MANDATUM LIFE INSURANCE BALTIC SE

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1 MANDATUM LIFE INSURANCE BALTIC SE INTERIM REPORT 1-4Q/2011 Business name: MANDATUM LIFE INSURANCE BALTIC SE Commercial registry code: Address: Viru väljak 2, Tallinn Telephone: Fax: Website: Beginning of reporting period: End of reporting period: CEO: Auditor: Imre Madison Ernst & Young Baltic AS

2 Contents I. MANAGEMENT REPORT IN 1-4 Q MANAGEMENT OF THE COMPANY BUSINESS RESULTS OF THE COMPANY PERSONNEL OF THE COMPANY SALES AND DEVELOPMENT ACTIVITIES OTHER ACTIVITIES... 4 II. SIGNATURES OF THE MANAGEMENT BOARD... 5 III. STATEMENT OF FINANCIAL POSITION... 6 IV. STATEMENT OF COMPREHENSIVE INCOME... 7 V. QUARTERLY STATEMENT OF COMPREHENSIVE INCOME... 8 VI. STATEMENT OF CASH-FLOWS... 9 VII. STATEMENT OF CHANGES IN OWNER S EQUITY VIII. NOTES BASIS OF PREPARATION PROPERTY, PLANT AND EQUIPMENT INTANGIBLE ASSETS RELATED PARTY DISCLOSURES

3 I. Management report in 1-4 Q 2011 Mandatum Life Insurance Baltic SE (hereinafter referred to as the Company) belongs to a Finnish financial group Sampo Group. The Company is a fully owned subsidiary of Mandatum Life Insurance Company Ltd. The Company is domiciled within Estonia with its headquarters in Tallinn and it operates through branches in Latvia and Lithuania. The Company s core activities include offering investment and wealth management solutions through unit-linked life insurance. 1. Management of the Company The Company s Management Board had seven members at the end of The acting Chairman of the Management Board and the CEO is Imre Madison. Other members of the Management Board are Uldis Mucinieks, responsible for sales management and Latvian Branch Manager; Ilona Stare, responsible for policy administration and IT management and COO of the Latvian Branch; Rasa Kasperaviciute, responsible for risk management and product development matters and COO of the Lithuanian Branch; Erkki Sadam, responsible for the Company s legal and procurement matters; Paul Lukka, responsible for investment and wealth management and Timo Pursiala, responsible for financial and business control matters. Starting from , there is a new member in the Company s Management Board, Tomas Stonys, who is also the Lithuanian Branch Manager and responsible for sales management. As from the same date, Uldis Mucinieks, the member of the Company s Management Board and Latvian Branch Manager is responsible for client service and marketing. The Company s Chief Actuary is Rasa Povilaviciute. The Company s Internal Auditor is Arlet Rebane. The Company s Supervisory Board had three members. Timo Laitinen, the Senior Vice President of Mandatum Life Insurance Company Ltd. is the acting Chairman of the Supervisory Board. The other members of the Supervisory Board are Jukka Pirskanen, Head of Investment Management of Mandatum Life Insurance Company Ltd.; and starting from 1 July 2011, Timo Vuorinen, the Chairman of the Supervisory Board of If P&C. 2. Business results of the Company As at , the Company serviced a total of 36,966 life insurance contracts in the Baltic countries. The biggest share, 69% of total insurance contracts in force at the end fourth quarter of 2011 consisted of unitlinked insurance contracts (total of 25,330 contracts). As at , the Company had 40,919 insured persons in its contracts portfolio in the Baltics. The Company s received payments totalled 41,006,427 euros in 2011; this represents a decrease by 32% on the figures of As at , the Company s client assets under management (AUM) amounted to 136,538,836 euros, which is a decrease of 17% compared to the figures of The biggest share of AUM was formed by unitlinked insurance contracts which formed 117,255,988 euros and 86% of clients total AUM by the end of the fourth quarter of The Company s market share in the Baltic life insurance market (based on contractual payments received) in 2011 was 14.2%. As at , the market share by countries based on contractual payments received in Estonia was 16.9%, in Latvia 9.4% and in Lithuania 14.9%. The Company s market share (based on contractual payments received from unit-linked investment contracts) of 2011 was 23.1%. As at , the Company s market share by countries based on contractual payments received from unit-linked investment contracts in Estonia was 34.6%, in Latvia 22.8% and in Lithuania 20.4%. In 2011, the Company paid claims in the amount of 47,100,381 euros, which is 78% more than in The majority of pay-outs were expiries, partial surrenders and surrenders of unit-linked insurance contracts. 3

