Mandatum plc, Stock exchange release, 8 May 2026 at 8:30 a.m. EEST
January–March 2026 in brief
• Client assets under management increased by 10% from the previous year to EUR 15.4 (31 Mar 2025: 14.0) billion. Net flow was strong, EUR 248 (256) million.
• Capital-light profit before taxes increased by 35% from the previous year and totalled EUR 26.8 (19.9) million. Fee result increased by 10% to EUR 20.6 (18.8) million as a result of the increase in client assets under management (AuM).
• Net finance result decreased to EUR -46.8 (51.8) million driven by the one-off negative impact of EUR 36.2 million from the change in discount rate assumption as well as low investment return.
- Mandatum changed the discount rate curve used in its IFRS 17 reporting as of 31 March 2026 in order to improve the predictability of earnings reporting and enhance the transparency of net finance result. The change in the discount rate curve, i.e. the change in discount rate assumptions, resulted in a one‑off negative impact on earnings recognised in the first quarter. However, the change has no impact on Mandatum’s cash flows, solvency or dividend‑paying capacity. Instead, it represents a change in the accrual of IFRS earnings over time, and the earnings impact is expected to be offset over time.
• Profit before taxes was EUR -25.9 (62.0) million and it included a one‑off negative earnings impact of EUR 36.2 million on net finance result arising from the change in discount rate assumption. Profit before taxes excluding the change in discount rate assumption was EUR 10.3 million.
• Cost/income ratio related to client AuM1 decreased by 6 p.p. and improved to 49 (55)% as client assets under management increased.
• Organic capital generation exceeded the result for the period. Earnings per share (EPS) was EUR -0.02 (0.10) and organic capital generation (OCG) per share was EUR 0.10 (0.17).
• Return on equity2 (ROE) was -3.5 (12.4)%.
• The Solvency II ratio adjusted for dividend accrual and without the transitional measure was 203 (31 Dec 2025: 169)% mainly as a result of the completion of the sale of Saxo Bank A/S shares.
(1) Trailing twelve months
(2) Annualised
Outlook for 2026 (unchanged)
- The fee result is expected to increase from year 2025.
- The with-profit portfolio is expected to decrease further.
Factors affecting Mandatum's financial performance
- The fee result for year 2026 is dependent on several factors, such as client behaviour and client asset allocation, competition and capital market conditions.
- The unwinding rate, which has an impact on the insurance finance expenses, is 2.0 per cent in 2026 (2.4 per cent in 2025). In addition to the unwinding rate, changes in the discount rate will affect the amount of the insurance finance expense. Movements in the investment market can create relatively high volatility in the net finance result.
- In addition, and as typical for the industry, the overall results of Mandatum will be impacted by actuarial assumptions that are updated regularly.
Key figures
|
EUR million |
1–3/2026 |
1–3/2025 |
Change, % |
1–12/2025 |
|
Fee result |
20.6 |
18.8 |
10% |
80.9 |
|
Net finance result3 |
-46.8 |
51.8 |
n.m. |
131.6 |
|
Result related to risk policies |
6.2 |
2.3 |
n.m. |
10.9 |
|
Other result |
-6.0 |
-10.9 |
45% |
-41.4 |
|
Profit before taxes for the period |
-25.9 |
62.0 |
n.m. |
182.1 |
|
Profit before taxes for the period excluding the change in discount rate assumption3 |
10.3 |
62.0 |
-83% |
182.1 |
|
|
|
|
|
|
|
Capital-light profit before taxes |
26.8 |
19.9 |
35% |
91.8 |
|
Net flow |
248 |
256 |
-3% |
723 |
|
|
|
|
|
|
|
Earnings per share, EUR |
-0.02 |
0.10 |
n.m. |
0.31 |
|
Equity per share, EUR |
2.81 |
3.29 |
-15% |
2.84 |
|
Organic capital generation per share, EUR |
0.10 |
0.17 |
-43% |
0.60 |
|
Return on equity-%1 |
-3.5% |
12.4% |
-15.9 p.p. |
10.3% |
|
Cost/income ratio related to client AuM, %2 |
49% |
55% |
-6 p.p |
49% |
(1) Annualised
(2) Trailing twelve months
(3) The change in discount rate assumption increased the present value of the expected cash flows included in insurance contract liabilities, resulting in a one‑off increase of EUR 36.2 million in insurance finance expenses in the first quarter of 2026.
|
EUR million |
31 Mar 2026 |
31 Mar 2025 |
Change, % |
31 Dec 2025 |
|
Client assets under management (AuM) |
15,435 |
14,036 |
10% |
15,323 |
|
Solvency ratio, adjusted for dividend accrual, % |
220% |
207% |
13 p.p. |
184% |
|
Solvency ratio, adjusted for dividend accrual, w/o transitional measure, % |
203% |
191% |
12 p.p. |
169% |
CEO comment
Once again, the investment market sentiment was mixed in the first quarter. Geopolitical tensions, such as the escalation in the Middle East, sent clear ripples across the financial markets. Yet, compared to last year, the markets’ resilience to volatility has undoubtedly grown. The nervousness became more apparent towards the end of the quarter, and it was reflected in a decline in our client assets under management in March. However, confidence in the markets has since mostly recovered. Overall, investors need to have nerves of steel with the constant influx of news and rapidly changing circumstances. What is needed is a long-term investment strategy coupled with the ability to leverage market movements.
