Strong solvency ratio and operational result in the first quarter.
Mandatum Group’s result before taxes in January–March 2022 was EUR 72 million (76). Comprehensive income after taxes, taking into account changes in market values, decreased to EUR -133 million (108). The return on equity (RoE) was -31.8 per cent (27.2). Mandatum’s operational result (Mandatum Life’s expense result and Mandatum Asset Management’s result) rose to EUR 12 million (6) in January–March. The risk result was EUR 8 million (6).
Premiums written on the company’s own account increased to EUR 480 million (269). Premiums written on unit-linked insurance amounted to EUR 442 million (240).
The return on Mandatum Life’s investment assets at fair value was -4.0 per cent (3.5) in January–March 2022, and the return on the segregated portfolio’s investment assets at fair value during the same period was -2.4 per cent (1.0).
Positive net subscriptions were not enough to offset the drop in values caused by the negative investment market, and as a result the unit-linked and other client assets under Mandatum’s management decreased by 1.9 per cent to EUR 10.9 billion (11.1) in January–March.
The with-profit technical provisions stood at EUR 3.2 billion (3.2) at the end of March. The insurance portfolios with a high technical rate of interest (4.5 and 3.5 per cent) decreased as expected by EUR 41 million to EUR 1.7 billion in January–March.
Overall, Mandatum Life has strengthened its technical provisions by EUR 259 million (274) in response to the low interest rate level. The figure does not include items related to the segregated portfolio. The discount rate is 0.25 per cent for 2022–2025, and 0.75 per cent for 2026. The technical rate of interest on the segregated group pension insurance portfolio is 0.00 per cent.
At the end of March 2022, Mandatum Life’s solvency ratio was 216 per cent (190 12/2021). Mandatum Group’s solvency ratio is around the same level.
Mandatum Group’s key figures 1–3/2022
Premiums written, own account: EUR 480 million (269)
Result before taxes: EUR 72 million (76)
RoE: -31.8% (27.2)
Solvency ratio: 216% (190 12/2021)
Return on investments: -4.0% (3.5) and on the segregated portfolio -2.4% (1.0)
Average number of staff: 623 (563)
Mandatum’s result in its entirety is available at: www.sampo.com/result
Mandatum Holding Ltd’s subsidiaries are Mandatum Life Insurance Company Limited (Mandatum Life) and Mandatum Asset Management Ltd. Mandatum Life offers services in wealth management, rewards and compensation, retirement plans and personal insurance to private and corporate customers. Mandatum Asset Management engages in fund business and provides Sampo Group with discretionary and consultative wealth management and asset management services.
Petri Niemisvirta, CEO: firstname.lastname@example.org, tel. +358 10 516 7200
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