The Mediolanum Group discloses 9M 2003 Final Results
Consolidated net profit: 90 million euro (+79%)
Consolidated assets under administration: 22,951 million euro (+14%)
Positive consolidated net inflows: 1,828 million euro
The Board of Director's of Mediolanum S.p.A. meet today in Milan and approved the financial statements of the first nine months of the year 2003.
The Mediolanum Group closed the first nine months with very positive results.
With respect to the overall results of the group
, which include the New Ventures
(Fibanc in Spain, Gamax and Bankhaus Lenz in Germany and Banca Esperia in Italy):
- Consolidated Net Profit grew by 79% (90 million euro) with respect to the same period last year. Consolidated Profit before Tax and Extraordinary Items were at 122 million euro, an increase of 91% with respect to the result for the first nine months of 2002.
- Total Consolidated Assets under Administration, thanks to the good performance of net inflows, amounted to 23 billion euro, an increase of 14% for the twelve months.
- Total Consolidated Net Inflows, including life, mutual funds and managed accounts, and direct and indirect inflows of the bank were positive at 1,828 million euro. With respect to this, a significant contribution was made by Banca Esperia with 343 million euro and by Fibanc with 92 million euro. The inflows into managed savings were particularly noteworthy, adding 1,567 million euro.
With reference to Italy
- Net Profit for the Core business was at 116 million euro, an increase of 43% with respect to the results of last year, while Profit before Tax & Extraordinary Items was at 149 million euro, and increase of 48% with respect to September 30, 2002.
- Assets under Administration reached 19 billion euro, an increase of 12% in the twelve months.
- Net Inflows were positive at 1,372 million euro.
- Gross Premiums Written totalled 1,269 million euro, a decline of 21% compared the same period last year. Excluding the transformation effect of the traditional life policies into new insurance products, which were significant in 2002, Gross Premiums Written decreased by only 10%.
Other indicators to note:
- There were a total of 331,100 bank accounts compared to 330,200 as at September 30 last year.
- There were a total of 768,700 Primary Account Holders, increasing 2% with respect to the same date last year.
- As at September 30, 2003, the Sales Network of Banca Mediolanum recorded a total of 5,008 financial advisors, including 4,092 licensed financial advisors (-1% with respect to September 30, 2002). The growth in the Banca Mediolanum network during the third quarter was noteworthy, with a total of 153 new advisors.
Adding to this the 954 Partner Time insurance agents, the Sales Network of the Mediolanum Group reached a total of 5,962 individuals.
With reference to Banca Esperia
- Net Profit pertaining to Mediolanum was at 1 million euro, compared to a loss of 3 million euro for the same date last year. Considering the fact that Banca Esperia became operative in September, 2001, it is important to point out that it posted a profit already in the second fiscal year.
- Total Net Inflows pertaining to Mediolanum were positive at 343 million, an increase of 8% with respect to the same date last year. It is noteworthy that managed Savings made a positive contribution of 246 million euro to net inflows, a growth of 37% with respect to September 30, 2002.
With reference to Spain
- Total Gross Inflows, at 347 million euro, registered a growth of 47% with respect to the first nine months of last year, with a result that was very positive, particularly with respect to managed savings (Mutual Funds and Life), which came to 324 million euro, an increase of 53% with respect to the same date last year.
- Total Net Inflows more than tripled, reaching 92 million euro versus 28 million euro last year. A positive contribution came from managed savings (75 million euro).
- As at September 30, 2003, the Sales Network of the Fibanc Group stood at 472 advisors. An increase (+35%) in the number of financial advisors (Mediolanum model) to 322 at the end of the first nine months should be noted.
: Reclassified Income Statement as at 9M03 9/30/03, 12/31/02, 9/30/02
Milan, November 11, 2003Last update
: November 11, 2003 - 16:00