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Mandatum operates in the financial sector. The company offers various financial services to both private savers and corporate customers. The range is broad and mainly includes capital and wealth management, savings and investments, compensation, pension plans and personal risk insurance. The largest operations are in Finland.
Mandatum's Q3 result surpassed our estimates, driven by the net finance result, but asset management sales, crucial to the group's value, remained sluggish
The quarter turned stormy in the capital markets, and net flows remained subdued. The earnings beat was mainly explained by the net finance result, which fluctuates alongside capital markets. New sales in asset management fell short of expectations, and according to management, the reason was the rapid rise in interest rates, which delayed clients' investment decisions. CEO Petri Niemisvirta is interviewed by analyst Sauli Vilén.
Mandatum published better Q3 earnings than we expected. However, the earnings beat was explained by net financial income, which fluctuates with the capital markets.
The early-year performance of asset managers was moderate, and earnings growth should accelerate clearly in the second half of the year, driven by a strong market.
The day's key takeaways focused on the progress of the company's strategy, the Cliens acquisition, and more technical topics such as organic capital generation and net financial result.
