10/16/2002
The Mediolanum Group discloses First nine months 2002 Preliminary Results
Net inflows always positive during the nine months
Consolidated assets under administration: 20,000 million Euro, +10%
Positive total net inflows: 2,405 million Euro
Positive net inflows into managed savings: 1,331 million Euro
Gross premiums written: 1,615 million Euro, +48%
The Mediolanum Group closed the first nine months of 2002 with notable results, particularly considering the enduring negative period of the world economy.
Consolidated Assets under Administration, thanks to the strength of the net inflows that were consistently positive during the nine months, reached about
20,000 million Euro, increasing
10% in twelve months (18,118 million Euro as at September 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, Gamax, Bankhaus, Lenz and Mediolanum Private), assets grew by 5% during the period to about
17,038 million Euro (16,165 as at September 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, were positive, at about 2,405 million Euro and practically in line with the net inflows of the same period last year of 2,480.
Specifically, net inflows consist of about 1,331 million Euro from managed savings and about 1,074 million Euro from administered savings.
- Gross Life Premiums amounted in total to about 1,615 million Euro, compared to 1.091 million Euro for the first nine months of 2001 (+48%). New Business was particularly noteworthy, registering an increase of about 60% (about 1,136 million Euro against 711 million Euro last year).
- Mutual Funds and Managed Accounts registered consolidated gross inflows of more than 1,848 million Euro against the 2,444 million Euro of the previous year.
- As at September 30, 2002, the Sales Network of Banca Mediolanum consisted of 5,059 global financial advisors (a contraction of 10% out of a total of 5,617 as at the same date in 2001).
It is worth noting the strong qualitative improvement in the network, with 4,122 licensed financial advisors, an increase of 10% with respect to the 3,755 in 2001, progress that solidifies the leadership position of Banca Mediolanum among the Italian sales networks of financial advisors. Adding the 1,323 Partner Time insurance agents, the sales network of the Mediolanum Group reached a total of 6,382 individuals.
- As at September 30, 2002, there were 330,200 bank accounts compared to 281,300 as at September 30 last year, an increase of 17%.
- As at September 30, 2002, there were about 752,000 primary account holders compared to 692,000 at the same date last year, with an increase of 9%. There were about 52,200 New Clients acquired during the period.
Milan, October 16, 2002
Last update: October 16, 2002 - 15:00
