Mandatum Oyj · OMXHEX:MANTA
Mandatum Oyj — Investor Day (August 2025)
41 slides from Mandatum Oyj's investor day presentation, Aug 19, 2025
Slide 1: Mandatum Analyst Day 2025
Mandatum Analyst Day 2025 Helsinki, 19 August 2025
Slide 2: Strategy and Q2 2025 business performance
Strategy and Q2 2025 business performance Petri Niemisvirta, CEO
Slide 3: Transformation towards capital-light business
Transformation towards capital-light business INSTITUTIONAL AND WEALTH MANAGEMENT Growth engine CORPORATE CLIENTS Capital-light The backbone of CAPITAL- PROFITABLE LIGHT business the customer base GROWTH RETAIL CLIENTS Effective partnership model With-profit business CAPITAL WITH-PROFIT RELEASE Eff
Slide 4: Target markets growing
Target markets growing Asset management Wealth management Corporate life & unit-linked market (EURbn) market (EURbn) pension market (EURm) AuM AuM GWP2 CAGR1 1,500 200 600 ~8% CAGR1 CAGR1 ~6% ~5% 1,000 400 100 500 200 0 0 0 2023 2024 2025E2026E2027E2028E 2023 2024 2025E 2026E 2027E 2028E 2023 2024 2
Slide 5: Growth opportunities across all capital-light business areas
Growth opportunities across all capital-light business areas Profit before taxes growth and profitability ambition towards 2028 Capital Operational Optimised growth Scalable growth release efficiency FIN Profitability by ROE* FIN Wealth Nordic management Life&Pension Asset FIN Non-Nordic Corporate m
Slide 6: Vision, Strategic priorities and Financial targets 2025–2028
Vision THE FASTEST GROWING NORDIC ASSET AND WEALTH MANAGER WITH OPTIMISED GROWTH IN FINNISH LIFE AND PENSION Strategic priorities 2025–2028 EXPAND ACCELERATE LEVERAGE FOCUS ON THE NORDIC THE GROWTH OF THE LEADING OPERATIONAL FOOTHOLD IN ASSET FINNISH WEALTH CORPORATE MARKET EFFICIENCY MANAGEMENT MAN
Slide 7: Q2 2025 business performance
Q2 2025 business performance
Slide 8: Continued growth in client assets under management
Continued growth in client assets under management NET FLOW (EURm) CLIENT ASSETS UNDER MANAGEMENT (EURbn) Net flow (QTD) Net flow (TTM) TTM Net flow % of BoP AuM Institutional & WM Corporate Retail 1,200 12% 14.0 14.4 14.0 983 993 13.0 13.3 1,000 925 10% 12.5 11.9 3.5 11.2 11.2 3.5 3.4 802 10.8 3.5
Slide 9: Continued growth in Institutional and wealth management
Continued growth in Institutional and wealth management AUM BY CLIENT SEGMENT (EURm) AUM BY PRODUCT (EURm) COMMENTS Private wealth management Credit Equity Institution International Alternative Allocation products 16% AuM growth y/y in the I&WM Institution Finland External products business area d
Slide 10: Cost/income ratio down by 11 p.p.
Cost/income ratio down by 11 p.p. CLIENT AUM C/I RATIO (%)1 FEE MARGIN (%)1 COST/INCOME RATIO 70% 1.6% Improved operational leverage 64% 63% 12 months C/I-ratio down by 11 p.p. 1.4% 60% 58% 55% 1.20% 1.20% 1.19% 1.17% 53% 1.2% 1.14% FEE MARGIN 50% 1.0% Fee margin down to 1.14% due to mix effec
Slide 11: Several business highlights in Q2 2025
Several business highlights in Q2 2025 Institutional and wealth management Corporate The international asset management Steady growth of unit-linked pensions business continued to perform well, continued. with new client accounts established, among others, in France and Norway. Demand for pers
Slide 12: Update on financials
Update on financials Matti Ahokas, CFO
Slide 13: Overview of the 4–6/2025 results
Overview of the 4–6/2025 results RESULTS EURm 4–6/2025 4–6/2024 Change, % 1–6/2025 1–6/2024 Change, % 1–12/2024 Fee result 18.5 14.7 26% 37.3 29.9 25% 66.6 Net finance result 21.6 55.1 -61% 73.4 85.0 -14% 135.6 Result related to risk policies 2.0 11.9 -83% 4.3 14.1 -69% 25.4 Other result -8.0 -5.9 -
Slide 14: Key drivers of capital generation (1–6/2025)
Key drivers of capital generation (1–6/2025) KEY DRIVERS Organic capital generation Own funds: Stable growth of fee 19% result and solid net finance result on 210% 209% -10% -11% SII basis SCR: Predictable, continuous run-off of with-profit liabilities Solvency II ratio Capital management Own
Slide 15: Client AuM up 11% y/y, net flow by segment
Client AuM up 11% y/y, net flow reached EUR 164 million CLIENT ASSETS UNDER MANAGEMENT (EURbn) NET FLOW (EURm) Institutional & WM Corporate Retail 1–6/2025 13 0.7% Retail 14.4 Growth 13.0 y/y 1–6/2024 11 0.7% 3.5 1% 3.5 1–6/2025 168 13.0% Corporate 2.8 12% 2.5 1–6/2024 68 6.0% 8.1 1–6/2025 239 6.1 %
Slide 16: Cost/income ratio down by 11 p.p.
