11/11/2002
The Mediolanum Group discloses First 9M 2002 Final Results
Net inflows consistently positive during the nine months
Consolidated assets under administration 20,925 mn Euro (+15%)
Positive total net inflows 2,387 mn Euro
Gross premiums written 1,615 mn Euro (+48%)
Net profit: Italy 81 mn euro (+1%), Consolidated 50 mn (-26%)
The Board of Directors of Mediolanum S.p.A. met in Basiglio today and approved the company accounts for the first nine months of 2002.
The final results confirmed the positive preliminary data.
Consolidated Assets under Administration reached
20.9 billion Euro thanks to the excellent performance of the net inflows that were consistently positive during the nine months, compared to 18.1 billion Euro as at September 30, 2001, growing
15% in twelve months, despite the significant devaluation of the assets due to the negative trend of the stock market.
Excluding the new ventures (Banca Esperia and the controlled ventures abroad, Fibanc, Gamax, Lenz and Mediolanum Private ), Assets under Administration grew by
11% to
18 billion Euro (16.1 billion Euro as at September 30, 2001).
With reference to
Italy, the main results were:
- Net Profit for the period was at 81 million Euro, +1% with respect to last year (80 mn Euro).
- Total Net Inflows were at 2,387 million Euro (-4% with respect to 2,480 million Euro for the same period last year). Net Inflows in terms of managed savings reached 1,313 million Euro and administered savings were at 1,074 million Euro.
Other items of interest:
- Life Premiums New Business registered an increase of 60% (1,136 million Euro against 711 million Euro last year), thanks in particular to the strong production of Single Premiums, which grew by 79% to 1,052 million Euro (587 million Euro for the same period last year).
- There were 330,200 total Bank Accounts as at September 30, 2002, compared to 281,300 as at September 30 last year, with an increase of 17%.
- There were 752,200 Primary Account Holders as at September 30, 2002 compared to 692,000 at the same date last year, with an increase of 9%.
- As at September 30, 2002, the Sales Network of Banca Mediolanum consisted of 5,059 advisors (a reduction of 10% on the total of 5,617 for the same period last year). The continued progress made in the quality of the network is noteworthy, with 4,122 licensed financial advisors, a growth of 10% with respect to 3,755 for the same date in 2001, confirming the network´s leadership position by the end of December 2001. Adding the 1,320 Partner Time insurance agents, the Sales Network of the Mediolanum Group reached a total of 6,379.
With respect to the
consolidated data of the group, which includes the effect of the new ventures:
- Consolidated Net Profit of the Group was at 50 million Euro, a reduction of 26% with respect to the first nine months of 2001 (68 million Euro).
The Board of Directors also approved the adoption of the Internal Dealing code as set by art. 2.6.3 of the Regulations organised and managed by the Borsa Italiana S.p.A.
Milan, November 11, 2002
Last update: November 11, 2002 - 15:00
