{"success":true,"data":{"pressRelease":{"id":"27130","rtpr_id":"nWkr3sHkMx","ticker":"MANTA","exchange":"Nasdaq Helsinki","all_tickers":["MANTA"],"title":"Mandatum plc's Interim Report 1 January-31 March 2026: Solid performance in capital-light business","author":"Cision","published_at":"2026-05-08T05:30:04.079Z","article_body":"Mandatum Oyj\nMandatum plc, Stock exchange release, 8 May 2026 at 8:30 a.m. EEST\n\nJanuary–March 2026 in brief\n\n•          Client assets under management increased by 10% from the\nprevious year to EUR 15.4 (31 Mar 2025: 14.0) billion. Net flow was strong,\nEUR 248 (256) million.\n\n•          Capital-light profit before taxes increased by 35% from\nthe previous year and totalled EUR 26.8 (19.9) million. Fee result increased\nby 10% to EUR 20.6 (18.8) million as a result of the increase in client assets\nunder management (AuM).\n\n•          Net finance result decreased to EUR -46.8 (51.8) million\ndriven by the one-off negative impact of EUR 36.2 million from the change in\ndiscount rate assumption as well as low investment return.\n* Mandatum changed the discount rate curve used in its IFRS 17 reporting as\nof 31 March 2026 in order to improve the predictability of earnings\nreporting and enhance the transparency of net finance result. The change in\nthe discount rate curve, i.e. the change in discount rate assumptions,\nresulted in a one-off negative impact on earnings recognised in the first\nquarter. However, the change has no impact on Mandatum’s cash flows,\nsolvency or dividend-paying capacity. Instead, it represents a change in the\naccrual of IFRS earnings over time, and the earnings impact is expected to be\noffset over time.\n•          Profit before taxes was EUR -25.9 (62.0) million and it\nincluded a one-off negative earnings impact of EUR 36.2 million on net\nfinance result arising from the change in discount rate assumption. Profit\nbefore taxes excluding the change in discount rate assumption was EUR 10.3\nmillion.\n\n•          Cost/income ratio related to client AuM1 decreased by 6\np.p. and improved to 49 (55)% as client assets under management increased.\n\n•          Organic capital generation exceeded the result for the\nperiod. Earnings per share (EPS) was EUR -0.02 (0.10) and organic capital\ngeneration (OCG) per share was EUR 0.10 (0.17).\n\n•          Return on equity2 (ROE) was -3.5 (12.4)%.\n\n•          The Solvency II ratio adjusted for dividend accrual and\nwithout the transitional measure was 203 (31 Dec 2025: 169)% mainly as a\nresult of the completion of the sale of Saxo Bank A/S shares.\n \n\n(1)      Trailing twelve months\n\n(2)      Annualised\n\n \n\nOutlook for 2026 (unchanged)\n* The fee result is expected to increase from year 2025.\n* The with-profit portfolio is expected to decrease further.\n \n\nFactors affecting Mandatum's financial performance\n* The fee result for year 2026 is dependent on several factors, such as client\nbehaviour and client asset allocation, competition and capital market\nconditions.\n* The unwinding rate, which has an impact on the insurance finance expenses,\nis 2.0 per cent in 2026 (2.4 per cent in 2025). In addition to the unwinding\nrate, changes in the discount rate will affect the amount of the insurance\nfinance expense. Movements in the investment market can create relatively high\nvolatility in the net finance result.\n* In addition, and as typical for the industry, the overall results of\nMandatum will be impacted by actuarial assumptions that are updated regularly.\n \nKey figures\n\n EUR million                                                                            1–3/2026    1–3/2025    Change, %   1–12/2025    \n Fee result                                                                             20.6        18.8        10%         80.9         \n Net finance result 3                                                                   -46.8       51.8        n.m.        131.6        \n Result related to risk policies                                                        6.2         2.3         n.m.        10.9         \n Other result                                                                           -6.0        -10.9       45%         -41.4        \n Profit before taxes for the period                                                     -25.9       62.0        n.m.        182.1        \n Profit before taxes for the period excluding the change in discount rate assumption 3  10.3        