Mutuality

A mutual insurance company is owned by its customers, who are policyholders, and owners of guarantee capital. Turva is thus owned by its customers, the Central Organisation of Finnish Trade Unions (SAK), 16 trade unions, two workers’ associations and LähiTapiola Group. All owners have the right to participate in decision-making in general meetings. In Turva, policyholders have a stronger position than owners of guarantee capital, whose voting right is restricted.

The ownership of a mutual company is strong, and cannot be easily taken over. Insurance operations therefore have first priority in Turva. Part of the company’s profit is given back to the customers as discounts and customer-owner benefits, and part is used to add to the company’s solvency. Profitability thus profits the customers as well. Insurance premiums also include customer-owner discounts, depending on the length of the customer relationship, and these discounts will be further developed in the future.