07/17/2002
The Mediolanum Group discloses H1 2002 Preliminary Results
Record half-year total net inflows: 1,873 million Euro
Net inflows managed savings: 1,005 million Euro
Gross premiums written: 1,110 million Euro, +58%
Consolidated assets under administration: 21,560 million Euro, +9%
The Mediolanum Group closed the first half of 2002 with excellent results, particularly considering the lasting negative period of the world economy.
Consolidated Assets under Administration, thanks to the strength of the net inflows that were consistently positive during the period, reached about
21,560 million Euro, increasing
9% in twelve months (19,823 million Euro as at June 30, 2001), despite the considerable depreciation due to the negative performance of the stock market.
Excluding the new ventures (Banca Esperia and the controlled companies abroad, Fibanc and Gamax), assets grew by
4% during the period to about 18,450 million Euro (17,690 as at June 30, 2001).
The following volumes were registered with respect to
Italy:
- Total Net Inflows, including life insurance, mutual funds and managed accounts, and direct and indirect inflows of the bank, hit a new half-year record amounting to about 1,873 million Euro and surpassing the already notable net inflows of the first half-year of 2001 by 2% (1,832 million Euro). Specifically, net inflows consist of about 1,005 million Euro (+2% with respect to 982 million Euro in 2001) from managed savings and about 869 million Euro (+2% with respect to 850 million Euro in 2001) from administered savings.
- Gross Life Premiums amounted in total to about 1,110 million Euro, compared to 702 million Euro in 2001 (+58%). New Business was particularly noteworthy, registering an increase of about 76% (about 790 million Euro against 448 million Euro last year).
- Mutual Funds and Managed Accounts registered consolidated gross inflows of more than 1,481 million Euro against 1,859 million Euro of the previous year.
- As at June 30, 2002, the Sales Network of Banca Mediolanum consisted of 5,150 global financial advisors (a contraction of 6% out of a total of 5,507 as at June 30, 2001). It is worth noting the strong qualitative improvement in the network, with 4,086 licensed financial advisors, an increase of 18% with respect to 3,473 in 2001. Adding the 1,281 Partner Time insurance agents, the sales network of the Mediolanum Group reached a total of 6,431 individuals.
- As at June 30, 2002, there were 323,400 bank accounts compared to 266,000 as at June 30 last year, an increase of 18%.
- As at June 30, 2002, there were about 743,900 primary account holders compared to 679,000 at the same date last year, with an increase of 9%. There were about 64,900 New Clients acquired during the period.
Mediolanum S.p.A., according to article 82, section 2 of the Consob regulation number 11971/1999, the half-year report as at June 30, 2002 will be released within 75 days from the end of the half-year.
Milan, July 17, 2002
Last update: July 17, 2002 - 15:00