62.0        -83%        182.1        \n                                                                                                                                         \n Capital-light profit before taxes                                                      26.8        19.9        35%         91.8         \n Net flow                                                                               248         256         -3%         723          \n                                                                                                                                         \n Earnings per share, EUR                                                                -0.02       0.10        n.m.        0.31         \n Equity per share, EUR                                                                  2.81        3.29        -15%        2.84         \n Organic capital generation per share, EUR                                              0.10        0.17        -43%        0.60         \n Return on equity-% 1                                                                   -3.5%       12.4%       -15.9 p.p.  10.3%        \n Cost/income ratio related to client AuM, % 2                                           49%         55%         -6 p.p      49%          \n\n \n\n(1)      Annualised\n\n(2)      Trailing twelve months\n\n(3)      The change in discount rate assumption increased the present\nvalue of the expected cash flows included in insurance contract liabilities,\nresulting in a one-off increase of EUR 36.2 million in insurance finance\nexpenses in the first quarter of 2026.\n\n \n\n EUR million                                                                 31 Mar 2026  31 Mar 2025  Change, %  31 Dec 2025  \n Client assets under management (AuM)                                        15,435       14,036       10%        15,323       \n Solvency ratio, adjusted for dividend accrual, %                            220%         207%         13 p.p.    184%         \n Solvency ratio, adjusted for dividend accrual, w/o transitional measure, %  203%         191%         12 p.p.    169%         \n\n \n\nCEO comment\n\nOnce again, the investment market sentiment was mixed in the first quarter.\nGeopolitical tensions, such as the escalation in the Middle East, sent clear\nripples across the financial markets. Yet, compared to last year, the\nmarkets’ resilience to volatility has undoubtedly grown. The nervousness\nbecame more apparent towards the end of the quarter, and it was reflected in a\ndecline in our client assets under management in March. However, confidence in\nthe markets has since mostly recovered. Overall, investors need to have nerves\nof steel with the constant influx of news and rapidly changing circumstances.\nWhat is needed is a long-term investment strategy coupled with the ability to\nleverage market movements.\n\nFor Mandatum, the first quarter was successful despite the unstable\nenvironment. The profit of the capital-light business at the core of our\nstrategy grew 35 per cent year-on-year and was EUR 26.8 million. In my view,\nthis is a particularly strong indication that our operations are progressing\nas planned and that the quality of the result is moving in the right\ndirection. The fee result increased 10 per cent year-on-year, supported by the\ngrowth in client assets under management.\n\nNew sales remained at a good level and the quarter’s net flow was EUR 248\nmillion. The greatest net flow came from asset and wealth management, but also\nthe net flow from the corporate client business increased thanks to good\npersonnel fund sales. Client assets under management rose by one per cent\nduring the quarter despite the negative market impact and 10 per cent\nyear-on-year to EUR 15.4 billion in all client segments. The main driver of\ngrowth was once again asset and wealth management, and specifically private\nwealth management where client assets under management grew 17 per cent from\nthe previous year. It is encouraging to see our efforts in this area\ndelivering results.\n\nInternational client assets grew 12 per cent from the year earlier.\nInternational investment capital is often fast-moving, and market uncertainty\nis typically evident – especially in institutional asset management – in\nhigher outflow rates and delayed investment decisions. On the other hand, when\nthe market situation eases, cash flows often return quickly. With that in\nmind, I am happy with the performance of our international business in the\nfirst quarter.