Mandatum had a positive start to 2023 as the solid top line trends continued during the first quarter. Net flows to unit-linked and other third-party assets amounted to EUR 291 million, supporting the 5 per cent growth of these assets to EUR 10.8 billion at the end of March 2023 from EUR 10.3 billion at year-end 2022.
Mandatum’s fee result from unit-linked and third-party assets increased to EUR 13 million (10) in January–March 2023. The net finance result, generated from the with-profit book, was EUR 12 million as the investment return of EUR 70 million was partly offset by the unwind of discounting as well as a decrease in discount rates in the first quarter. Investment return was 1.7 per cent in the first quarter. Mandatum’s fixed income mark-to-market yield was 5.7 per cent at the end of March 2023.
Result related to risk policies was EUR 3 million (3) in January–March 2023, mainly driven by contractual service margin and risk adjustment releases. The Mandatum profit before taxes was EUR 32 million (227) and comprehensive income EUR 24 (-17) million.
Mandatum Group’s Solvency II ratio was 284 per cent at the end of March 2023, up from 266 per cent at the year-end 2022. The improvement was driven by stable own funds development and a reduction in the solvency capital requirement (SCR) due to de-risking actions taken to lower equity and interest rate risk. Own funds amounted to EUR 2,498 million and the SCR to 880 million at the end of the quarter.
Mandatum’s with-profit policy savings with guarantees of 3.5 and 4.5 per cent decreased by EUR 40 million during the quarter to EUR 1,546 million (1,586). The total with-profit policy savings portfolio amounted to EUR 2.6 billion (2.7 12/2022).
Mandatum Group’s key figures 1–3/2022
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1.1.–31.3.2023 |
1.1.–31.3.2022 |
1.1.–31.12.2022 |
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|
(EUR million, unless otherwise indicated) |
|
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|
Total AuM of unit-linked assets and funds |
10,776 |
10,974 |
10,302 |
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|
Total assets under management (AuM) |
19,831 |
20,453 |
19,219 |
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|
Net flows to unit-linked and funds |
291 |
251 |
537 |
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|
Profit before taxes * |
32.0 |
226,8 |
686,2 |
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|
Comprehensive income * |
23.7 |
-16.7 |
58.0 |
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|
Investment return, % * |
1.7 |
-4.0 |
-9.0 |
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|
Solvency II ratio, % |
284 |
219 |
266 |
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|
Return on equity (ROE), % * (based on comprehensive income) |
5.8 |
-3.9 |
3.3 |
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(Unaudited) *IFRS-17 |
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|
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Mandatum
Mandatum is a major financial services provider that combines expertise in money and life. Mandatum offers customers a wide array of services covering asset and wealth management, savings and investment, compensation and rewards, pension plans and personal risk insurance. Mandatum offers services to corporate customers, retail customers as well as institutional and wealth management customers. At the center of Mandatum's success are highly skilled personnel, strong brand, and investment track record. www.mandatum.fi/en
Additional information:
Petri Niemisvirta, CEO: petri.niemisvirta@mandatum.fi, tel. +358 10 516 7200
Jukka Kurki, CFO: jukka.kurki@mandatum.fi, tel. +358 50 424 6630
Niina Riihelä, Senior Vice President, Marketing and Communications: niina.riihela@mandatum.fi, tel. +358 40 728 1548