their pension.

We aim to help our customers to prepare themselves for retirement by saving and looking after their own well-being. Group pension insurance enables employers to support their employees' retirement plans, thereby promoting employees' capacity to cope and improving their financial well-being.

LocalTapiola Life Group Key Figures are attached.

LocalTapiola Life Group Profit and Loss Account is attached.

LocalTapiola Life Group Balance Sheet is attached.

The figures are unaudited.