\n\nContinued success in Mandatum's funds\n\nThe successful raising of assets for the new opportunistic MAMCO II credit\nfund was a spectacular achievement considering the market environment. The\nfund’s investment commitments totalled more than EUR 300 million already at\nthe start of April in connection with its first closing. The fund’s\ninvestment operations were launched in an exceptionally interesting market\nenvironment, and the fund has benefited from the recent price volatility in\nthe credit markets. The best investments are, in fact, often made in\nexceptional circumstances. We also gained some well-deserved attention when\nMandatum’s Managed Futures fund secured second place in the Best Nordic\nManaged Futures / CTA Fund category in late April at Nordic Hedge Award in\nStockholm. The hedge fund, which uses e.g. AI in its investment decisions, has\nbeen extremely successful in the Nordic competitive landscape, and earlier\nthis year, it was recognised as the Best Performing Fund in its category at\nthe 2026 UCITS Hedge Awards.\n\nMandatum’s profit before taxes, excluding the technical discount rate curve\ninversion impact, was EUR 10.1 million in the first quarter, and it was\nweighed down by a lower net finance result arising from unfavourable market\nmovements. Especially with regard to the return on our own balance sheet\ninvestments, we fell short of our targets during the quarter. It is worth\nremembering that investment market and interest rate movements in particular\ncan occasionally manifest as significant volatility in the net finance result.\nThis is typical of the life insurance business. It is at least as important to\nunderstand that the earnings volatility caused by the net finance result does\nnot impact the company’s cash flows, solvency or dividend payout capacity.\n\nMandatum’s already strong solvency improved significantly during the first\nquarter. The solvency ratio increased from the start of the year by 34\npercentage points to 203 per cent as a result of the sale of Saxo Bank’s\nshares, which supports our cumulative shareholder payout target of over a\nbillion euros for this strategy period. Dividend payment will remain a key\ncomponent of capital management and shareholder value creation for Mandatum\ngoing forward.\n\nAll in all, we are well-positioned for the rest of 2026. The core of our\nstrategy – profitable growth of the capital-light business – is proceeding\nas planned, and positive client activity has remained at a good level even in\nan up-and-down market. As a top-tier fixed-income asset manager, Mandatum will\ncontinue to benefit from the rising interest rates also going forward.\n\nPetri Niemisvirta\nChief Executive Officer\n\n \n\nConference call on 8 May 2026\n\nA conference call in English for analysts and investors is scheduled for 8 May\n2026 at 11.00 a.m. (EEST, Finnish time). In the conference call CEO Petri\nNiemisvirta, CFO Matti Ahokas and VP, Investor Relations Lotta Borgström will\npresent the company’s results and answer investors’ questions. The\nconference call can be followed live at mandatum.fi/en/result\n(https://www.mandatum.fi/en/result).\n\nIt is possible to ask questions by phone or via the conference call chat\nfunction. To ask questions by phone, please register by using the following\nlink: https://events.inderes.com/mandatum/q1-2026/dial-in. After the\nregistration, you will be provided with phone numbers as well as a conference\nID that you can use to join the conference call. If you wish to ask a\nquestion, please dial #5 on your telephone keypad to enter the queue.\n\nThe recording of the conference call will be available on the company’s\nwebsite after the event.\n\nAdditional information:\n\nMatti Ahokas\nCFO\nTel. +358 40 575 1978\nmatti.ahokas(a)mandatum.fi\n\nLotta Borgström  \nVP, Investor Relations  \nTel. +358 50 0221 027 \nlotta.borgstrom(a)mandatum.fi        \n \nNiina Riihelä \nSVP, Communications, Brand and Sustainability  \nTel. +358 40 728 1548 \nniina.riihela(a)mandatum.fi \n\nThe Interim Report can be found as an attachment to this stock exchange\nrelease. The supplementary presentation material for investors accompanying\nthe Mandatum interim report is available at mandatum.fi/en/result\n(https://www.mandatum.fi/en/group/investors/quarterly-reporting-and-presentations/).\n\nMandatum plc will publish its Half-Year Financial Report on 13 August 2026 and\nQ3 Interim Report on 10 November 2026.