Keva

What Keva does

Keva is the statutory pension insurance provider for the Finnish public sector, operating under the Keva Act as a nonprofit public sector entity. It was founded in 1964 and is headquartered in Helsinki (Unioninkatu 43). Keva insures approximately 1.3 million public sector employees and pays out pensions and rehabilitation support, delivering EUR 13.3 billion in benefits in 2024. Its mandatory customer base includes Finnish municipalities, welfare areas (hyvinvointialueet, since January 2023), the state, the Evangelical Lutheran Church, Kela, the Bank of Finland, and the Financial Supervisory Authority — entities that are assigned to Keva by law, not by market choice.

The core operating platform consists of digital self-service channels: the 'Omat eläketietosi' (My Pension Information) online portal, the 'Eläke ja kuntoutus' (Pension and Rehabilitation) mobile application, and the employer online service. Keva also operates an online learning environment for workplace wellbeing, a learning game ('Työkykypolkuja'), and a career sustainability app ('Kestävä ura'). Pension processing incorporates AI for document handling and decision support. Ancillary to pensions, Keva owns approximately 3,500 rental apartments and commercial premises.

Keva is financed through mandatory pension contributions from member organizations and investment returns on approximately EUR 64 billion in investment assets, with about 89% of assets placed outside Finland. Since 2017, pension expenditure has exceeded contribution income, making investment returns structurally essential to funding. Keva is governed by a Council reflecting municipal election results and a Board of Directors; in October 2023 the Board was elected for the first time with representation from both municipalities and welfare areas. Keva operates without a parent company and does not raise external funding.

Name

Keva

Legal name

Keva

Website

https://keva.fi

Company type

Private

Founded year

1964

Operating status

Operating

Headcount range

251–500 employees

Short description

Keva is the statutory Finnish public sector pension insurer, providing mandatory pension coverage, pension payments, and rehabilitation services to approximately 1.3 million employees across municipalities, welfare areas, the state, and the church.

Ownership category

akta.pro rank

Product category

Public Sector Pension Insurance

NAICS

Pension Funds (525110), Pension Funds (52511), Insurance and Employee Benefit Funds (5251), Portfolio Management and Investment Advice (523940), Other Insurance Funds (52519)

SIC

Investment Advice (6282), Life Insurance (6311)

akta.pro primary industry

Pensions & Retirement Benefits Administration (BPAIAKAA)

akta.pro secondary industries

Employer Retirement Plan Advisory (401(k)/Pension) (FSAEABAE), Corporate Retirement Plan Advisory RIAs (ERISA 401(k)/403(b)) (FSAAACAF), Retirement & Pension Wealth (401(k)/IRA/SIPP/Superannuation Retail) (FSAAAAAJ)

Keywords

• Public sector pensions
• Pension insurance
• Pension fund management
• Vocational rehabilitation
• Pension administration

Headquarters

HQ city

Helsinki

HQ country

Finland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. Pension contributions: Keva finances pension payments primarily through pension contributions (eläkemaksut) paid by member organizations (municipalities, welfare areas, state, church, etc.) and investment returns. Since 2017, pension expenditure has exceeded contribution income, and a portion of pension expenditure is funded from investment returns.
2. Investment income: Keva invests its pension fund assets globally to generate returns that support long-term pension funding. Investment returns are essential to maintaining stable contribution levels. Keva does not pay taxes on investment income in Finland as per legislation.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Keva is the statutory pension insurer for Finland's public sector, providing pension insurance, pension application processing, and pension payments to approximately 1.3 million public sector employees and retirees. It serves municipalities, welfare areas, the state, the Evangelical Lutheran Church, Kela, the Bank of Finland, and the Financial Supervisory Authority. Keva finances pensions through employer contributions and investment returns from its approximately EUR 64 billion investment portfolio, and also provides vocational rehabilitation and workplace wellbeing services.

Product overview

Keva is Finland's public sector pension provider offering a unified platform of digital services for pension management. The core offering consists of the 'Omat eläketietosi' self-service portal for individuals and the 'Työnantajan verkkopalvelu' employer portal, supplemented by the 'Eläke ja kuntoutus' mobile application. Additional services include the 'Oppimisympäristö' learning platform for work ability management, the 'Työkykypolkuja' learning game, and the 'Kestävä ura' career sustainability app. Keva also manages approximately 3,500 rental apartments and business premises as an ancillary service.

Differentiator

Problem solved

Functional benefit

Products and services

• Omat eläketietosi (My Pension Information Service) Online self-service portal for individual public sector employees and pension recipients to check pension records, use pension calculators, apply for pension or vocational rehabilitation, view payment information, and manage tax percentages. Available 24/7 with strong authentication via Suomi.fi.
• Eläke ja kuntoutus -sovellus (Pension and Rehabilitation Mobile App) Mobile application for smartphones and tablets that displays current payment information and documents, provides reminders for important matters, and includes an electronic earnings-related pension card always accessible to the user.
• Työnantajan verkkopalvelu (Employer's Online Service) Web portal for public sector employers to manage employment relationship notifications, view employer-specific pension statistics and forecasts, and handle pension insurance matters including contribution administration.
• Oppimisympäristö (Keva Learning Environment) Online learning platform providing multi-purpose materials for frontline management development and strategic work ability management, accessed via mycourses.apprix.fi/keva. Access rights ordered through employer online service.
• Työkykypolkuja-oppimispeli (Paths to Work Ability Learning Game) Learning game for developing work ability management skills and understanding strategic approaches to workplace wellbeing, offered to employer-customers and HR professionals.
• Kestävä ura (Sustainable Career App) Application designed to support sustainable career development and work ability management for employers and employees, offered as part of Keva's workplace services portfolio.
• Vuokra-asunnot ja toimitilat (Rental Apartments and Business Premises) Keva owns approximately 3,500 rental apartments and offers a wide range of commercial premises for businesses as an ancillary real estate service supporting its investment portfolio.

