“During the year, we reduced fixed income investments and increased investments in real asset classes,” he said. “We continued to diversify our real estate investments abroad and invested in new properties in Frankfurt, Berlin and Amsterdam, among other places.”The market value of Ilmarinen’s portfolio rose to €37.2bn by the end of December, from €35.8bn a year earlier.Equities were the best performers among the main asset classes despite market volatility, Ilmarinen reported, returning 6.5%.Investments in listed Finnish equities returned more than 15% in 2016, Ritakallio said, adding that US and emerging economy equities had also performed well.“However, investments in other European equities and shares lowered the overall return on the equity portfolio,” he added.Solvency capital was 29.2% of the technical provisions in 2016 compared to 29.6% the year before, and the solvency position remained at two times the solvency limit.Ritakallio also said implementation of Finnish pension reform had got off to a smooth start at the company.“It will be interesting to see how the reform will impact retirement in the long run and how Finns will make use of the new pension types,” he said. Finland’s second largest pensions insurer Ilmarinen recovered from early losses to report 4.8% in overall investment returns for 2016.The return was lower than 2015’s 6% gain, with European equities a drag, according to Timo Ritakallio, president and chief executive of Ilmarinen.“The Brexit referendum and the US presidential election fuelled political uncertainty, causing stock price volatility,” Ritakallio said. “Against this challenging backdrop, we reached a reasonably good investment return.”Ritakallio said the “good” full-year result was attributable to Ilmarinen’s long-term investment strategy, as well as diversifying investments both geographically and across various asset classes.
More from newsParks and wildlife the new lust-haves post coronavirus12 hours agoNoosa’s best beachfront penthouse is about to hit the market12 hours ago Of the renovations, Mrs Lane described them as “timeless”, with their focus on retaining as much of the old world charm as possible while updating the home with modern inclusions.The bungalow sits on a leafy 1335sq m corner block, with gardens by Steve Clegg Designs,Character features of the home include a rendered exterior with gabled, terracotta tiled roofing, leadlight glass panes, high ceilings, ornate cornices and polished timber. 119 VIRGINIA AVENUE HAWTHORNEOne of Karen Lane’s fondest memories of their Hawthorne home was watching her three daughters swinging from the giant poinciana tree and creating there own secret hideaways in the garden.“That would be my favourite memory, the girls playing their imaginary games,” she said. The first stage of the renovations involved adding an extension which included a parents’ retreat and a large open living area. The kitchen was also redone and a terrace with polished concrete floors was added.During stage two of the renovations the original bathroom and sleepout were transformed into a pavilion-style bathroom.Mrs Lane said the terrace, which has its own pizza oven, was her favourite spot in the house, and had hosted many family events over the years. In the home’s centre is a spacious lounge room that adjoins a music room and formal dining room. But with those girls now adults, it is time to move on after 17 years, a prospect that Mrs Lane and her husband are doing with a heavy heart.The couple bought the sprawling property in 2002, with the 1930s California bungalow-style house undergoing two renovations. “When we first saw it, it needed work,” she said. “We renovated it over two stages, but what I have always loved about this house is that it is full of surprises.“You can’t really tell just how big the property is until you walk through the front gate and the house still has a lot of its character and soul.” Mrs Lane said the home was close to good schools, amenities, Hawthorne Park and the ferry terminal.“Leaving this suburb, this space, it is the unknown for us,” she said. “We are not sure how we will go downsizing and not having that space, privacy and greenery that we are used to. “But it would suit a family with young children, or even an older couple downsizing from a bigger block, say from Brookfield, who want a garden.“It will be tough to leave.” Three other bedrooms can be found toward the front of the home, while a fifth room can beused as a fifth bedroom or study.Other features include a third fireplace in the formal lounge room, an alarm system, a 7000L water tank, irrigation system, city glimpses, and ducted airconditioning. Marking the transition from the original build into the modern extension is a split-level staircase that leads from the central corridor down to the kitchen, which has timber cabinetry, stone benchtops, stainless-steel appliances, an island benchtop and a breakfast bar.The oversized outdoor terrace can be accessed via sliding doors, and includes a built-in barbecue, bar fridge and the woodfired pizza oven with flume that doubles as an external fireplace. This area overlooks the saltwater swimming pool and lawn, and benefits from breezes all year round.Also at the back of the house is the parents’ retreat, which includes a sitting room with a gas fireplace, a sound system, a built-in bookcase and a bay window overlooking the rear of the property. There is also a master bedroom with an in-built corner lounge, wraparound walk-in robe and an ensuite with a double basin vanity and double shower.