\n\n \n\nMandatum in brief\nMandatum is a major financial services provider, combining expertise in asset\nand wealth management and life insurance. Clients include institutional\ninvestors, companies and private individuals. Mandatum offers a broad range of\nservices encompassing asset and wealth management, compensation and rewards,\nsupplementary pensions and personal risk insurance. Skilled personnel, strong\nbrand and proven investment track record are at the centre of Mandatum’s\nsuccess. The company has been listed on Nasdaq Helsinki since 2023.\nmandatum.fi/en/group/ (https://www.mandatum.fi/en/group/)\n\n \n\nDistribution:\nNasdaq Helsinki\nFinancial Supervisory Authority\nKey media\nwww.mandatum.fi\n\n \n\nhttps://news.cision.com/mandatum-oyj/r/mandatum-plc-s-interim-report-1-january-31-march-2026--solid-performance-in-capital-light-business%2Cc4346270\n\nMandatum Interim Report Q1 2026\n(https://mb.cision.com/Public/22546/4346270/aba64b6503d06b01.pdf)\n\n\n\n(c) Copyright Waymaker BIT News - Cision 2026","article_body_html":"","raw_payload":{"data":{"id":"nWkr3sHkMx","title":"Mandatum plc's Interim Report 1 January-31 March 2026: Solid performance in capital-light business","author":"Cision","ticker":"MANTA","created":"2026-05-08T05:30:04.079Z","tickers":["MANTA"],"exchange":"Nasdaq Helsinki","article_body":"Mandatum Oyj\nMandatum plc, Stock exchange release, 8 May 2026 at 8:30 a.m. EEST\n\nJanuary–March 2026 in brief\n\n•          Client assets under management increased by 10% from the\nprevious year to EUR 15.4 (31 Mar 2025: 14.0) billion. Net flow was strong,\nEUR 248 (256) million.\n\n•          Capital-light profit before taxes increased by 35% from\nthe previous year and totalled EUR 26.8 (19.9) million. Fee result increased\nby 10% to EUR 20.6 (18.8) million as a result of the increase in client assets\nunder management (AuM).\n\n•          Net finance result decreased to EUR -46.8 (51.8) million\ndriven by the one-off negative impact of EUR 36.2 million from the change in\ndiscount rate assumption as well as low investment return.\n* Mandatum changed the discount rate curve used in its IFRS 17 reporting as\nof 31 March 2026 in order to improve the predictability of earnings\nreporting and enhance the transparency of net finance result. The change in\nthe discount rate curve, i.e. the change in discount rate assumptions,\nresulted in a one-off negative impact on earnings recognised in the first\nquarter. However, the change has no impact on Mandatum’s cash flows,\nsolvency or dividend-paying capacity. Instead, it represents a change in the\naccrual of IFRS earnings over time, and the earnings impact is expected to be\noffset over time.\n•          Profit before taxes was EUR -25.9 (62.0) million and it\nincluded a one-off negative earnings impact of EUR 36.2 million on net\nfinance result arising from the change in discount rate assumption. Profit\nbefore taxes excluding the change in discount rate assumption was EUR 10.3\nmillion.\n\n•          Cost/income ratio related to client AuM1 decreased by 6\np.p. and improved to 49 (55)% as client assets under management increased.\n\n•          Organic capital generation exceeded the result for the\nperiod. Earnings per share (EPS) was EUR -0.02 (0.10) and organic capital\ngeneration (OCG) per share was EUR 0.10 (0.17).\n\n•          Return on equity2 (ROE) was -3.5 (12.4)%.\n\n•          The Solvency II ratio adjusted for dividend accrual and\nwithout the transitional measure was 203 (31 Dec 2025: 169)% mainly as a\nresult of the completion of the sale of Saxo Bank A/S shares.\n \n\n(1)      Trailing twelve months\n\n(2)      Annualised\n\n \n\nOutlook for 2026 (unchanged)\n* The fee result is expected to increase from year 2025.\n* The with-profit portfolio is expected to decrease further.\n \n\nFactors affecting Mandatum's financial performance\n* The fee result for year 2026 is dependent on several factors, such as client\nbehaviour and client asset allocation, competition and capital market\nconditions.\n* The unwinding rate, which has an impact on the insurance finance expenses,\nis 2.0 per cent in 2026 (2.4 per cent in 2025). In addition to the unwinding\nrate, changes in the discount rate will affect the amount of the insurance\nfinance expense. Movements in the investment market can create relatively high\nvolatility in the net finance result.