History
Mandatum Life, formerly known as Sampo Life, was established in 1997 as a part of which was then P&C insurance group Sampo. Mandatum Life insurance business dates back to 1874 when Kaleva, Finland's oldest life insurance company, was established.
Mandatum Life expanded its life insurance activities outside Finland in 1999 by establishing AS Sampo Elukindlustus in Estonia, and by acquiring a Latvian life insurance company (AAS Sampo Dziviba) established by Hansapank a year before. In Lithuania, the life insurance business (UAB Sampo Gyvybes Draudimas) started in 2001 . In order to increase the efficiency of Baltic operations, all 3 Baltic life insurance companies were merged in 2007 through establishing the first European company (Societas Europaea ) in Scandinavian financial sector.
A significant strategic change took place in Mandatum Life in 2002 when it decided to focus on unit-linked insurance products instead of with-profits pension and investment insurance policies. In just a few years, company gained a substantial share of the unit-linked insurance market as customers became aware of the benefits of unit-linked insurance solutions.
Imre Madison has been the company's Managing Director since 2004. On 01 July 2010 SE Sampo Life Insurance Baltic changed its name to Mandatum Life Insurance Baltic SE.
Parent company Sampo plc
Sampo plc, a listed company, owns the entire stock of Mandatum Life Insurance Company Limited. The listed company Sampo plc was formed in 2000 when the insurance company Sampo plc and Leonia Ltd (former Postipankki bank) merged to become Sampo-Leonia. In 2007 Sampo plc sold Sampo Bank Group to Danske Bank A/S.
Today, Sampo's business focuses on P&C and life insurance. Björn Wahlroos is Chairman of the Group's Board of Directors. Kari Stadigh took up the post of Group CEO on 8 April 2009. Petri Niemisvirta, Mandatum Life's Managing Director, is a member of Sampo plc's Executive Committee.