05/09/2002
The Mediolanum Group discloses Q1 2002 Final Results
Record net inflows of managed savings 511 mn euro
Record bank direct net inflows 265 mn Euro
Net profit italy 27 mn Euro
Consolidated net profit 20 mn Euro
The Board of Directors of Mediolanum S.p.A. met today and approved the company accounts for the first quarter of the year 2002.
The final results confirmed the positive preliminary data.
With reference to
Italy, excluding the assets of the new ventures (Banca Esperia and the controlled ventures abroad, Fibanc and Gamax), the main results were:
- Assets under Administration, despite the considerable depreciation due to the negative performance of the stock market, grew by 16% to 18.9 billion Euro from 16.3 billion Euro in March 2001.
- Net profit for the period was at 27 million Euro as compared to 29 million Euro in the same period in 2001 (-7%).
- Net Inflows, with respect to managed savings reached 511 million Euro (+12% compare to 455 Euro in the first quarter of 2001). The 46% increase in Life net inflows contributed strongly to this result.
Net Inflows of administered savings were positive at about 333 million Euro, thanks mainly to the record direct inflows of the bank (+9%).
Other items of interest were:
- Life Premiums New Business registered an increase of 71% (415 million Euro against 241 million Euro last year), thanks in particular to the strong production of Single Premiums, which grew by 93% to 382 million Euro (198 million Euro for the same quarter last year).
- There were 309,585 total Bank Accounts as at March 31, 2002, compared to 242,922 as at March 31 last year, with an increase of 27%.
- There were 730,000 Primary Account Holders as at March 31, 2002 compared to 659,000 at the same date last year, with an increase of 11%.
- As at March 31, 2002 the Sales Network of Banca Mediolanum consisted of 5,311 advisors, substantially in line with the number as at March 31, 2001 (-1%). Noteworthy is the solid progress made in the quality of the network, with 3,942 licensed financial advisors, a growth of 24% with respect to the same date in 2001, confirming the leadership position reached by the end of 2001.
- Adding the 1,390 Partner Time insurance agents (-13% in twelve months), the Sales Network of the Mediolanum Group reached a total of 6,701.
With respect to the
consolidated data of the group, which includes the effect of the new initiatives (Banca Esperia, Fibanc, and Gamax):
- Consolidated Assets under Administration reached 22.1 billion Euro against 18.4 billion Euro as at March 31, 2001, growing +20% in twelve months.
- Consolidated Net Profit of the Group was 20 million Euro, a reduction of 22% with respect to Q1 2001 (26 million Euro).
Milan, May 9, 2002
Last update: May 9, 2002 - 15:00