\n* In addition, and as typical for the industry, the overall results of\nMandatum will be impacted by actuarial assumptions that are updated regularly.\n \nKey figures\n\n EUR million                                                                            1–3/2026    1–3/2025    Change, %   1–12/2025    \n Fee result                                                                             20.6        18.8        10%         80.9         \n Net finance result 3                                                                   -46.8       51.8        n.m.        131.6        \n Result related to risk policies                                                        6.2         2.3         n.m.        10.9         \n Other result                                                                           -6.0        -10.9       45%         -41.4        \n Profit before taxes for the period                                                     -25.9       62.0        n.m.        182.1        \n Profit before taxes for the period excluding the change in discount rate assumption 3  10.3        62.0        -83%        182.1        \n                                                                                                                                         \n Capital-light profit before taxes                                                      26.8        19.9        35%         91.8         \n Net flow                                                                               248         256         -3%         723          \n                                                                                                                                         \n Earnings per share, EUR                                                                -0.02       0.10        n.m.        0.31         \n Equity per share, EUR                                                                  2.81        3.29        -15%        2.84         \n Organic capital generation per share, EUR                                              0.10        0.17        -43%        0.60         \n Return on equity-% 1                                                                   -3.5%       12.4%       -15.9 p.p.  10.3%        \n Cost/income ratio related to client AuM, % 2                                           49%         55%         -6 p.p      49%          \n\n \n\n(1)      Annualised\n\n(2)      Trailing twelve months\n\n(3)      The change in discount rate assumption increased the present\nvalue of the expected cash flows included in insurance contract liabilities,\nresulting in a one-off increase of EUR 36.2 million in insurance finance\nexpenses in the first quarter of 2026.\n\n \n\n EUR million                                                                 31 Mar 2026  31 Mar 2025  Change, %  31 Dec 2025  \n Client assets under management (AuM)                                        15,435       14,036       10%        15,323       \n Solvency ratio, adjusted for dividend accrual, %                            220%         207%         13 p.p.    184%         \n Solvency ratio, adjusted for dividend accrual, w/o transitional measure, %  203%         191%         12 p.p.    169%         \n\n \n\nCEO comment\n\nOnce again, the investment market sentiment was mixed in the first quarter.\nGeopolitical tensions, such as the escalation in the Middle East, sent clear\nripples across the financial markets. Yet, compared to last year, the\nmarkets’ resilience to volatility has undoubtedly grown. The nervousness\nbecame more apparent towards the end of the quarter, and it was reflected in a\ndecline in our client assets under management in March. However, confidence in\nthe markets has since mostly recovered. Overall, investors need to have nerves\nof steel with the constant influx of news and rapidly changing circumstances.\nWhat is needed is a long-term investment strategy coupled with the ability to\nleverage market movements.\n\nFor Mandatum, the first quarter was successful despite the unstable\nenvironment. The profit of the capital-light business at the core of our\nstrategy grew 35 per cent year-on-year and was EUR 26.8 million. In my view,\nthis is a particularly strong indication that our operations are progressing\nas planned and that the quality of the result is moving in the right\ndirection. The fee result increased 10 per cent year-on-year, supported by the\ngrowth in client assets under management.