Mandatum Life’s result before taxes for the January–September period increased to EUR 157 million (132). Comprehensive income after taxes, taking into account changes in market values, grew strongly to EUR 193 million (50).
The return on equity (RoE) increased to 18.0 per cent (5.3). The expense result declined to EUR 15 million (20) and the risk result was EUR 15 million (15).
Mandatum Life Group’s premiums written on its own account in January–September decreased to EUR 669 million (838). Premiums written in July–September, however, grew 9 per cent to EUR 177 million. The company’s market share in Finland stood at 20.4 per cent (17.3).
Measured at market values, Mandatum Life Group’s investment assets, excluding the EUR 6.1 billion (5.9) in assets covering unit-linked insurance, totalled EUR 6.6 billion (6.7) at the end of September. The assets covering Mandatum Life’s original with-profit liabilities amounted to EUR 5.4 billion (5.5) at market values. The return on investments at fair values was 5.1 per cent (3.7) in January–September. The value of the investments covering the segregated group pension portfolio that was transferred from Suomi Mutual in 2014 was EUR 1.2 billion (1.2), and the return on the portfolio’s investments at fair values was 3.6 per cent (2.3).
Mandatum Life Group’s total technical reserves amounted to EUR 10.9 billion (10.9). The unit-linked reserves exceeded EUR 6 billion and stood at EUR 6.1 billion (5.9) at the end of September, corresponding to 56 per cent (54) of the total technical reserves. The with-profit technical reserves decreased to EUR 4.8 billion (5.0) in January–September 2016. Insurance portfolios with higher-guarantee with-profit reserves (4.5 and 3.5 per cent) were down by EUR 165 million and amounted to EUR 2.9 billion during the period under review.
In response to the low interest rate level, Mandatum Life supplemented its technical reserves by a total of EUR 223 million (244). The figure does not include the increase in the segregated portfolio. The discount rates for technical reserves for 2016, 2017 and 2018 are 0.5 per cent, 0.75 per cent, and 1.50 per cent, respectively. The discount rate for the segregated portfolio is 0.75 per cent.
Key figures 1–9/2016
Premiums written, own account: €669 million (838)
Profit before taxes: €157 million (132)
RoE: 18% (5.3)
Solvency ratio: 153% (12/2015: 158)
Return on investments: 5.1% (3.7) and on the segregated portfolio 3.6% (2.3)
Average number of staff: 543 (521)
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