Mandatum (MANTA) CMD 2025 summary

Strategic direction and growth priorities

• Targets for 2025–2028 include return on equity above 20%, capital-light profit before taxes CAGR above 10%, and cumulative shareholder payouts exceeding EUR 1 billion.

• Focus on expanding Nordic asset management, accelerating Finnish wealth management, leveraging corporate market position, and improving operational efficiency.

• Growth to be driven by scalable, profitable capital-light businesses, with disciplined pricing, cost control, and measured international expansion.

• Product offering to be enhanced, especially in equities and alternatives, with both organic and inorganic growth considered.

• Transformation towards a capital-light, high-ROE, fee-generating group, reducing reliance on with-profit business.

Financial performance and targets

• Assets under management have grown 16% annually over the last three years, with consistent client net flows.

• Cost/income ratio improved from 67% at listing to 55% in Q1, with further efficiency gains targeted and cost growth limited to ~1% per year.

• Capital-light profit before taxes baseline is EUR 88 million in 2024, targeting over 10% annual growth.

• Solvency margin targeted at 160%-180%, with capital release from with-profit business and reduced financial leverage.

• With-profit liabilities to decrease by 30% vs. 2024, supporting capital release and dividend capacity.

Business segment strategies

• Institutional and wealth management is the main growth engine, aiming to double market share in Finnish private wealth and accelerate international asset management growth.

• Corporate business leverages strong market share in pensions and risk insurance, focusing on upselling to existing clients and expanding coverage among profitable small companies.

• With-profit business in run-off, with liabilities expected to halve by 2028, releasing capital and generating stable, fee-like profits.

• Cross-selling between corporate and wealth management segments is a key driver, with 65% of new wealth clients coming from corporate connections.

• Investments in IT and digital processes support scalable growth and cost efficiency.