4 As for the management of investments (technical provision and the Company s own capital portfolios) the Company cooperates with Sampo plc. Net income from investment activities (net of investment expenses) in the Baltic countries in 2011 was positive, totalling to 319,963 euros. Investment income of the Company s own capital portfolio in 2011 was positive, amounting to 100,637 euros. As at , the total size of the investment portfolio (except investments related to unit-linked life insurance contracts) reached 27.3 million euros. At the end of 2011, Mandatum Life Insurance Baltic SE s investment portfolio mostly comprised of money market instruments. As at , owner s equity was 10,187,104 euros, of which 3,515,600 euros was formed by share capital. As at the total amount of assets included in the available solvency margin was 9,322,652 euros, the required solvency margin was 2,337,565 euros and the solvency surplus was 6,985,086 euros. The Company s operating expenses (which include acquisition expenses, administrative expenses and investment expenses) increased in 2011 by 7% in comparison with 2010, amounting to 5,645,224 euros. Acquisition expenses accounted for 53% of all operational expenses in 2011 in the Baltic countries. In 2011, Mandatum Life Insurance Baltic SE s profit for the period amounted to 239,231 euros. The Company s profitability was influenced by correction of share and bond prices that took place in global stock markets in the third and the fourth quarter of The Company s balance sheet volume reached 147,324,417 euros as at ; the decrease was 16% in comparison with the end of Technical provisions from insurance contracts amounted to 14,402,233 euros at the end of 2011; financial liabilities from investment contracts were 15,406,402 euros and financial liabilities from insurance contracts formed 106,730,201 euros. 3. Personnel of the Company As at there were 111 employees working in the Company. The number of employees did not change in comparison with last year. Salaries and wages (including payroll taxes) for the period amounted to 2,949,795 euros. The Supervisory Board members were not remunerated. The Company paid remuneration (including taxes) to members of the Management Board for carrying out their tasks which amounted to 452,034 euros. 4. Sales and Development Activities In 2011, the Company s main sales channel was its own sales team. The Company continued to develop its risk product portfolio to provide its clients with extended opportunities of life insurance cover. Starting from late 2011, the Company offers Simple Life Insurance to its clients in Estonia and Latvia who do not require large risk insurance cover. 5. Other activities The Company continues preparations in order to fulfil the Solvency 2 requirements of the EU insurance sector, which take effect for insurance companies starting from 1 January The external auditor of the Company is Ernst & Young Baltic AS. The Company s reinsurer is Mandatum Life Insurance Company Ltd. The Company s investment and operational risk management takes place through working groups across the Baltic countries. The Company is the member of the Insurance Association in Estonia, Latvia and Lithuania, and the founding member of Chamber of Service Economy. Imre Madison, CEO Tallinn, 28 February

5 II. Signatures of the Management Board The Company s Management Board has prepared the on pages Imre Madison Chairman of the Management Board Erkki Sadam Member of the Management Board

6 III. Statement of financial position in thousands of euros Notes Assets Cash and cash equivalents 727 6,501 Reinsurers share of insurance liabilities Financial assets - Financial instruments 144, ,381 - Receivables related to insurance activities and other Accrued income and prepaid expenses Property, plant and equipment VIII.2 Intangible assets VIII.3 Total assets 147, ,767 Liabilities and owner s equity Insurance payables Accrued expenses and deferred income Financial liabilities from insurance contracts 106, ,938 Financial liabilities from investment contracts 15,406 14,143 Technical provision from insurance contracts 14,402 13,830 Total liabilities 137, ,817 Share capital 3,516 3,515 Share premium 3,509 3,510 Legal reserve Unrealized foreign exchange -1 1 Retained profits 2,959 2,792 Total owner's equity 10,187 9,950 Total liabilities and owner s equity 147, ,

7 IV. Statement of Comprehensive Income in thousands of euros 1-12/ / 2010 Gross premiums 3,999 4,113 Reinsurers' share of gross premiums Net premiums 3,657 3, Investment income Fair value gains and losses Realised gains and losses Net income from investments Fee income 2,600 2,978 Reinsurance commission income Other income 1,472 1,150 Total revenue 4,247 4, Paid insurance claims net of reinsurance and claims handling expenses related to out-payments -1,748-1,537 Increase of insurance technical provisions net of reinsurance Net insurance claims and the change of technical provisions -2, 2,369-1, 1,860 Change in value of unit-linked financial liabilities ities and assets Change in value of financial liabilities from insurance contracts with guaranteed interest Acquisition expenses -2,980-2,772 Administrative expenses -2,395-2,297 Investment expenses Expenses -5, 5,645-5, 5,292 Profit/loss before income tax 239 1, Income tax expenses 0 0 Profit/loss for the period 239 1, Other comprehensive income Exchange differences -2 0 Total comprehensive income for the period 237 1,

