Insurance portfolio of Orion Pension Fund’s B fund transferred to an external pension insurance company – the transfer has approximately EUR 31 million positive impact on Orion’s result in 2023
January 11 2024 - 7:15AM
Insurance portfolio of Orion Pension Fund’s B fund transferred to
an external pension insurance company – the transfer has
approximately EUR 31 million positive impact on Orion’s result in
2023
ORION CORPORATION STOCK EXCHANGE RELEASE - OTHER INFORMATION
DISCLOSED ACCORDING TO THE RULES OF THE EXCHANGE 11 JANUARY 2024 at
14.15 EET
Insurance portfolio of Orion Pension Fund’s B fund
transferred to an external pension insurance company – the transfer
has approximately EUR 31 million positive impact on Orion’s result
in 2023
The insurance portfolio of the Orion Pension Fund's B fund has
been transferred to pension insurance company Elo on 31 December
2023. The transfer has EUR 30.7 million positive impact on Orion’s
result in 2023. In addition, the transfer will have approximately
EUR 40–45 million positive impact on Orion’s cash flow during 2024.
The amount of the cash flow impact depends on the final valuation
of the transferred pension liabilities and some illiquid
investments, which will only be available by the end of
H1/2024.
The profit impact from the transfer of the insurance portfolio
is not included in Orion’s outlook for 2023 which remains
unchanged.
Orion Corporation
Liisa Hurme
President and CEO |
|
Olli Huotari SVP,
Corporate Functions |
|
Contact
person:Tuukka Hirvonen, Investor Relationstel. +358
10 426 2721
Publisher:Orion
CorporationCommunicationsOrionintie 1A, FI-02200 Espoo,
Finlandhttp://www.orion.fi/enhttp://www.twitter.com/OrionCorpIR
Orion is a globally operating Finnish pharmaceutical company – a
builder of well-being. We develop, manufacture and market human and
veterinary pharmaceuticals and active pharmaceutical ingredients.
Orion has an extensive portfolio of proprietary and generic
medicines and self-care products. The core therapy areas of our
pharmaceutical R&D are oncology and pain. Proprietary products
developed by Orion are used to treat cancer, neurological diseases
and respiratory diseases, among others. Orion's net sales in 2022
amounted to EUR 1,341 million and the company had about 3,500
employees at the end of the year. Orion's A and B shares are listed
on Nasdaq Helsinki.
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