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
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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

                                                
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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.