Tanninen and Svartling moved from Mandatum to Icecapital, which is expanding its business.
More hires will be announced later in the spring. You don’t have to be a psychic to guess where Törmänen and Vaittinen will end up.
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Based on what’s being discussed in the “discussion about brokers” thread, Manta’s door will soon be crowded. Both newbies, average Joes, and big spenders want to be clients.
Welcome!
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If Mandatum were to offer an investment loan arrangement similar to Nordnet’s now, it would certainly be a big hit.
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It’s really a wonder that leverage isn’t available, well, of course, it would require a bit of work, but there might be demand when we’re just on the verge of an upswing!
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Strong Year 2024: Mandatum’s Assets Under Management Rose to EUR 14 Billion, Record-High Net Cash Flow of Almost One Billion Euros
October-December 2024 in brief
· Net cash flow grew by 86% and was EUR 391.5 (10-12 2023: 209.9) million.
· Fee income grew by 39% to EUR 18.6 (13.4) million.
· Net financial income (formerly investment income) was EUR 23.7 (24.9) million.
· Risk life insurance result decreased to EUR 2.2 (8.0) million.
· Profit before taxes decreased by 24% and was EUR 35.1 (46.3) million. The decrease from the comparison period was largely due to updates in actuarial assumptions and higher interest expenses on group loans.
· Earnings per share were EUR 0.07 (0.06) and organic capital generation per share was EUR 0.10.
January-December 2024 in brief
· Assets under management grew by 17% from last year and were EUR 14.0 (31.12.2023: 11.9) billion. Net cash flow grew by 30% and was EUR 983.1 (753.8) million.
· Fee income grew by 27% and was EUR 66.6 (52.6) million.
· Cost-to-income ratio for asset management2 decreased by 8 percentage points and improved to 58 (66)%.
· Net financial income (formerly investment income) was EUR 135.6 (148.6) million.
· Risk life insurance result was EUR 25.4 (17.9) million.
· Profit before taxes decreased by 4% and was EUR 202.9 (210.4) million.
· Earnings per share were EUR 0.33 (0.32) and organic capital generation per share was EUR 0.44 (0.54).
· Solvency II ratio was 210.4 (31.12.2023: 221.4)%.
Dividend Proposal
Mandatum’s Board of Directors proposes a dividend of EUR 0.66 per share for 2024 (2023: 0.33). This consists of a dividend in accordance with the dividend policy, EUR 0.33 per share, and an additional dividend, EUR 0.33 per share. Mandatum’s Annual General Meeting will decide on the dividend distribution on 15 May 2025.
Outlook for 2025
· Fee income is expected to grow from 2024, assuming stable market conditions. Although Mandatum has been able to maintain disciplined pricing and a stable fee margin in its asset management business during 2022, 2023, and 2024, fee income for 2025 is dependent on several factors, such as client behavior and the allocation of client assets to different asset classes, the competitive situation, and capital market developments.
· The interest rate-based portfolio is expected to continue to shrink. Changes in the value of investments and insurance contract liabilities in the interest rate-based portfolio will result in relatively large fluctuations in net financial income as the market environment changes.
· In addition, as is typical for the industry, Mandatum’s total result is affected by actuarial assumptions, which are updated regularly.
CEO’s comment
I am pleased with Mandatum’s year 2024. Profit before taxes, EUR 203 million, was almost at last year’s level, while fee income, essential to Mandatum’s strategy, increased by 27 percent from last year to EUR 67 million. The Group’s assets under management grew by 17 percent, reaching EUR 14 billion. In addition, we achieved a net cash flow of almost one billion euros on an annual basis. This is an achievement of which I am particularly proud in the current market situation. We also clearly exceeded our 5 percent net cash flow target: full-year net cash flow was over 8 percent of assets under management.
