Asset manager and life insurer Commandment reported on Tuesday of its third quarter result. KL interviewed Mandatum’s CEO Petri Niemisvirtan on live broadcast. You can watch the recording of the broadcast below:
In addition to the result, Niemisvirta comments in the video on, among other things, the drop in interest rates and the outlook for the investment market.
In October it was reported that Four managers from Mandatum’s financial management unit are leaving their positions. Niemisvirta commented on the background of the departure.
The result sank
Tuesday morning’s results announcement revealed that Mandatum’s operating profit before taxes in the third quarter fell to 45.2 million euros from 83.9 million euros in the comparison period. The decrease was 46 percent. The group’s result was particularly weighed down by the decline in investment results.
The investment result for July–September was 26.9 million euros, compared to 67.2 million euros in the comparison period.
Mandatum estimates that the return on investment activities is good, but the result was weighed down by the increased financing costs of insurance contract debt with a discount rate as a result of the fall in market interest rates.