Mandatum Life’s result 1–9/2020


Mandatum Life achieved a good result despite the challenging situation. Customer satisfaction is at a record-high level. 

Mandatum Life’s result before taxes for the 1–9/2020 period was EUR 100 million (212). Comprehensive income after taxes, taking into account changes in market values, amounted to EUR 53 million (224) in January–September 2020, and EUR 143 million (53) in the third quarter. The return on equity was 5.0 per cent (25.9) in January–September 2020. The fair value reserve decreased to EUR 410 million (438) during the same period. The expense result increased to EUR 19 million (17) in January–September of 2020, and the risk result was EUR 16 million (15).

Premiums written on the company’s own account decreased to EUR 670 million (824). Premiums written on unit-linked insurance amounted to EUR 590 million (720).

The return on Mandatum Life’s investment assets at fair value was 0.8 per cent (6.7) in January–September 2020, and the return on the segregated portfolio’s investment assets at fair value during the same period was –0.5 per cent (5.3).

Measured at market values, Mandatum Life’s investment assets at the end of September totalled EUR 5.4 billion (5.7), excluding the EUR 8.1 billion (8.2) in assets covering unit-linked technical provisions.

The investment assets covering Mandatum Life’s original with-profit liabilities on 30 September 2020 totalled EUR 4.4 billion (4.7) at market values. The value of the investments covering the segregated portfolio was EUR 1.0 billion (1.0).

Mandatum Life’s total technical reserves amounted to EUR 11.7 billion (12.0). Unit-linked technical provisions amounted to EUR 8.1 billion (8.1), representing 69 per cent (67) of the total technical provisions. The with-profit technical provisions decreased according to plan in January–September 2020, and amounted to EUR 3.6 billion (3.9) at the end of September 2020. The insurance portfolios with a high technical rate of interest (4.5 and 3.5 per cent) shrunk by EUR 207 million to EUR 2.0 billion in January–September 2020.

Overall, Mandatum Life has strengthened its technical provisions by EUR 160 million (230) in response to the low interest rate level. The figure does not include items related to the segregated portfolio. The discount rate for the rest of 2020 and for 2021 is 0.25 per cent. The discount rate for 2022 is 1.25 per cent. The technical rate of interest on the segregated group pension insurance portfolio is 0.0 per cent.

At the end of September 2020, Mandatum Life’s solvency ratio was 206 per cent (176% in 12/2019), and without the application of the transitional provisions, it was 175 per cent (142% in 12/2019).

Statement by CEO Petri Niemisvirta:

“Mandatum Life achieved a very good result in light of the challenging situation. This quarter, the company’s premiums written fell short of the level of the comparison year, however, that is more the result of the excellent development of premiums written in the comparison period than the pandemic itself. This year, the company’s risk insurance sales have also developed positively.

Our outlook remains good despite the coronavirus crisis. It is reinforced by the favourable performance of our investment operations under the circumstances, and our extremely high level of customer satisfaction. Measured by NPS, customer satisfaction has continued to increase even during the coronavirus pandemic, and in September 2020, it was at the highest level in the company’s history. The increase was seen equally in all customer channels. This shows that Mandatum Life has been able to provide excellent service to its customers and be a trustworthy partner even in the midst of a crisis.

Our personnel, most of whom continue to work remotely, were rewarded in September when Mandatum Life was voted the 10th best workplace in Europe in the large companies category. Our ranking in this category is the best ever for a Finnish company,” says Mandatum Life’s CEO Petri Niemisvirta


Mandatum Life’s key figures 1–9/2020

Premiums written, own account: EUR 670 million (824)

Result before taxes: EUR 100 million (212)

RoE: 5.0% (25.9)

Solvency ratio: 206% (176 in 12/2019), and without transitional measures/provisions 175% (142 in 12/2019)

Return on investment assets: 0.8% (6.7) and for the segregated portfolio –0.5% (5.3)

Average number of staff: 579 (557)

Mandatum Life’s result in its entirety is available at:


For more information, please contact:
Petri Niemisvirta, CEO:, tel. +358 10 516 7200
Jukka Kurki, CFO:, tel. +358 50 424 6630
Niina Riihelä, Vice President, Marketing and Communications:, tel. +358 40 728 1548