A statement from the board of Sampo says that the firm is looking to undertake a strategic review of its life insurance subsidiary Mandatum.
The company said that this followed steps in recent years to simplify Sampo Group as part of its strategic focus on P&C insurance.
The proposed review will explore a broad range of options, including whether a separation of Mandatum from the rest of the group, for example through a partial demerger and listing, could be in the best interest of Sampo’s shareholders.
The group will provide an update on the review in connection with the publication of the full-year 2022 results on 10 February 2023.
Björn Wahlroos, chair of the board, said: “The board is content with Sampo’s current structure, which offers diversification and attractive cash flow. The strategic review will assess potential benefits in further focusing the group on its unique P&C operations, by allowing investors to own these directly and providing Mandatum with greater strategic flexibility. The board will only recommend changes to the structure if clear visibility on shareholder value creation can be attained.”
In the event that the board opts to recommend the partial demerger option as a means to separate Mandatum from the group, the proposal would be subject to approval from a general meeting of Sampo. Reports elsewhere suggest that Mandatum has about 580 employees, 300,000 private customers, and 20,000 corporate clients.