8 V. Quarterly Statement of Comprehensive Income in thousands of euros 10-12/ / 2010 Gross premiums 1,023 1,050 Reinsurers' share of gross premiums Net premiums Investment income Fair value gains and losses Realised gains and losses 7-31 Net income from investments Fee income Reinsurance commission income Other income Total revenue 1,090 1,418 Paid insurance claims net of reinsurance and claims handling expenses related to out-payments Increase of insurance technical provisions net of reinsurance Net insurance claims and the change of technical provisions Change in value of unit-linked financial liabilities and assets Change in value of financial liabilities from insurance contracts with guaranteed interest Acquisition expenses Administrative expenses Investment expenses Expenses -1,418-1,532 Profit/loss before income tax Income tax expenses 0 0 Profit/loss for the period Other comprehensive income Exchange differences -2 0 Total comprehensive income for the period

9 VI. Statement of Cash-flows in thousands of euros Notes Cash flow from operating activities Premiums received 3,997 4,115 Financial liability inflow 36,941 54,839 Paid claims and claims handling expenses related to pay-outs -1,808-1,644 Financial liability outflow -44,282-23,025 Reinsurance payments Expenses -5,359-5,056 Other revenue and other expenses 1,523 1,029 Purchases of shares and investment fund units -241, ,818 Proceeds from the sale of shares and investment fund units 250, ,666 Purchases of bonds and other fixed income securities -36,562-17,121 Proceeds from the sale of bonds and other fixed income securities 30,721 7,209 Investments in term deposits 0-11,881 Proceeds on term deposits ,259 Interests received Dividends received 3 5 Investment expenses Net cash provided by operating activities -5, 5, ,352 Cash flow from investing activities Purchases of tangible and intangible assets VIII.2VIII.3 Net cash provided by investment activities TOTAL CASH FLOW -5, 5,777-1, 1,765 Cash and cash equivalents at the beginning of the period 6,501 8,267 Change in cash and cash equivalents -5,777-1,765 Foreign currency translation effects 3 1 Cash and cash equivalents at the end of the period 727 6,501 9

10 VII. Statement of changes in owner s equity in thousands of euros Share capital Share premium Legal reserve Unrealis ed foreign exchang e rate Retained earnings Total equity As at ,515 3, ,408 8,501 Profit for the year ,449 1,449 Other comprehensive income Comprehensive profit for the year ,449 1,449 Increase of legal reserve As at ,515 3, ,792 9,950 Fund emission Profit for the period Other comprehensive income Comprehensive profit for the period Increase of legal reserve As at , , ,959 10,187 10

11 VIII. Notes 1. Basis of preparation Mandatum Life Insurance Baltic SE s Interim Report of 1-4 Quarters 2011 is prepared in accordance with IAS 34 Interim Financial Reporting. The Company s Annual Accounts for 2010 have been prepared in accordance with International Financial Reporting Standards (IFRS). In preparing the interim financial statements, the same accounting policies and management estimates of computation are applied as in the financial statements for The annual financial statements are available on our website at The accounting principles are therefore not described in this Interim Report. All amounts in the notes are presented in thousands of euros, unless stated otherwise. 2. Property, plant and equipment in thousands of euros Acquisition cost Accumulated Carrying depreciation value As at Additions Foreign exchange adjustments Depreciation charges As at Additions Foreign exchange adjustments Write-offs Depreciation charges As at Equipment comprises of IT, office equipment and furniture. 3. Intangible assets in thousands of euros Acquisition cost Accumulated depreciation Carrying value As at Additions Depreciation charges As at , Additions Foreign exchange adjustments Write-offs Depreciation charges As at ,

12 4. Related party disclosures The Supervisory Board received no separate remuneration or severance pay. Members of the Management Board received a total 452 thousand euros in 2011 (in 2010 this was 470 thousand euros) pursuant to service contracts, payroll tax included. The maximum amount of termination benefit according to the agreements is 2,067 thousand euros. ASSETS in thousands of euros Cash and cash equivalents Nordea Bank Finland Plc (associated company to Sampo plc) Reinsurance receivables Financial assets Financial assets designated as being at fair value through p/l 49,150 61,821 Other receivables If P&C Insurance Company Ltd (consolidation group enterprise) 0 4 Accrued income and prepaid expenses If P&C Insurance Company Ltd (consolidation group enterprise) LIABILITIES in thousands of euros Insurance payables Accrued expenses and deferred income 4 8 If P&C Insurance Company Ltd. (consolidation group enterprise) 0 1 STATEMENT OF INCOME in thousands of euros Premiums ceded to reinsurers Reinsurance commissions Other income If P&C Insurance Company Ltd (consolidation group enterprise) Reinsurers' share in claims paid and in the change of provisions Expenses Commission fees to brokers If P&C Insurance Company Ltd (consolidation group enterprise) 1 1 Transport expenses If P&C Insurance Company Ltd (consolidation group enterprise) 16 9 Nordea Bank Finland Plc (associated company to Sampo plc) Other expenses Mandatum Life Insurance Company Ltd (parent company) If P&C Insurance Company Ltd (consolidation group enterprise)

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