\n\nNew sales remained at a good level and the quarter’s net flow was EUR 248\nmillion. The greatest net flow came from asset and wealth management, but also\nthe net flow from the corporate client business increased thanks to good\npersonnel fund sales. Client assets under management rose by one per cent\nduring the quarter despite the negative market impact and 10 per cent\nyear-on-year to EUR 15.4 billion in all client segments. The main driver of\ngrowth was once again asset and wealth management, and specifically private\nwealth management where client assets under management grew 17 per cent from\nthe previous year. It is encouraging to see our efforts in this area\ndelivering results.\n\nInternational client assets grew 12 per cent from the year earlier.\nInternational investment capital is often fast-moving, and market uncertainty\nis typically evident – especially in institutional asset management – in\nhigher outflow rates and delayed investment decisions. On the other hand, when\nthe market situation eases, cash flows often return quickly. With that in\nmind, I am happy with the performance of our international business in the\nfirst quarter.\n\nContinued success in Mandatum's funds\n\nThe successful raising of assets for the new opportunistic MAMCO II credit\nfund was a spectacular achievement considering the market environment. The\nfund’s investment commitments totalled more than EUR 300 million already at\nthe start of April in connection with its first closing. The fund’s\ninvestment operations were launched in an exceptionally interesting market\nenvironment, and the fund has benefited from the recent price volatility in\nthe credit markets. The best investments are, in fact, often made in\nexceptional circumstances. We also gained some well-deserved attention when\nMandatum’s Managed Futures fund secured second place in the Best Nordic\nManaged Futures / CTA Fund category in late April at Nordic Hedge Award in\nStockholm. The hedge fund, which uses e.g. AI in its investment decisions, has\nbeen extremely successful in the Nordic competitive landscape, and earlier\nthis year, it was recognised as the Best Performing Fund in its category at\nthe 2026 UCITS Hedge Awards.\n\nMandatum’s profit before taxes, excluding the technical discount rate curve\ninversion impact, was EUR 10.1 million in the first quarter, and it was\nweighed down by a lower net finance result arising from unfavourable market\nmovements. Especially with regard to the return on our own balance sheet\ninvestments, we fell short of our targets during the quarter. It is worth\nremembering that investment market and interest rate movements in particular\ncan occasionally manifest as significant volatility in the net finance result.\nThis is typical of the life insurance business. It is at least as important to\nunderstand that the earnings volatility caused by the net finance result does\nnot impact the company’s cash flows, solvency or dividend payout capacity.\n\nMandatum’s already strong solvency improved significantly during the first\nquarter. The solvency ratio increased from the start of the year by 34\npercentage points to 203 per cent as a result of the sale of Saxo Bank’s\nshares, which supports our cumulative shareholder payout target of over a\nbillion euros for this strategy period. Dividend payment will remain a key\ncomponent of capital management and shareholder value creation for Mandatum\ngoing forward.\n\nAll in all, we are well-positioned for the rest of 2026. The core of our\nstrategy – profitable growth of the capital-light business – is proceeding\nas planned, and positive client activity has remained at a good level even in\nan up-and-down market. As a top-tier fixed-income asset manager, Mandatum will\ncontinue to benefit from the rising interest rates also going forward.\n\nPetri Niemisvirta\nChief Executive Officer\n\n \n\nConference call on 8 May 2026\n\nA conference call in English for analysts and investors is scheduled for 8 May\n2026 at 11.00 a.m. (EEST, Finnish time). In the conference call CEO Petri\nNiemisvirta, CFO Matti Ahokas and VP, Investor Relations Lotta Borgström will\npresent the company’s results and answer investors’ questions. The\nconference call can be followed live at mandatum.fi/en/result\n(https://www.mandatum.fi/en/result).