Corporate responsibility

Our corporate responsibility is based on the cornerstones of our operations: increasing and securing the financial welfare of our customers and safeguarding against risks.

Financial responsibility forms foundation of Mandatum Life's business

Financial responsibility at Mandatum Life means ensuring the continuity, profitability and solvency of operations in all market situations. At the heart of financial responsibility lies the sustainable and responsible management of customers' insurance-related liabilities and customer investments. A further key component of financial responsibility is careful risk management.

Mandatum Life's solvency is at a good level. Good solvency and profitability mean that Mandatum Life takes care of its customers' pensions and compensation, whatever the situation or economic environment.

In 2015, Mandatum Life paid out a total of approximately EUR 387 million in pensions to 76,000 pensioners, as well as other indemnities in case of death, accidents, serious illness and disability, totalling some EUR 77 million.

Mandatum Life is a key societal contributor and employer. The company believes employee well-being shows in more satisfied customers and as a result, in better business.

In recent years, Mandatum Life has been among the biggest corporate tax payers in Finland. Mandatum Life contributes directly to the well-being of Finnish society through the taxes paid on its business profits.

Mandatum Life contributes also to Tukikummit, a Finnish foundation that helps kids and youth in risk of social exclusion. We help by donating risk insurances for kids in families in most difficult situation. On a year basis, over a thousand kids get insurance cover.

Responsible investing

Mandatum Life's Wealth Management signed the UN's Principles for Responsible Investment (UN PRI) in 2011 and investment operations linked to the management of customers' wealth are implemented according to these principles. Committing to the principles means incorporating issues concerning the environment, society and good corporate governance in the investment process and their promotion and inclusion in the reporting of investment operations. The company sees that, in the long run, successful companies are the ones that operate responsibly.

In September 2015 Mandatum Life Investment Services joined Portfolio Decarbonisation Coalition. The coalition aims to reduce the carbon footprint of investments globally. In 2015 the company also made a commitment to BSAG to restore the good ecological state of the Baltic Sea. Mandatum Life has committed to advance this mission with annual donations and by increasing investors' awareness of their influence in solving environmental challenges. Mandatum Life is also a member of FINSIF (Finland's Sustainable Investment Forum).

Social responsibility: Aiming to provide financial well-being

At the core of Mandatum Life's services is ensuring individuals' and companies' financial security: voluntary preparation through risk insurance, increasing wealth through investments, providing security for entrepreneurship, supplementing pension cover, ensuring the competitiveness of Finnish companies and improving the quality of working life.

A growing number of people wish to supplement their statutory social security  

A growing number of Finns consider voluntary insurance necessary for supplementing social security (Federation of Finnish Financial Services survey 2014). Although the support network provided by Finnish society is good, a serious illness, disability or death can present a major risk to an individual's finances or those of his or her family. Mandatum Life's risk insurance increases the customer's financial security in case of personal risks. Voluntary insurance is important as social security is not sufficient to cover a loss in income resulting from an illness.

Risk insurance for entrepreneurs secure the continuity of business and supplement the statutory cover of entrepreneurs and their families. When faced with a serious illness or short period of disability, the entrepreneur can focus on rehabilitation, while in cases of death or permanent disability, the entrepreneur, his or her family or possible other owner will receive financial assistance during a difficult time.

Supplementing pension security

Supplementing pension cover is a key part of improving financial well-being and voluntary preparation for retirement will become even more important in future. The change in the population structure is also forcing Finland's pension system to reform. The objective of the 2017 pension reforms will be, among other things, the lengthening of careers, as a result of which the retirement age will be raised. Mandatum Life wishes to offer Finns a possibility to impact the sufficiency of their income during retirement by offering them sensible and cost-effective ways to save and invest for the future. 

The proportion of working-aged people will diminish over the following decades and the number of pensioners will increase. During the next 10 years, 100,000 entrepreneurs will be retiring. Many entrepreneurs set their YEL earned income at a level that is too low, which can mean an insufficient pension and a possible risk to society.

Improving the competitiveness of companies through effective reward solutions

Companies can affect their competitiveness by investing in their personnel. When employees are aware of their own goals and are rewarded for achieving them in a way that is motivating and fair, both the company and personnel flourish.

For good employers, supplementary pensions are not just an additional cost item, but also a way to ensure the well-being of their employees also after their careers have ended. Group pension insurance is the best way to supplement personnel's pension security.

Mandatum Life's responsibility for its personnel ensures successful business

Mandatum Life's responsibility for personnel is based on the core of Mandatum Life's business: improving the financial security. Mandatum Life's responsibility for its personnel means providing security for employees and their families in case of financial risks.

The entire personnel is extensively insured in case of accidents, also outside work. It safeguards the personnel and their families from accident related disability or death. Also a considerable amount of staff has permanent disability cover and life insurance.

Entire personnel has a group pension insurance as well as a personnel fund which offers employees the opportunity to increase their capital through professional investment activities. The personnel fund is a transparent and fair solution that aims at long-term benefits. Up to 87% of personnel decided to fund their bonuses in 2015.

The well-being of its personnel is one of Mandatum Life's strategic targets that are being monitored. Taking care of personnel ensures customer satisfaction and provides the company with even better capabilities to operate in the future.

Mandatum Life's employees take an active role in developing their work environment and common working methods, and improving operating models. This results in new innovations and the construction of a pleasant and low-hierarchy workplace that values its employees. The low hierarchy in the organisation is also obvious from the results of the Great Place to Work survey: up to 88% of Mandatum Life employees feel that the management is easy to approach. 

In short

  • Almost 90 % of the entire personnel decided to fund their bonuses in 2015
  • 88% of Mandatum Life employees feel that the management is easy to approach
  • The company has been selected as one of the best workplaces in Finland for six consecutive years (16th place in 2016)

More about our corporate responsibility can be found in Mandatum Life's Annual Report.

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