Varma and Etera, two Finland pensions insurance companies, have cut their equity holdings by billions of euros this year following investment losses in tumbling markets, although a new solvency provision under consideration may improve their position.

Varma, which has €27bn ($34bn) in pensions assets, is the biggest private investor in Finland. It has returned -9.1% on its portfolio this year, largely due to a turbulent September, the pensions information service MandateWire reported.