\n\nIt is possible to ask questions by phone or via the conference call chat\nfunction. To ask questions by phone, please register by using the following\nlink: https://events.inderes.com/mandatum/q1-2026/dial-in. After the\nregistration, you will be provided with phone numbers as well as a conference\nID that you can use to join the conference call. If you wish to ask a\nquestion, please dial #5 on your telephone keypad to enter the queue.\n\nThe recording of the conference call will be available on the company’s\nwebsite after the event.\n\nAdditional information:\n\nMatti Ahokas\nCFO\nTel. +358 40 575 1978\nmatti.ahokas(a)mandatum.fi\n\nLotta Borgström  \nVP, Investor Relations  \nTel. +358 50 0221 027 \nlotta.borgstrom(a)mandatum.fi        \n \nNiina Riihelä \nSVP, Communications, Brand and Sustainability  \nTel. +358 40 728 1548 \nniina.riihela(a)mandatum.fi \n\nThe Interim Report can be found as an attachment to this stock exchange\nrelease. The supplementary presentation material for investors accompanying\nthe Mandatum interim report is available at mandatum.fi/en/result\n(https://www.mandatum.fi/en/group/investors/quarterly-reporting-and-presentations/).\n\nMandatum plc will publish its Half-Year Financial Report on 13 August 2026 and\nQ3 Interim Report on 10 November 2026.\n\n \n\nMandatum in brief\nMandatum is a major financial services provider, combining expertise in asset\nand wealth management and life insurance. Clients include institutional\ninvestors, companies and private individuals. Mandatum offers a broad range of\nservices encompassing asset and wealth management, compensation and rewards,\nsupplementary pensions and personal risk insurance. Skilled personnel, strong\nbrand and proven investment track record are at the centre of Mandatum’s\nsuccess. The company has been listed on Nasdaq Helsinki since 2023.\nmandatum.fi/en/group/ (https://www.mandatum.fi/en/group/)\n\n \n\nDistribution:\nNasdaq Helsinki\nFinancial Supervisory Authority\nKey media\nwww.mandatum.fi\n\n \n\nhttps://news.cision.com/mandatum-oyj/r/mandatum-plc-s-interim-report-1-january-31-march-2026--solid-performance-in-capital-light-business%2Cc4346270\n\nMandatum Interim Report Q1 2026\n(https://mb.cision.com/Public/22546/4346270/aba64b6503d06b01.pdf)\n\n\n\n(c) Copyright Waymaker BIT News - Cision 2026"},"type":"article","timestamp":"2026-05-08T05:30:04.14704613Z","server_sent_at_ms":1778218204147},"received_at":"2026-05-08T05:30:04.301Z","source_url":"https://news.cision.com/mandatum-oyj/r/mandatum-plc-s-interim-report-1-january-31-march-2026--solid-performance-in-capital-light-business%2Cc4346270"},"analysis":{"id":"21248","press_release_id":"27130","analysis_json":{"industry":{"label":"Insurance","sector":"Financials"},"redFlags":[],"eventType":"earnings","narrative":"Mandatum reported a 35% year-on-year increase in capital-light profit before taxes to EUR 26.8 million, driven by a 10% rise in client assets under management to EUR 15.4 billion.\n\nThe fee result increased by 10% to EUR 20.6 million, reflecting strong net flows of EUR 248 million, with asset and wealth management being the main growth driver.\n\nDespite a one-off negative impact of EUR 36.2 million from the change in discount rate assumption, the company's core operations are progressing as planned, and the solvency ratio improved to 203% after the sale of Saxo Bank A/S shares.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Capital-light profit up 35% and AuM growth of 10% — Mandatum shows resilience in a volatile market."},"keyFigures":{"netFlow":248,"revenue":20.6,"feeResult":20.6,"netFlowYoy":"-3%","revenueYoy":"10%","feeResultYoy":"10%","solvencyRatio":220,"returnOnEquity":-3.5,"costIncomeRatio":49,"netFinanceResult":-46.8,"solvencyRatioYoy":"13 p.p.","profitBeforeTaxes":-25.9,"returnOnEquityYoy":"-15.9 p.p.","costIncomeRatioYoy":"-6 p.p.","netFinanceResultYoy":"n.m.","clientAssetsUnderManagement":15435,"capitalLightProfitBeforeTaxes":26.8,"clientAssetsUnderManagementYoy":"10%","capitalLightProfitBeforeTaxesYoy":"35%","solvencyRatioWithoutTransitionalMeasure":203,"solvencyRatioWithoutTransitionalMeasureYoy":"12 p.p."