Mandatum (MANTA) Nordea’s Nordic Insurance Trip presentation summary

Business overview and strategy

• Major provider of asset & wealth management and life insurance, serving corporate, private, and institutional clients, mainly in Finland and expanding in the Nordics and Central Europe.

• Market cap of EUR 2.8 billion as of May 2026, with EUR 15.4 billion in client assets under management and over 220,000 shareholders.

• Strategic focus on expanding Nordic asset management, accelerating Finnish wealth management, leveraging corporate market leadership, and operational efficiency for 2025-2028.

• Vision to become the fastest-growing Nordic asset and wealth manager with optimized growth in Finnish life and pension.

Financial performance and targets

• Profit before taxes in 2025 was EUR 182 million; Q1 2026 saw a one-off negative impact from discount rate changes, but capital-light profit before taxes grew 35% year-on-year.

• Return on equity target above 20%, with capital-light profit before taxes CAGR above 10% for 2025-2028.

• Solvency margin target set at 160-180%, with cumulative shareholder payouts exceeding EUR 1 billion.

• Cost/income ratio improved by 6 percentage points year-on-year to 49% as of Q1 2026, reflecting operational leverage.

Business transformation and growth

• Transitioning from with-profit to capital-light business, focusing on asset and wealth management as a growth engine.

• Unit-linked liabilities grew 172% since 2014, while with-profit liabilities declined by 61%.

• International asset management AuM grew at a 32% CAGR since 2018, with market share in the Nordics still below 1%, indicating significant growth potential.