Cost/income ratio down by 11 p.p. CLIENT AUM C/I RATIO (%)1 FEE MARGIN (%)1 FEE MARGIN 70% Fee margin down to 1.14% due 1.6% 64% to mix effects - strong growth in 63% lower margin international 60% 58% 1.4% institutional client business and 55% personnel funds 1.20% 1.20% 1.19% 1.17% 53% 1.2% 1.14
Slide 17: AuM - U/L and 3rd party
AuM - U/L and 3rd party EoP (EURbn) Institutional & WM Corporate Retail 9 8 8.01 7.96 8.06 8.15 7.83 7.84 7.85 7.84 7.53 7.11 7.16 7.25 7 6.92 7.04 6 5 4 3.46 3.46 3.48 3.51 3.50 3.58 3.53 3.61 3.58 3.43 3.48 3.51 3.38 3.36 3 2.59 2.59 2.66 2.73 2.65 2.65 2.74 2.76 2.44 2.47 2.48 2.49 2.52 2.51 2 1
Slide 18: With-profit net finance result negatively impacted by lower long rates
With-profit net finance result negatively impacted by lower long rates COST OF LIABILITIES I.E. WITH-PROFIT NET FINANCE INVESTMENT RETURN (EURm)1 UNWINDING & DISCOUNT (EURm) RESULT (EURm) Investment 0.7% 1.3% return (%) 46 14 42 + = 28 9 -38 Q2/2024 Q2/2025 Q2/2024 Q2/2025 Q2/2024 Q2/2025 Quarterl
Slide 19: IFRS Liability and asset sensitivity (original portfolio)
IFRS Liability and asset sensitivity (original portfolio) Assets and liabilities are managed by alignment of assets and active management actions SENSITIVITY BY MATURITY BUCKETS, RATES DOWN 100BPS COMMENTS Hedging 125% 152% 102% 26% 0% 97% Interest rate risk related to first eight ratio years of l
Slide 20: IFRS discount rate vs. swap rates Q2 2025
IFRS discount rate vs. swap rates Q2 2025 IFRS Q2 2025 SWAP Q2 2025 4.5% 0.00% 3.5% 0.20% 4.0% 0.15% 3.0% -0.05% 0.10% 3.5% 2.5% 0.05% 3.0% -0.10% 0.00% 2.5% 2.0% -0.05% 2.0% 1.5% -0.15% -0.10% 1.5% 1.0% -0.15% 1.0% -0.20% -0.20% 0.5% 0.5% -0.25% 0.0% -0.25% 0.0% -0.30% 1 2 3 4 5 6 7 8 9 10111213141
Slide 21: IFRS Illiquidity premium Q2 2025
IFRS Illiquidity premium Q2 2025 IP Q2 2025 1.4% 0.05% 1.2% 0.00% 1.0% -0.05% 0.8% -0.10% 0.6% -0.15% 0.4% -0.20% 0.2% -0.25% 0.0% -0.30% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 -0.2% -0.35% IP 31.3.2025 IP 30.6.2025 Delta IP 2025Q2 (rhs) 21
Slide 22: Personal risk insurance products at Mandatum
Personal risk insurance products at Mandatum Janne Sorainen, Chief Actuary
Slide 23: Content of this presentation
Content of this presentation Introduction Risk insurance market Mandatum personal risk insurance offering Earning logic IFRS 17 accounting of personal risk insurance products • New business CSM • Result related to risk policies 23
Slide 24: Introduction to the result related to risk policies
Introduction to the result related to risk policies, i.e., personal risk insurance products’ result Background Result related to risk policies is reported quarterly and is part of the capital-light profit before taxes. – It is relative volatility on a quarterly level due to the nature of the perso
Slide 25: Risk insurance market: Increasing need for personal risk insurances in Finland
Risk insurance market: Increasing need for personal risk insurances in Finland Finland underinsured compared to other European countries Finnish corporate risk insurance market growing – Mandatum drives sales-led market expansion 92% of the individuals do not have 200 term life insurance* GWP (EUR
Slide 26: Mandatum's personal risk insurance offering
Mandatum’s personal risk insurance offering RISK INSURANCE COVER OFFERING Premium income distribution by insurance cover Death cover Permanent disability cover Benefits from the lowering mortality trend Customer selection emphasised 13% Highly profitable Highly profitable 4% 7% Short-term disability
Slide 27: Personal risk insurance covers to corporates, entrepreneurs and individuals
Mandatum provides personal risk insurance covers to corporates, entrepreneurs and individuals CLIENT SEGMENTS Large corporates Risk insurance premium income distribution between client segments TOTAL PORTFOLIO NEW SALES Own Global players Tighter distribution margins Corporate Corporate Brokers segm
Slide 28: Earning logic
Earning logic – on a conceptual level profitability is determined as follows… Insurance premium Risk premium Loadings (to cover claims) (to cover operating expenses) Risk result Expense result = = Risk premiums – Paid claims Loadings – Expenses Target group Standardised selection product features Le
