07/16/2003
The Mediolanum Group discloses H1 2003 Preliminary Results
Consolidated assets under administration: 21,951 million Euro, +4%
Total consolidated net inflows: positive at 1,246 million Euro
Significant net inflows into managed savings in Spain: positive at 78 million Euro
and in Banca Esperia: 187 million Euro (quota Mediolanum)
A solid second quarter allowed the Mediolanum Group to achieve completely satisfying results in terms of inflows and assets in the first-half of 2003.
Consolidated total Net Inflows, including life insurance, mutual funds and managed accounts, and direct and indirect inflows of the bank were positive at 1.246 milion Euro.
Inflows into managed savings was particularly significant, contributing 1.057 milion Euro. An important contribution was added by Banca Esperia with 187 million Euro (Mediolanum's share) and by Spain with 78 million Euro.
Total Consolidated Assets grew by 4% compared to June 30, 2002, reaching 21.951 milion Euro, despite the fall in the equity market.
With reference to Italy, the following volumes were registered:
- Net Inflows into Managed Savings totalled 796 milion Euro, a decrease of 22% compared to the same period in 2002, but had a strong recovery in the second quarter (427 million Euro) with respect to the first quarter (+16%). Net inflows were positive in every month of the half-year.
Net Inflows into Mutual Funds and Managed Accounts came to 320 million Euro (-4%). The second quarter of 2003 registered a strong increase (181 million Euro) compared to the same quarter of 2002 (+21%), and also compared to the first quarter of 2003 (+31%). In particular, a strong contribution to the performance for the quarter came from equity funds, registering an increase of +165% (44 million Euro) with resepct to the prior quarter.
Administered savings turned around and registered positive net inflows of 152 milion Euro.
Thus, total Net Inflows amounted to 947 milion Euro.
- Gross Premiums Written totalled 836 milion Euro, a decline of 25% with respect to the same period last year which, differing from this year, benefited from the strong transformation effort of the traditional life policies into new insurance products. Recurring premiums (exclusively unit-linked) totalled 29 million Euro, an increase compared to the second quarter of 2002 (+2%). In total, recurring premiums for the half-year came in at 56 million Euro (-9%).
- Mutual Funds and Managed Accounts registered gross inflows of 816 milion Euro compared to 1,481 million for the same period in 2002 (-45%). It is noteworthy that the first half of last year benefited from a significant transformation effort from mutual funds into products with a higher level of service (Mix and Chorus managed accounts), which substantially increased gross inflows.
- As at June 30, 2003, the Sales Network of Banca Mediolanum recorded a total of 4,855 financial advisors, of which 4,130 are licensed financial advisors (+1% with respect to June 30, 2002). As such, Banca Mediolanum continues to maintain a leading position in terms of advisors in the distribution networks in Italy.
Adding in the 1,167 Partner Time insurance agents, the Sales Network of the Mediolanum Group reached a total of 6.022 individuals.
- There were a total of 332,700 bank accounts as at June 30, 2003, compared to 323,400 at June 30 last year (+3%).
- There were a total of 766,000 Primary Account Holders as at June 30, 2003, compared to 744,000 as at the same date last year (+3%).
- With reference to Banca Esperia, the Private Banking joint venture between Mediolanum and Mediobanca, Consolidated Assets reached 2,502 million Euro (1,213 million Euro - Mediolanum's share) in the first half-year, increasing by over 63% year-on-year. Net Inflows totalled 481 million Euro (233 million Euro - Mediolanum's share), mainly thanks to the contribution of managed savings with 385 million Euro (187 million Euro - Mediolanum's share).
With reference to
Spain, the more developed of the New Ventures abroad, the following volumes are to be noted:
- Total Gross Inflows, at 258 million Euro, registered a growth of 39% with respect to the first half of last year, with a very positive result, especially with respect to managed savings, which came to 264 million Euro (+64%).
- Total Net Inflows, came in at 67 milion Euro, growing by 158%. Managed savings made the major contribution to this result (78 million Euro).
- As at June 30, 2003, the Sales Network of the Fibanc Group registered a total of 405 agents. The increase (20%) in the number of financial advisors (Mediolanum model) to 260 individuals at the end of the half-year should be noted.
Milan, July 16, 2003
*These data are preliminary and are subject to variation.
Download: Mediolanum Preliminary Figures Table H1 2003
Last update: July 16, 2003 - 15:00
