Here is the historical earnings performance in graphical form from our deep dive report a year ago: Mandatum laaja raportti: Osinkolinko laulaa vielä pitkään - Inderes
At the same time, I would like to remind you that Mandatum’s historical earnings give a poor reflection of the current situation because 1) the volume of the with-profit portfolio was larger (the portfolio is being continuously run down), 2) significantly more equity risk was taken than today (the portfolio is now largely fixed income), and 3) asset management was significantly smaller than it is now (the earnings mix is now clearly of higher quality). Since all three of these factors are now in a very different position, it is worth evaluating the sustainable earnings potential based on the current situation rather than looking in the rearview mirror 