09/10/2003
The Mediolanum Group discloses H1 2003 Final Results
Consolidated operating profit: 79 million euro (+60%)
Consolidated net profit: 55 million euro (+40%)
Net profit Italy: 74 million euro (+29%)
Increase in embedded value: 1,881 million euro (+5%)
Consolidated assets under administration: 22,103 million euro (+5%)
The Board of Director's of Mediolanum S.p.A. meet today in Basiglio and approved the financial statements of the first six months of the year 2003.
The Mediolanum Group from closed the first half-year with exceptional results thanks to an excellent second quarter in which
Consolidated Net Profits grew by
102% compared to the first quarter of 2003.
With respect to the overall results of the group, which include
the effects of the New Ventures (Fibanc in Spain, Gamax and Bankhaus Lenz in Germany and Banca Esperia in Italy):
- Consolidated Net Profit grew by 40% (from 39 to 55 million euro) with respect to the same period last year. Consolidated Operating Profit were at 79 million euro, an increase of 60% compared to the result for the first six months of 2002.
- Further proof of the excellent performance of the Mediolanum Group are the Embedded Value data that are calculated by Tillinghast-Powers Perrin, which demonstrated a solid growth, reaching 1,881 millin euro post-acquisition, +5% with respect to the same period last year (+4% with respect to the results for the year-end 2002).
- Total Consolidated Assets under Administration, thanks to the excellent performance of net inflows, amounted to 22 billion Euro, an increase of 5% for the twelve months (21 billion euro as at June 30, 2002)
- Total Consolidated Net Inflows, including life, mutual funds and managed accounts, and direct and indirect inflows of the bank were positive at 1,267 million euro.
The inflows into managed savings were particularly noteworthy, adding 1,078 million euro. A significant contribution was made by Banca Esperia with 261 million euro and by Fibanc with 76 million euro.
With reference to
Italy, the considerable improvement in the profitability of the business achieved, despite the difficulties in the market, should be noted.
- Net Inflows were positive at 970 million euro.
- Gross Premiums Written totalled 836 million euro, a decline of 25% compared to 1,114 million euro for the same period last year, that however, differing from this year, benefited from the strong transformation effort of the traditional life policies into new insurance products.
- Net Profit for the Core business was at 74 million euro, an increase of 29% with respect to the results of last year. This result represents the highest level of profit ever reached in a half-year period for the core business of the Mediolanum Group. Operating Profit increased by 41%, passing from 70 million euro as at June 30, 2002 to 98 million as at June 30 of this year.
Other indicators to note:
- There were a total of 332,700 bank accounts as at June 30, 2003 (+3% compared to June 30 last year).
- There were a total of 766,000 Primary Account Holders as at June 30, 2003 (+3% compared to the same date last year).
- As at June 30, 2003, the Sales Network of Banca Mediolanum recorded a total of 4,855 financial advisors of which there were 4,130 licensed financial advisors (+1% with respect June 30, 2002). In terms of number of advisors, Banca Mediolanum continues to be ranked among the top in terms of number of financial advisors.
Adding to this the 1,167 Partner Time insurance agents, the Sales Network of the Mediolanum Group reached a total of 6,022 individuals.
With reference to
Spain, the furthest along of the New Ventures, the solid progress in terms of volumes is noteworthy:
- Total Gross Inflows, at 256 million euro, registered a growth of 38% with respect to 186 million Euro in the first half of last year, with a result that was very positive, particularly with respect to managed savings (Mutual Funds and Life), which came to 261 million euro (+ 63% with respect to 161 million euro for last year).
- Total Net Inflows, which include life insurance, mutual funds and managed accounts, and direct and indirect inflows of the bank, more than doubled coming to 65 million euro versus 26 million euro of the same quarter last year. A positive contribution came from managed savings (76 million euro).
- As at June 30, 2003, the Sales Network of the Fibanc Group stood at 405 agents. An increase (+20%) in the number of financial advisors (Mediolanum model) to 260 should be noted.
Attachment: Reclassified Income Statement H103
Attachment: Balance Sheet
Milan, September 10, 2003
Last update: September 10, 2003 - 15:00