},"quotedText":"Once again, the investment market sentiment was mixed in the first quarter. For Mandatum, the first quarter was successful despite the unstable environment.","namedEntities":{"people":[{"name":"Petri Niemisvirta","role":"CEO"},{"name":"Matti Ahokas","role":"CFO"},{"name":"Lotta Borgström","role":"VP, Investor Relations"},{"name":"Niina Riihelä","role":"SVP, Communications, Brand and Sustainability"}],"products":["MAMCO II credit fund","Managed Futures fund"],"companies":[{"name":"Mandatum Oyj","ticker":"MANTA"},{"name":"Saxo Bank A/S","ticker":""}],"dollarAmounts":[{"amount":"EUR 15.4 billion","context":"Client assets under management"},{"amount":"EUR 26.8 million","context":"Capital-light profit before taxes"},{"amount":"EUR 20.6 million","context":"Fee result"},{"amount":"EUR -46.8 million","context":"Net finance result"},{"amount":"EUR -25.9 million","context":"Profit before taxes"},{"amount":"EUR 248 million","context":"Net flow"},{"amount":"EUR 300 million","context":"Investment commitments in MAMCO II credit fund"},{"amount":"EUR 10.1 million","context":"Profit before taxes excluding technical discount rate curve inversion impact"},{"amount":"EUR 0.02","context":"Earnings per share"},{"amount":"EUR 2.81","context":"Equity per share"},{"amount":"EUR 0.10","context":"Organic capital generation per share"}]},"materialImpact":{"score":4,"reasoning":"Capital-light profit before taxes increased by 35% year-on-year to EUR 26.8 million, and the fee result increased by 10% to EUR 20.6 million. The solvency ratio improved significantly, and the company is well-positioned for the rest of 2026."},"tickerRelevance":{"others":[],"primary":"MANTA"},"globalImportance":45,"audienceRelevance":60,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"mid-cap","eventGravity":"positive earnings surprise and solvency improvement","sectorWeight":"financials","audienceRelevanceFactors":"listed on Nasdaq Helsinki, major financial services provider with a broad client base"}},"event_type":"earnings","event_type_secondary":null,"sentiment":"bullish","material_impact_score":4,"narrative":"Mandatum reported a 35% year-on-year increase in capital-light profit before taxes to EUR 26.8 million, driven by a 10% rise in client assets under management to EUR 15.4 billion.\n\nThe fee result increased by 10% to EUR 20.6 million, reflecting strong net flows of EUR 248 million, with asset and wealth management being the main growth driver.\n\nDespite a one-off negative impact of EUR 36.2 million from the change in discount rate assumption, the company's core operations are progressing as planned, and the solvency ratio improved to 203% after the sale of Saxo Bank A/S shares.","key_figures":{"netFlow":248,"revenue":20.6,"feeResult":20.6,"netFlowYoy":"-3%","revenueYoy":"10%","feeResultYoy":"10%","solvencyRatio":220,"returnOnEquity":-3.5,"costIncomeRatio":49,"netFinanceResult":-46.8,"solvencyRatioYoy":"13 p.p.","profitBeforeTaxes":-25.9,"returnOnEquityYoy":"-15.9 p.p.","costIncomeRatioYoy":"-6 p.p.","netFinanceResultYoy":"n.m.","clientAssetsUnderManagement":15435,"capitalLightProfitBeforeTaxes":26.8,"clientAssetsUnderManagementYoy":"10%","capitalLightProfitBeforeTaxesYoy":"35%","solvencyRatioWithoutTransitionalMeasure":203,"solvencyRatioWithoutTransitionalMeasureYoy":"12 p.p."},"named_entities":{"people":[{"name":"Petri Niemisvirta","role":"CEO"},{"name":"Matti Ahokas","role":"CFO"},{"name":"Lotta Borgström","role":"VP, Investor Relations"},{"name":"Niina Riihelä","role":"SVP, Communications, Brand and Sustainability"}],"products":["MAMCO II credit fund","Managed Futures fund"],"companies":[{"name":"Mandatum Oyj","ticker":"MANTA"},{"name":"Saxo Bank A/S","ticker":""}],"dollarAmounts":[{"amount":"EUR 15.4 billion","context":"Client assets under management"},{"amount":"EUR 26.8 million","context":"Capital-light profit before taxes"},{"amount":"EUR 20.6 million","context":"Fee result"},{"amount":"EUR -46.8 million","context":"Net finance result"},{"amount":"EUR -25.9 million","context":"Profit before taxes"},{"amount":"EUR 248 million","context":"Net flow"},{"amount":"EUR 300 million","context":"Investment commitments in MAMCO II credit fund"},{"amount":"EUR 10.1 million","context":"Profit before taxes excluding technical discount rate curve inversion impact"},{"amount":"EUR 0.02","context":"Earnings per share"},{"amount":"EUR 2.81","context":"Equity per share"},{"amount":"EUR 0.10","context":"Organic capital generation per share"}]},"model_name":"Qwen/Qwen3-32B-AWQ","prompt_hash":"sha256:f66160e0fe5301b2","schema_hash":"sha256:12363694422af5d9","created_at":"2026-05-08T05:44:46.458Z","global_importance":45,"audience_relevance":60,"importance_components":{"tickerTier":"mid-cap","eventGravity":"positive earnings surprise and solvency improvement","sectorWeight":"financials","audienceRelevanceFactors":"listed on Nasdaq Helsinki, major financial services provider with a broad client base"}},"durationMs":26245,"modelName":"george-droid-qwen3-32b-triton"}}