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03/23/2004

Final Results 2003

Consolidated net profit: 129 million euro, +51%
Net profit Italy: 164 million euro, +36%
Consolidated Assets under administration: 23,514 million euro, +12%
Embedded Value: 2,029 million euro, +12%

Dividend proposal: 0.11 euro per share, +10%



The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the draft of the Annual Report and the Consolidated Financial Statements as at December 31, 2003.

The Board of Directors will propose to the shareholders a distribution of a dividend of 0.11 euro per share, payable as of May 27, 2004.

The General Shareholders’ Meeting for approval will take place April 27, 2004 at 4:00 p.m. for the First Call, and, if needed, April 30, 2004 at the same time for the Second Call, in Basiglio Milano 3, Palazzo Meucci.

With reference to the GROUP'S CONSOLIDATED RESULTS, including the effects of the New Ventures:

  		•  Consolidated Net Profit was at 129 million euro, an increase of 58% compared to the results for the same period the previous year.
  		•  Consolidated Assets under Administration, grew by 12% with respect to December 31, 2002, totalling 23,514 million euro.
  		• Net Inflows into Managed Savings for the Group were particularly significant, coming in at 2,417 million euro, +16% with respect to 2002.
  		• There were 5,549 exclusive advisors in the Sales Network of the Mediolanum Group (Italy, Spain and Germany), an increase of 3% with respect to December 31, 2002.

    With reference to ITALY, the following results were achieved:

  		•  Net Profit was at 164 million euro, a growth of 36% with respect to the results of the previous year.
  		•  Assets under Administration grew 10% with respect to December 31, 2002, totalling 19,549 million euro.
  		• Net Inflows into Managed Savings, totalling 1,856 million euro, grew by 11% with respect to 2002, and were positive for each of the twelve months. The Life business made a major contribution, with net inflows of 1,411 million euro, an increase of 26% with respect to December 31, 2002.
  		•  Gross Premiums Written in total came to 2,063 million euro, a decrease of 3% with respect to the previous year.
  		•  Mutual Funds & Managed Accounts registered gross inflows of 1,620 million euro, -28% with respect to the previous year.
  		•  As at December 31, 2003, the Sales Network of Banca Mediolanum recorded a total of 5,002 financial advisors – in line with the previous year (5,015) – of which 4,052 were licensed.
  		•  There were a total of 778,200 Primary Account Holders, increasing 2% with respect to the previous year.
  		• Embedded Value, calculated by Tillinghast-Towers Perrin for the Life and Funds businesses in Italy, that at this moment do not value future profits of the Bank and of the New Ventures, registered an increase of 12%, from 1,816 million euro for 2002 to 2,029 million euro, post-acquisition.
  		•  The Value of New Business from Life and Asset Management was positive at 155 million euro, a decrease of 34% with respect to the same period the previous year.

    For the first time, the values for Spain were measured with an In-force Value for Life and for Asset Management coming to 16 million euro, and a New Business Value of 7 million euro produced during the year (gross of minorities).

    With reference to the NEW INITIATIVES, the contribution by the most advanced initiatives to the Consolidated Group results:

  		•  SPAIN closed the year at breakeven, compared to a loss for the same period the previous year of 1 million euro.
    Assets under Administration grew 9% with respect to December 31, 2002, totalling 1,942 million euro.
    It is noteworthy that Total Net Inflows grew by 146% with respect to the previous year, coming to 145 million euro.
    Managed savings registered 113 million euro, +304% with respect to the previous year.


  		•  BANCA ESPERIA in the second fiscal year registered a profit of 2 million euro (1 million euro for Mediolanum’s share).
    Assets under Administration reached 3,102 million euro, (1,505 million euro for Mediolanum’s share), an increase of 38% with respect to the previous year.


    Download:
    Reclassified Income Statement FY03 and Balance Sheet as at December 31, 2003

    Basiglio, Milano 3 City, March 23, 2004