09/11/2002
The Mediolanum Group discloses H1 2002 Final Results
Consolidated assets under administration 21,533 mn Euro (+9%)
Net inflows into managed savings 1,020 mn Euro (+4%)
Total net inflows 1,889 mn Euro (+3%)
Consolidated net profit 39 mn Euro (-22%)
Net profit italy 57 mn Euro (unchanged)
The Board of Directors of Mediolanum S.p.A. met in Basiglio today and approved the company accounts for the first half-year of 2002. The final results confirmed the positive preliminary data.
With reference to
Italy, excluding the new ventures (Banca Esperia and the controlled ventures abroad, Fibanc, Gamax, Lenz and Mediolanum Private ), the main results were:
- Assets under Administration, despite the considerable depreciation due to the negative performance of the stock market, grew by 4% to 18.4 billion Euro from 17.7 billion Euro in June 2001.
- Net Profit for the period was at 57 million Euro, showing no change with respect to last year.
- Net Inflows in terms of managed savings reached a half-year record of 1,020 million Euro (+4% compared to 982 Euro in the first half of 2001). The 56% increase in Life net inflows made a strong contribution to this result. Net Inflows of administered savings were at 869 million Euro, thanks mainly to the record direct inflows of the bank (+28%).
- Total Net Inflows were at 1,889 million Euro(+3% with respect to 1,832 million Euro for the same period last year).
Other items of interest:
- Life Premiums New Business registered an increase of 77% (793 million Euro against 448 million Euro last year), thanks in particular to the strong production of Single Premiums, which grew by 103% to 732 million Euro (361 million Euro for the same period last year).
- There were 323,400 total Bank Accounts as at June 30, 2002, compared to 266,000 as at June 30 last year, with an increase of 22%.
- There were 743,900 Primary Account Holders as at June 30, 2002 compared to 679,000 at the same date last year, with an increase of 10%.
- As at June 30, 2002 the Sales Network of Banca Mediolanum consisted of 5,150 advisors, a bit lower than at June 30, 2001 (-6%). Noteworthy is the solid progress made in the quality of the network, with 4,086 licensed financial advisors, a growth of 18% with respect to the same date in 2001, confirming the leadership position the network reached by the end of 2001. Adding the 1,281 Partner Time insurance agents, the Sales Network of the Mediolanum Group reached a total of 6,431.
With respect to the
consolidated data of the group, which includes the effect of the new ventures:
- Consolidated Assets under Administration reached 21.5 billion Euro against 19.8 billion Euro as at June 30, 2001, growing +9% in twelve months.
- Consolidated Net Profit of the Group was 39 million Euro, a reduction of 22% with respect to the first six months of 2001 (50 million Euro).
- The Embedded Value of the Mediolanum Group, prepared by Tillinghast Towers Perrin, reached 1,786 million Euro as at June 30, 2002, which is an increase of 124 million Euro or 7.5%.
Milan, September 11, 2002
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Last update: September 11, 2002 - 15:00