The continuous growth of institutional and private wealth management, as well as pension, savings, and risk insurance products generating fee income, is among our most important goals, and we succeeded beyond expectations last year. The relative share of wealth management and corporate and private client businesses in the Group’s result rose from 30 percent in 2023 to 43 percent. The growth of our assets under management was strongest in Wealth Management, particularly from international clients, which indicates not only significant market potential but also the attractiveness of our investment products abroad. Our award-winning interest and loan investment products, such as the Nordic High Yield fund investing in higher-yield bonds, as well as senior loan and Private Debt products, are good examples of top expertise in their field, for which there is demand even outside Finland. Our assets under management from international institutions grew by as much as 67 percent last year, and we succeeded in acquiring our first clients from Central Europe, outside the Nordics. In private wealth management, net subscriptions for allocation products, in particular, grew as expected. The revenues and user base of the Mandatum Trader trading service also continued to grow. We have thus succeeded in increasing our market share in all client segments of Wealth Management.
Corporate and private client businesses also developed favorably last year. We remain a clear market leader in corporate supplementary pension products and bonus funds, and we also have a strong position in risk life insurance. In the big picture, Finns are still underinsured and only now waking up to the current situation: personal preparation for retirement well in advance is wisdom – if not outright necessity – if one does not want to compromise on their standard of living in retirement. Remuneration, in turn, is an effective means for companies to motivate and show appreciation to key personnel and a clear advantage in the competition for the best employees. In the private client business, the past year was a turning point, as good cooperation with Danske Bank began to yield results. Investment sales grew significantly, and more loan protection products were sold than in the previous year.
Conference Call 13 February 2025 at 11:00 a.m.
An English-language conference call for analysts and investors will be held on 13 February 2025 at 11:00 a.m. (Finnish time). You can register for the conference call via the link below. The phone numbers for the conference call and the access code to join the conference call will be provided upon registration. Registration for the event: https://palvelu.flik.fi/teleconference/?id=50051451. The conference call can be followed simultaneously online at www.mandatum.fi/tulos. A recording will be available later at the same address.
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Dividend of 66 cents, double the forecast! Niemisvirta just delivered a strong figure, the dividend party likes it..
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This is starting to look like Mandatum will distribute its promised €500 million plus anything exceeding that, and then, once this has been distributed, the company will be sold off.
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In addition, there will soon be more to share from Saxo and Enento.
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Well, this was a surprise for me. I expected this extra to be distributed a bit more generously than the dividend forecasts, but over a longer period. Now, of course, I’m mainly annoyed that there wasn’t a live results broadcast. My coffee would probably have gone down the wrong pipe, just like it did for me. Now I think I’ll just splash a little cognac into another cup!
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Mandatum’s annual general meeting last year was like the party congress of the Finnish Dividend Party Association. It probably will be this year too 
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Dividend yield over 13%. Holy dividend! You can definitely stick with this company even longer. There’s plenty to share.
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And for those who bottom-fished in autumn 2023, approximately 20% dividend yield. Beats a savings account.
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Oh my goodness, what news! My portfolio thanks me!! I think I’ll make some Mandatum coffee!!
And right away +10% on the board!
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Analyst’s quick comments on Mandatum’s Q4 results. 
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How much is left to be distributed after this €0.66 dividend?
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one 0.33€, still to that 500 million €.
But what’s great, now the “normal dividend” was also 0.33€.
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It would have been nice to hear a bit about Saxo.. but never mind.
Edit: Well, information came from there as much as was possible
Mandatum’s fourth quarter brought strong sales and a dividend surprise. CEO Petri Niemisvirta comments in an interview with analyst Sauli Vilén.
Topics:
00:00 Introduction
00:15 Fourth quarter
03:08 Year 2024
04:20 Sales
09:06 Interest rates
12:31 Portfolio management success
14:44 Outlook
17:18 Dividend
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Thanks for the great interview @Sauli_Vilen !
Clear talk, but one thing made me wonder. You asked how Manta would tackle declining interest rates, and the answer was a) entities always investing in interest-bearing funds and b) unlisted debt, private credit. What exactly is meant by the latter, is it some kind of activity similar to US Business Development Companies (BDC)?
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