04/17/2003
The Mediolanum Group discloses Q1 2003 Preliminary Results
Total consolidated net inflows: positive at 577 million Euro
Consolidated assets under administration: 20,834 million Euro
Significant inflows in Spain: Net 64 million Euro
and in Banca Esperia: Net 149 million Euro (Mediolanum's share)
Taking into account the unfavourable market environment in the 1st quarter of 2003 with respect to the same period last year, the results in terms of inflows and assets of the Mediolanum Group can be considered satisfactory.
Consolidated total Net Inflows including life, mutual funds and managed accounts, and direct and indirect inflows of the bank were positive at
577 million Euro. An important contribution was added by Banca Esperia with 149 million Euro and, for the first time, by Spain with 64 million Euro. The inflows into
managed savings were particularly important with
564 million Euro.
Total Consolidated Assets remained practically unchanged compared to December 31, 2002, reaching
20,834 million Euro (-1% versus 21,014 million Euro). This is a notable result if one considers the negative performance of the stock markets that, in the period, were further depressed after the heavy depreciation in 2002, declining by 40% year on year.
With reference to
Italy, the following volumes were registered:
- Net Inflows into Managed savings continued to be positive totalling 375 million Euro, a decrease of 27% compared to 511 million Euro of the same period 2002, which is however a recovery compared to the previous quarter (+4% over 361 million Euro of the 4th quarter 2002). Also in the 1st quarter this year, net inflows into mutual funds, including those of managed accounts and unit-linked, were positive every month even for equity funds, for a total for the quarter of 303 million Euro. Administered savings registered a negative net inflows for 16 million Euro, though total deposits remained unchanged. Thus, Total Net Inflows amounted to 359 million Euro.
- Gross Premiums Written totalled 396 million Euro, a decline of 30% compared to 565 million Euro for the same period last year which, differing from this year, benefited from the strong transformation effort of the traditional life policies into new more advantageous insurance products.
- Mutual Funds and Managed Accounts registered gross inflows of 406 million Euro compared to 705 million for the same period last year (-42%).
- As at March 31, 2003, the Sales Network of Banca Mediolanum recorded a total of 4,983 financial advisors, of which 4,110 are licensed financial advisors (+5% with respect to March 31, 2002). And thus, Banca Mediolanum continues to maintain a leading position in terms of advisors in the distribution networks in Italy. Adding in the 1,379 Partner Time insurance agents, the Sales Network of the Mediolanum Group reached a total of 6,362 individuals.
- There were a total of 335,100 bank accounts as at March 31, 2003, compared to 309,600 at March 31 last year, with an increase of 8%.
- There were a total of 764,000 Primary Account Holders as at March 31, 2003, compared to about 730,000 as at the same date last year, with an increase of 5%.
- With reference to Banca Esperia, the Private Banking joint venture between Mediolanum and Mediobanca, in the 1st Quarter of its second fiscal year Consolidated Assets reached 2,549 million Euro (1,236 million Euro for the Mediolanum share) growing by over 98% year on year (1,284 million Euro, or 623 million Euro for Mediolanum's share, as at March 31, 2002). Net Inflows totalled 307 million Euro (149 million Euro Mediolanum's share), mainly thanks to the contribution of managed savings with 293 million Euro (142 million Euro Mediolanum's share).
With reference to
Spain, the more developed of the New Ventures abroad, the following volumes are to be noted:
- Total Gross Inflows, at 173 million Euro, registered a growth of 49% with respect to 116 million Euro in the first quarter of last year, with a result that was very positive, especially with respect to managed savings (Mutual Funds and Life), which came to 146 million Euro (+ 52% with respect to 96 million Euro for last year).
- Total Net Inflows, which includes life insurance, mutual funds and managed accounts, and direct and indirect inflows of the bank, came in at 64 million Euro versus 32 million Euro of the same quarter last year. This result was contributed to by both managed savings (42 million Euro), and administered savings at 22 million Euro.
- As at March 31, 2003, the Sales Network of the Fibanc Group registered a total of 398 agents. A strong increase (+70%) in financial advisors (Mediolanum model) should be noted, passing from 155 as at March 31, 2002 to 264 as at March 31, 2003.
Download: Mediolanum Preliminary Figures Table Q1 2003
Milan, April 17, 2003
*These data are preliminary and are subject to variation.
Last update: April 17, 2003 - 15:00
