Finland’s second-largest earnings-related pension insurer, Ilmarinen, has appointed Annika Ekman as its new Chief Investment Officer and member of the executive group, effective 1 September 2025. She succeeds Mikko Mursula, who has stepped up to become Ilmarinen’s President and CEO following the departure of Jouko Pölönen for eQ Plc.
Ekman is no newcomer to the EUR 64 billion pension giant. She has been with Ilmarinen since 2004, joining as a portfolio manager and most recently serving as Head of Direct Equity Investments since 2015 — a role in which she oversaw the company’s listed equity portfolio through a decade marked by quantitative tightening, geopolitical shocks and a sharp re-rating of global equity markets. Earlier in her career, the Master of Science in Economics worked as an analyst at Nordea and Goldman Sachs.
Beyond Ilmarinen, Ekman sits on the board of Finnish telecoms infrastructure group Cinia Oy, serves on the nomination committee of pharmaceutical company Orion Oyj, and is a member of the investment committee of the Finnish Foundation for Economic Education (ITLA) — assignments that point to a profile combining listed-equity stewardship with broader institutional governance experience.
Commenting on the appointment, Mursula highlighted the strategic continuity it offers: “Annika Ekman’s appointment as chief investment officer is based on her versatile expertise and long experience in various areas of investment operations.” He added that “Ekman has demonstrated strong leadership and expertise in the position of chief investment officer, and we believe she is an excellent choice to take Ilmarinen’s investment operations forward.”
The handover comes at a pivotal moment for the Finnish earnings-related pension system. A pension reform set to take effect in 2026 will strengthen the system’s funding and, in Mursula’s words, “give us the opportunity to increase equity risk and diversify the portfolio more broadly, which will support long-term returns.” With equity allocation set to rise across the sector, Ekman’s background as Ilmarinen’s senior equity decision-maker positions her well to translate the reform into portfolio strategy — though it also places her squarely in the spotlight as Ilmarinen seeks to close the performance gap with its main domestic rival, Varma.