Slide 29: From earning logic to IFRS 17 accounting
From earning logic to IFRS 17 accounting Expected cash flows of new risk policy and how it translates to IFRS 17 – illustrative example Expected annual FAS result Expected IFRS result 3,000 3,000 2,000 2,000 1,000 1,000 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 -1,0
Slide 30: IFRS 17 accounting of personal risk insurances – Result related to risk policies
IFRS 17 accounting of personal risk insurances – Result related to risk policies Expected Result related to risk policies is roughly the expected release of CSM and RA deducted by reinsurance and pooling settlements. In practice, the result related to risk policies (Insurance service result) is as f
Slide 31: IFRS 17 accounting of personal risk insurances – reporting
IFRS 17 accounting of personal risk insurances – reporting Risk policies CSM development, (EURm) Comments 10 3 CSM arising from the new sales of risk 12 1 140 policies is reported quarterly in the Investor 129 - 15 Presentation where the development of the total CSM is shown. Result related to r
Slide 32: International growth of the asset management business
International growth of the asset management business Janne Sarvikivi, Head of Institutional & wealth management segment
Slide 33: Performance in Q2/H1 – difficult April, strong recovery in May-June
Performance in Q2/H1 – difficult April, strong recovery in May-June Fastest AuM growth y/y in international Market turbulence visible in net flow in Q2 Credit and allocation products driving growth clients, steady growth continues in PWM Net flow (EURm)* AuM (EURbn) Private wealth management AuM (EU
Slide 34: Example: Mandatum Credit Strategies
Example: Mandatum Credit Strategies Mandatum credit strategies YTD 2025 performance and European credit market aggregates Mandatum Credit Strategies UI-MAM European European European Fixed Income Nordic European Senior Loan Opportunistic YTD 7/2025 Senior Secured Leveraged Loan High Yield Bond Inves
Slide 35: Example: Credit strategies have solid track records
Example: Credit strategies have solid track records Floating-rate as well as low and actively managed duration fixed-rate investments have performed well Returns from EUR gov. and corporate bonds, and Mandatum's credit products (31 Jul 2025) Total Return (Total return; 1/2022-7/2025; %; indexed) YTD
Slide 36: Example: Broad expertise across different credit segments
Example: Broad expertise across different credit segments Mandatum credit Investment grade High yield bonds Leveraged loans Opportunistic credit Private debt platform credit CLIENT OFFERING MONEY ABS NORDIC HY FUND SENIOR LOAN OPPORTUNISTIC PRIVATE DEBT YTM1 (7/2025) 2.4% 6.1% STRATEGY LOAN STRATEGY
Slide 37: Strategic Priorities 2025–2028
Strategic Priorities 2025–2028 ACCELERATE ENHANCE DOUBLE INTERNATIONAL THE PRODUCT OFFERING THE MARKET SHARE GROWTH IN ASSET TO SUPPORT GROWTH IN PRIVATE WEALTH MANAGEMENT MANAGEMENT
Slide 38: Accelerate international growth in asset management
Accelerate international growth in asset management Solid track record in Finland, Fastest growth in international Phased expansion AuM (EURbn) clients during 2024–2028 Roots in Finland / 10 sales locations 6.2 5.3 Established international presence 4.4 4.4 3.4 3.6 Wealth / 1 sales location 2.8 CAGR
Slide 39: Double the market share in private wealth management
Double the market share in private wealth management Highly profitable growth Market share growth ambition* in wealth management Wealth management Current fee margin-%* Utilising the strong brand Utilising and high customer Asset management the network satisfaction Finland Increasing from Corporate
Slide 40: Progress on key growth initiatives
Progress on key growth initiatives International growth Private wealth management growth New clients, for example, from Norway Recruitment of new sales personnel and France ongoing Establishment of Luxembourg sales office ongoing New Continental European sales team recruitment ongoing Enhanc
Slide 41: Investor contacts
Investor contacts: Lotta Borgström Vice President, Investor Relations Tel. +358 50 022 1027 lotta.borgstrom@mandatum.fi Mandatum Bulevardi 56, 00120 Helsinki www.mandatum.fi