10/16/2003
The Mediolanum Group discloses First 9M 2003 Preliminary Results
Consolidated assets under administration: 22,721 million euro, +13%
Total consolidated net inflows: positive at 1,823 million euro
Assets under administration Italy: 19,060 million euro, +11%
Net inflows Italy: positive 1,347 million euro
The Mediolanum Group achieved completely satisfying results in the first nine months of 2003 in terms of inflows and assets, thanks to a solid third quarter.
Total Consolidated Assets grew by 13% compared to September 30, 2002, reaching 22,721 million euro.
Consolidated total Net Inflows, including life insurance, mutual funds and managed accounts, and direct and indirect inflows of the bank were positive at 1,823 million euro.
Inflows into managed savings totalled 1,562 million euro, +2% compared to the same period last year. An important contribution was added by Banca Esperia with 246 million euro (Mediolanum's share) and by Spain with 86 million euro. It should be noted that consolidated net inflows into managed savings registered 485 million euro in the third quarter (+46% with respect to the same period last year).
With reference to Italy, the following volumes were registered:
- Assets under Administration totalled 19,060 million euro, +11% compared to September 30, 2002.
- Net Inflows into Managed Savings totalled 1,232 million euro, a decrease of 6% compared to the same period last year, but showing strong third quarter growth (413 million euro) compared to the same period last year, (+41%). Net inflows were positive in each of the first nine months. Net Inflows into Mutual Funds and Managed Accounts came to 453 million euro (+5%).
It should be noted that the third quarter of 2003 (134 million euro) showed significant growth compared to the same period in 2002 (+30%). In particular, a strong contribution to the performance in the third quarter came from equity funds, registering an increase of 119% (60 million euro) with respect to the same period last year.
Administered Savings registered positive net inflows of 116 million euro.
Thus, total Net Inflows amounted to 1,347 million euro.
- Gross Premiums Written totalled 1,265 million euro, declining by 22% with respect to the same period last year which, as opposed to this year, had benefited from the strong transformation effort of the traditional life policies into new insurance products. Recurring Premiums (exclusively unit-linked) totalled 77 million euro (-9%) for the first nine months.
- Mutual Funds and Managed Accounts registered gross inflows of 1,238 million euro, -33% compared to the same period last year. The difference is substantially due to the transformation of mutual funds into products with a higher level of service (Chorus Managed Accounts and Mix), which didn't take place in 2003. In fact, this comparison, net of the transformations, would have resulted in a decline of 4%. Inflows in the third quarter of 2003 totalled 417 million euro with a growth of 14% with respect to the same period last year.
- As at September 30, 2003, the Sales Network of Banca Mediolanum recorded a total of 5,008 financial advisors (-1% with respect to September 30, 2002), of which 4,092 are licensed financial advisors. During the third quarter, the growth of the network had a net increase of 153 advisors.
Adding in the 954 Partner Time insurance agents, the Sales Network of the Mediolanum Group reached a total of 5,962 individuals.
- There were a total of 331,100 bank accounts as at September 30, 2003, compared to 330,200 as at September 30 last year.
- There were a total of about 768,700 Primary Account Holders as at September 30, 2003, an increase of 2% as at the same date last year.
- With reference to Banca Esperia, the Private Banking joint venture between Mediolanum and Mediobanca, Consolidated Assets reached 2,642 million euro (Mediolanum's share: 1,281 million euro) in the first nine months, an increase of 61% year-on-year. Net Inflows totalled 707 million euro, +8% with respect to the same period last year (Mediolanum's share: 343 million euro), mainly thanks to the contribution of managed savings with 508 million euro, +37% (Mediolanum's share 246 million euro).
With reference to
Spain, the more developed of the New Ventures abroad, the following volumes are to be noted:
- Total Gross Inflows, at 358 million euro, registered a growth of 51% with respect to the first nine months of last year, with a very positive result, especially with respect to managed savings, which came to 336 million euro, +58% compared to the same period last year.
- Total Net Inflows came in at 103 million euro, growing by 266%. Managed savings made the major contribution to this result (86 million euro).
- As at September 30, 2003, the Sales Network of the Fibanc Group registered a total of 472 agents. The increase (+35%) in the number of financial advisors (Mediolanum model) to 322 individuals at the end of the first nine months should be noted.
For complete details, see attached Mediolanum 9M 2003 Preliminary Figures Tablez
*These data are preliminary and are subject to variation.
Milan, October 16, 2003
Download: Mediolanum Preliminary Figures Table 9M 2003
Last update: October 16, 2003 - 12:30
