Return on equity (ROE)

above 20% (new target)

Capital-light profit before taxes growth 
(Compound annual growth rate, CAGR)

above 10% (new target)

Solvency margin

160–180% (previously 170–200%)

Cumulative shareholder payouts

exceeding EUR 1 billion for the years 2025–2028

• 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. 

Published in Financial Statements Release 2025 on 12 February 2026.