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11/10/2004

9M 2004 Result

Consolidated net profit: 110 million euro, +22%
Consolidated assets under administration: 25 billion euro, +9%
Net profit Italy: 135 million euro, +16%
Life new business Italy: 1,069 million euro, +40%



The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the quarterly report as at September 30, 2004.


With reference to the GROUP'S CONSOLIDATED RESULTS, including the effects of the New Ventures:

  		•  Consolidated Net Profit was at 110 million euro, an increase of 22% compared to the results for the same period last year.
  		•  Consolidated Assets under Administration , grew by 9% with respect to September 30 , 2003, totalling 24,998 million euro.
  		•  The Sales Network of the Mediolanum Group (Italy, Spain and Germany) reached a total of 5,416 exclusive advisors , substantially in line with the first nine months of 2003 (-1%).

    With reference to ITALY, the following results were achieved:

  		•  Net Profit was at 135 million euro, a growth of 16% with respect to the results of last year.
  		• Assets under Administration grew 7% with respect to September 30, 2003, totalling 20,487 million euro.
  		•  Net Inflows into Managed Savings , totalling 1,012 million euro, remained positive each month (-19% with respect to the first nine months of 2003, 1,256 million euro). The Life business made a major contribution, with net inflows of 982 million euro, a growth of 22% with respect to the same period last year.
  		•  Gross Premiums Written in total came to 1,648 million euro, an increase of 30% with respect to the same period last year.
    In particular, Life New Business grew 40% (euro 1,069 million), with New Business in Recurring Premiums (exclusively unit-linked) contributing 126 million euro, an increase of 30%, and Single Premiums adding 944 million euro, +41%.
  		• Mutual Funds & Managed Accounts registered Gross Inflows of 1,104 million euro, decreasing 11% with respect to the same period last year.
  		•  As at September 30, 2004, the Sales Network of Banca Mediolanum totalled 4,859 financial advisors – of which 4,078 licensed compared to 4,092 for last year.
  		•  There were a total of 782,000 Primary Account Holders as at September 30, 2004, an increase of 2% with respect to last year.


    With reference to the most advanced NEW INITIATIVES, the contribution from Fibanc in Spain and Banca Esperia in Italy to the Consolidated Group results are as follows:

  		• Net Profit for the activities in SPAIN came to 1.1 million euro, an increase compared to same period last year (-0.6 million euro).
    Assets under Administration grew by 5% with respect to September 30, 2003, totalling 1,997 million euro.


  		•  BANCA ESPERIA registered a profit of 2.9 million euro (1.4 million euro for Mediolanum's share), +42% with respect to the same period last year (2.1 million euro).
    Assets under Administration reached 4,176 million euro, (2,025 million euro for Mediolanum's share), an increase of 49% with respect to September 30, 2003.

    Attachment:
    Reclassified Income Statement 9M 04


    Basiglio, Milano 3 City, November 10, 2004