03/26/2002
The Mediolanum Group discloses the FY 2001 Final Results
Record net inflows confirmed
Assets under administration + 20%
Net profit italy 120 mn euro
Consolidated net profit 103 mn euro
Consolidated embedded value growth of 272 mn euro (+18%)
The Board of Directors of Mediolanum S.p.A. met today and approved the company accounts for the Full Year 2001. The final results confirmed the positive preliminary data. In fact, regardless of the negativity of the markets and the extraordinary historical-political situation during the period under review, new record inflows were achieved, even surpassing those of 2000, which was unanimously considered one of the best years in national and international financial history. The Shareholders´ Meeting for approval will take place April 23 for the First Call and May 6 for the Second Call. The Board of Directors will propose to the shareholders the distribution of a dividend per share of .10 Euro to be payable on May 23.
With reference to
Italy (Core business), the main results were:
- Net profit for the period, thanks to the strong recovery in the fourth quarter, was at 120 million Euro as compared to 119 million Euro in the same period in 2000 (+1%), with a constantly improving trend with respect to prior periods.
- Assets under Administration grew by 16% to 18,321 million Euro from 15,738 million Euro in December 2000.
- Total Net Inflows, including life insurance, managed accounts and direct and indirect inflows of the bank, reaching another record, amounted to 3,437 million Euro surpassing the already notable net inflows of last year (Euro 3,225 million) by 7%. In particular, net inflows consist of 2,060 million Euro from managed savings and 1,377 million Euro from administered savings.
Other items of interest:
- Recurring Life Premiums registered new business of 196 million Euro compared to 138 million Euro in 2000, with an increase of 42%.
- Bank Direct Inflows of Banca Mediolanum amounted to 730 million Euro, with an increase of 11% with respect to 658 million Euro for 2000.
- There were 297,252 total Bank Accounts as at December 31, 2001 compared to 219,144 as at December 31 last year, with an increase of 36%.
- There were 715,000 Primary Account Holders as at December 31, 2001 compared to 619,000 at the same date last year, with an increase of 15%. 95,000 New customers were acquired in 2001.
- As at December 31, 2001 the Sales Network of Banca Mediolanum consisted of 5,585 advisors (with an increase of 8% compared to 5,181 at December 31, 2000), of whom 3,842 are licensed financial advisors. Adding the 1,308 Partner Time insurance agents (+9% for the year), the Sales Network of the Mediolanum Group reached a total of 6,893.
With respect to the
consolidated data of the Group, which includes the new initiatives (Fibanc in Spain, Gamax in Germany, and Banca Esperia):
- Consolidated Assets under Administration, despite the negative effect caused by the trends in the equity market, reached 21,396 million Euro against 17,852 million Euro as at December 31, 2000, growing +20% in twelve months.
- Consolidated Net Profit of the Group was 103 million Euro, a reduction of 10% with respect to 2000 (115 million Euro).
- The Embedded value of the Mediolanum Group, prepared by Tillinghast Towers Perrin, reached 1,768 million Euro as at December 31, 2001, which is an 18% increase of 272 million Euro.
In line with regulatory requirements (article 114 of the Legislative Decree 58/98 - TUF) the Board of Directors decided on the acquisition of 51% of the asset management and financial services companies of the Mediolanum Group by Banca Mediolanum. These include the Irish companies Mediolanum International Funds, Ltd., Mediolanum Asset Management Ltd., Mediolanum Gestione Fondi SGR S.p.A. and the company under Luxembourg legislation, Mediolanum International S.A. These structural changes will allow the companies to be included in Gruppo Bancario Mediolanum and will facilitate Banca Mediolanum in the management of the Group including Asset Management.
Milan, March 26, 2002
Last update: March 26, 2002 - 15:00