Quantifiable outcome

• EUR 13.3 billion in pensions and rehabilitation support paid in 2024
• +2 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Nine partnerships are on record, tiered minor and core.

• Pääkaupunkiseudun Kierrätyskeskus Oy (Helsinki Region Environmental Services)minorStrategic or Co-development Partner · 1 January 2024Keva partnered with Pääkaupunkiseudun Kierrätyskeskus Oy to map climate emissions from its operations and calculate its carbon footprint for 2024. The calculation covered both Keva's own operations and the value chain.
• WWF Finland (Green Office program)minorStrategic or Co-development PartnerKeva participates in the WWF Green Office program, which promotes internal sustainability dialogue and encourages everyday eco-friendly actions among employees. Key Green Office goals include energy savings, waste sorting, and promoting smart commuting.
• Työeläkevakuuttajat Telan (Finnish Pension Alliance Tela)coreStrategic or Co-development PartnerKeva cooperates with Tela, the Finnish Pension Alliance, which represents earnings-related pension insurers. Tela coordinates industry positions on pension legislation, communications, and research.
• Eläketurvakeskus (Finnish Centre for Pensions)coreStrategic or Co-development PartnerKeva works with the Finnish Centre for Pensions, which compiles pension statistics, conducts research on the Finnish pension system, and maintains the earnings pension institution register.
• Kuntaliitto (Association of Finnish Municipalities)coreStrategic or Co-development PartnerKeva maintains regular contact with the Association of Finnish Municipalities (Kuntaliitto) on matters related to municipal pensions and the sustainability of the pension system.
• Kuntarahoitus (MuniFin)coreStrategic or Co-development PartnerKeva cooperates with Municipal Finance (Kuntarahoitus/MuniFin), the Finnish funding vehicle for municipalities and the public sector.
• Kuntien Takauskeskus (Municipal Guarantee Board)coreStrategic or Co-development PartnerKeva cooperates with the Municipal Guarantee Board on issues related to municipal pension funding and guarantees.
• KT-Kunta- ja hyvinvointialuetyönantajat (Local Government and County Employers KT)coreStrategic or Co-development PartnerKeva maintains regular contact with KT, the collective negotiation organization for local government and county employers in Finland, on pension and employment matters.
• Hansel (public procurement services)minorImplementation/ SI/ Consulting PartnerKeva can use Hansel's procurement services, and Hansel incorporates sustainability perspectives in its contracts. Keva publishes its procurement notices in HILMA as required by public procurement law.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Ilmarinen: Finland's largest private-sector earnings-related pension insurer, providing statutory TyEL pension insurance to corporate employers. Directly comparable to Keva in serving the Finnish earnings-related pension system, just with a different employer segment.
• Varma: Major Finnish earnings-related pension insurer for private-sector employers, managing similar TyEL contributions and pensions. Comparable to Keva in scale, asset management approach, and statutory regulatory framework, although it serves private rather than public-sector employers.
• Elo: Finnish earnings-related pension insurance company operating under the same TyEL framework as Keva for the employer segment. Comparable business model (statutory pension insurance + large investment portfolio) but with different customer segments.
• Veritas Pensionsförsäkring: Finnish pension insurance company for employers, particularly in the maritime and transport sectors, also subject to the Finnish earnings-related pension legislation. Smaller than Keva but operates the same statutory pension model.

Others

• Eläketurvakeskus (Finnish Centre for Pensions): Finland's central body for earnings-related pensions — compiles statistics, conducts research, and registers pension institutions. Not a direct competitor but a tightly coupled industry counterpart where Keva sits as a member institution.
• Keva-konserni (Keva Group affiliates) / Kuntien eläkevakuutus pooled vehicle: MuniFin (Kuntarahoitus) provides funding for Finnish municipalities and the public sector. Closely partnered with Keva for public-sector financing, functioning as an enabling infrastructure provider rather than a competing pension entity.

Regional players

• APG (Dutch pension fund): Large Dutch pension administrator/fund manager for Dutch public sector and occupational schemes. Similar statutory mission and AUM scale (€600B+), but operates in a different national regulatory environment.
• ATP (Denmark): Danish statutory pension fund providing supplementary lifelong pension coverage. Operates as a mandatory public-linked pension entity similar in role, though structured under Denmark's distinct ATP/special-pension framework.
• CalPERS: U.S. public-sector pension fund for California state and local government employees. Comparable in being a statutory public-sector pension entity managing large investment assets, but operates under a U.S. defined-benefit framework rather than Finnish law.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/keva_fi
• YouTubeyoutube.com/channel/UC_F45qU23P7cSjKZ-jMFayw
• Facebookfacebook.com/kevaelakeneuvoja
• LinkedInlinkedin.com/company/keva
• Instagraminstagram.com/keva_elakevakuuttaja

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Keva