04/11/2002
The Mediolanum Group discloses Q1 2002 Preliminary Results
Consolidated assets under administration +21%
Net inflows of managed savings +11%
Record life net inflows +44%
Gross premiums written +54%
Banca Mediolanum licensed financial advisors +24%
The Mediolanum Group closed the
first quarter of 2002 posting satisfying results, particularly considering the prolonged period of uncertainty in the economy.
Consolidated Assets under Administration, despite the considerable depreciation due to the negative performance of the stock market, reached about
22.3 billion Euro, increasing
21% in twelve months (18.4 billion Euro as at 31 March, 2001).
Excluding the assets of the new ventures (Banca Esperia and the controlled foreign groups´ Fibanc and Gamax), assets grew by
15% during the period, to around
18.8 billion Euro, (16.3 as at 31 March, 2001).
With reference to Italy (Core business), the results were as follows:
- Net Inflows, with respect to managed savings reached about 506 million Euro (+11% compare to 455 Euro in the first quarter of 2001). This result contributed strongly to the 44% increase in life net inflows. Net Inflows of administered savings were positive at about 333 million Euro, thanks mainly to the direct inflows of the bank (+9%).
- Gross Life Premiums came to a total of around 560 million Euro, compared to Euro 364 million in the first quarter of 2001 (+54%). In particular, Total New Business, registered an increase of 71% (413 million Euro compared to 241 million Euro last year).
- Mutual Funds and Managed Accounts registered consolidated gross inflows of 705 million Euro against 786 million Euro of last year (-10%).
- As at March 31, 2002 the Sales Network of Banca Mediolanum consisted of 5,311 financial advisors, in line with the total as at March 31 2002 (-1%). Noteworthy is the strong qualitative progress of the network, as there was a 24% growth in the number to 3,924 licensed financial advisors, compared to December 31, 2001, confirming the leadership position reached at the end of 2001. Adding to these the 1,390 active Partner Time insurance agents, the Sales Network of the Mediolanum Group reached a total of 6,701.
- There were 309,585 total Bank Accounts as at March 31, 2002 compared to 242,922 as at March 31 last year, with an increase of 27%.
- There were 730,000 Primary Account Holders as at March 31, 2002 compared to 659,000 at the same date last year, with an increase of 11%.
Milan, April 11, 2002
Last update: April 11, 2002 - 15:00
