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Mandatum’s Fourth Quarter Results Decline, Full-Year Performance Shows Strong Growth

ByEditor

Feb 13, 2024

Asset manager and life insurer Command began trading on the Helsinki Stock Exchange at the beginning of October after being spun off from its parent company, Sampo. The company reported a profit before taxes of 46.3 million euros for the October–December quarter, down from 62.6 million euros in the comparison period. The decrease was attributed to a weakened investment result and increased financing costs for insurance contract debt. Mandatum also reported a full-year profit before taxes of 210.4 million euros, up from 75.7 million euros in the comparison period.

The company’s CEO, Petri Niemisvirta, described the result as excellent, noting that the company’s capital-light business has contributed to the growth of its net cash flow and fee result. Mandatum managed 11.9 billion euros in customer funds at the end of December, representing around 15 percent growth during the calendar year. The company aims for a solvency ratio between 170 and 200 percent in the medium term.

Mandatum also announced a dividend of EUR 0.33 per share, totaling EUR 166 million, which met analysts’ forecasts. The company aims to distribute cumulative dividends of EUR 500 million during the years 2024–2026.

In addition to its financial performance, the company expanded its customer base and achieved a pro forma solvency ratio of 221.4 percent. The net cash flow in the past year was 753.8 million euros, exceeding the company’s medium-term target of 5 percent.

In terms of services, Mandatum offers a range of financial services, including capital and asset management, saving and investing, rewards and commissions, pension plans, and personal risk insurance. The company’s operations are primarily based in Finland.

By Editor

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