For Mandatum, the first quarter was successful despite the unstable environment. The profit of the capital-light business at the core of our strategy grew 35 per cent year-on-year and was EUR 26.8 million. In my view, this is a particularly strong indication that our operations are progressing as planned and that the quality of the result is moving in the right direction. The fee result increased 10 per cent year-on-year, supported by the growth in client assets under management.
New sales remained at a good level and the quarter’s net flow was EUR 248 million. The greatest net flow came from asset and wealth management, but also the net flow from the corporate client business increased thanks to good personnel fund sales. Client assets under management rose by one per cent during the quarter despite the negative market impact and 10 per cent year-on-year to EUR 15.4 billion in all client segments. The main driver of growth was once again asset and wealth management, and specifically private wealth management where client assets under management grew 17 per cent from the previous year. It is encouraging to see our efforts in this area delivering results.
International client assets grew 12 per cent from the year earlier. International investment capital is often fast-moving, and market uncertainty is typically evident – especially in institutional asset management – in higher outflow rates and delayed investment decisions. On the other hand, when the market situation eases, cash flows often return quickly. With that in mind, I am happy with the performance of our international business in the first quarter.
Continued success in Mandatum's funds
The successful raising of assets for the new opportunistic MAMCO II credit fund was a spectacular achievement considering the market environment. The fund’s investment commitments totalled more than EUR 300 million already at the start of April in connection with its first closing. The fund’s investment operations were launched in an exceptionally interesting market environment, and the fund has benefited from the recent price volatility in the credit markets. The best investments are, in fact, often made in exceptional circumstances. We also gained some well-deserved attention when Mandatum’s Managed Futures fund secured second place in the Best Nordic Managed Futures / CTA Fund category in late April at Nordic Hedge Award in Stockholm. The hedge fund, which uses e.g. AI in its investment decisions, has been extremely successful in the Nordic competitive landscape, and earlier this year, it was recognised as the Best Performing Fund in its category at the 2026 UCITS Hedge Awards.
Mandatum’s profit before taxes, excluding the technical discount rate curve inversion impact, was EUR 10.1 million in the first quarter, and it was weighed down by a lower net finance result arising from unfavourable market movements. Especially with regard to the return on our own balance sheet investments, we fell short of our targets during the quarter. It is worth remembering that investment market and interest rate movements in particular can occasionally manifest as significant volatility in the net finance result. This is typical of the life insurance business. It is at least as important to understand that the earnings volatility caused by the net finance result does not impact the company’s cash flows, solvency or dividend payout capacity.
Mandatum’s already strong solvency improved significantly during the first quarter. The solvency ratio increased from the start of the year by 34 percentage points to 203 per cent as a result of the sale of Saxo Bank’s shares, which supports our cumulative shareholder payout target of over a billion euros for this strategy period. Dividend payment will remain a key component of capital management and shareholder value creation for Mandatum going forward.
All in all, we are well-positioned for the rest of 2026. The core of our strategy – profitable growth of the capital-light business – is proceeding as planned, and positive client activity has remained at a good level even in an up-and-down market. As a top-tier fixed-income asset manager, Mandatum will continue to benefit from the rising interest rates also going forward.
Petri Niemisvirta
Chief Executive Officer
Conference call on 8 May 2026
A conference call in English for analysts and investors is scheduled for 8 May 2026 at 11.00 a.m. (EEST, Finnish time). In the conference call CEO Petri Niemisvirta, CFO Matti Ahokas and VP, Investor Relations Lotta Borgström will present the company’s results and answer investors’ questions. The conference call can be followed live at mandatum.fi/en/result.
It is possible to ask questions by phone or via the conference call chat function. To ask questions by phone, please register by using the following link: https://events.inderes.com/mandatum/q1-2026/dial-in. After the registration, you will be provided with phone numbers as well as a conference ID that you can use to join the conference call. If you wish to ask a question, please dial #5 on your telephone keypad to enter the queue.
The recording of the conference call will be available on the company’s website after the event.
Additional information:
Matti Ahokas
CFO
Tel. +358 40 575 1978
matti.ahokas(a)mandatum.fi
Lotta Borgström
VP, Investor Relations
Tel. +358 50 0221 027
lotta.borgstrom(a)mandatum.fi
Niina Riihelä
SVP, Communications, Brand and Sustainability
Tel. +358 40 728 1548
niina.riihela(a)mandatum.fi
The Interim Report can be found as an attachment to this stock exchange release. The supplementary presentation material for investors accompanying the Mandatum interim report is available at mandatum.fi/en/result.
Mandatum plc will publish its Half-Year Financial Report on 13 August 2026 and Q3 Interim Report on 10 November 2026.
Mandatum in brief
Mandatum is a major financial services provider, combining expertise in asset and wealth management and life insurance. Clients include institutional investors, companies and private individuals. Mandatum offers a broad range of services encompassing asset and wealth management, compensation and rewards, supplementary pensions and personal risk insurance. Skilled personnel, strong brand and proven investment track record are at the centre of Mandatum’s success. The company has been listed on Nasdaq Helsinki since 2023. mandatum.fi/en/group/
Distribution:
Nasdaq Helsinki
Financial Supervisory Authority
Key media
www.mandatum.fi
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