FY 2005 Results

Group net income: 233 million euro, +42%
Group assets under administration: 30.4 billion euro, +17%

Embedded value: 2,951 million euro, +18%
Dividend proposal: 20 cents per share
Dividend balance to be paid: 11.5 cents per share

The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the Consolidated Financial Statements as at December 31, 2005.

The Board of Directors resolved to propose to the shareholders a distribution of a dividend of 20 cents per share relative to the net profit for 2005, +43% with respect to the previous year
Considering the dividend of 8.5 cents per share already distributed in December 2005, the Board of Directors will propose to the shareholders a distribution of the balance of 11.5 cents per share, payable as of May 25, 2006 (with an ex-dividend date of May 22, 2006)

The General Shareholders' Meeting for approval will take place April 27, 2006 at 3:00 p.m. for the First Call, and, if needed, April 28, 2006 at the same time for the Second Call, in Basiglio Milano 3, Palazzo Meucci.

With reference to the GROUP RESULTS:

	Group Net Profit was at 233 million euro, a growth of 42% compared to the results for the same period last year.
	Group Assets under Administration , grew 17% with respect to December 31, 2004 totalling 30,399 million euro.
	Gross Inflows totalled 6,275 million euro, +16% with respect to the same period last year.

With reference to the DOMESTIC MARKET , (Net Income, Assets and Gross Inflows include Banca Esperia for the 48.5% share pertaining to the Group), the following results were achieved:

	Net Profit was at 250 million euro, a growth of 45% with respect to the previous year.
	Assets under Administration grew 18% with respect to December 31, 2004, totalling 27,556 million euro.
	Gross Inflows came in at 5,749 million euro, + 17% with respect to the previous year.

In particular, pertaining to Mediolanum:

	Gross Premiums Written in total came to 2,457 million euro, an increase of 6% with respect to the previous year. In particular, Life New Business grew 3% (1,502 million euro), with Recurring Premiums growing 20% to 210 million euro, and Single Premiums up 1%, to 1,291 million euro. Asset Management registered Gross Inflows of 1,927 million euro, a growth of 37% compared to the previous year
	Net Inflows came in at 1,546 million euro, +22% with respect to the previous year. In particular, with regards to Managed Savings , note that they were positive each month of the year.
	As at December 31, 2005, the Sales Network of Banca Mediolanum totalled 5,220 financial advisors (of whom 3,978 licensed advisors) , +7% with respect to December 31, 2004.
	There were a total of 798,000 Primary Account Holders as at December 31, 2005 (785,100 at December 31, 2004). There were 362,600 bank customers at December 31, 2005, an increase of 16% with respect to December 31, 2004.
	There were a total of 392,300 bank accounts at December 31, 2005, an increase of 48,300 with respect to December 31, 2004, +14%.

Highlights in particular with respect to Banca Esperia:

	A net profit of 15 million euro (7.3 million euro for Mediolanum's share), a growth of 76%.
	Assets under Administration grew 17% with respect to the previous year, reaching 5,670 million euro. (2,750 million euro for Mediolanum's share).

Embedded Value , calculated by Tillinghast-Towers Perrin, was calculated for the first time according to European Embedded Value principles, and the 2004 figures have been reclassified in order to permit a like-for-like comparison. Embedded Value reclassified for 2004 and Embedded Value 2005 also include for the first time the value of future profits for the banking and Spanish businesses
Embedded Value in total registered an increase of 18% , from 2,493 million euro as at December 31, 2004 to 2,951 million euro.

In particular, Embedded Value Earnings came in at 614 million euro


With reference to the FOREIGN MARKETS:

	Profit before Tax came in at 0.5 million euro, with respect to the loss of the previous year of 7.7 million euro. Taking into account the write-down of the value of the controlled German subsidiary Gamax of 14.8 million euro, with 2.3 million euro in taxes, the final economic result was negative at 16.6 million euro.
	Assets under Administration grew by 8% with respect to December 31, 2004, totalling 2,843 million euro.

A presentation in English with the data contained in this document will be available at the Borsa Italiana offices (Italian Stock Exchange).


Attachments:

Balance Sheet as at December 31, 2005

Income Statement as at December 31, 2005

Segment Report

Basiglio, Milano 3 City, March 27, 2006 - 13:50

Contacts: Media Relations Roberto Scippa Tel +39 02 9049 2902 Fax +39 02 9049 2345 e-mail: gmmedia@mediolanum.it

Investor Relations Alessandra Lanzone Tel +39 02 9049 2039 e-mail: investor.relations@mediolanum.it