09/12/2001
The Mediolanum Group discloses the H1 2000 Final Results
Consolidated assets under administration 19,823mn Euro (+35%)
Total net inflows 1.832 mn Euro (+12%)
Consolidated revenues 866 mn Euro (+1%)
The Board of Directors of Mediolanum S.p.A. approved the company accounts and the Group consolidated accounts for the first six months of the year 2001.
With reference to
Italy, the principle results were:
- Consolidated Assets under Administration grew by 20% going from 14,732 million Euro in June 2000 to 17,690 million Euro in June 2001.
- Total Net Inflows, including life insurance, mutual funds and managed accounts and direct and indirect inflows of the bank, amounted to 1,832 million Euro, +12% with respect to the first half-year of last year, of which 982 million Euro relate to managed savings and 850 million Euro relate to administered savings.
Other items of particular interest were:
- Life Recurring Premiums registered 87 million Euro of New Business compared to 46 million Euro in 2000, with an increase of 88%.
- Bank Direct Inflows amounted to 496 million Euro, with a increase of 55% with respect to 321 million Euro for the same period in 2000. There were 266,000 total active Bank Accounts as at June 30, 2001 compared to 184,000 as at June 30 last year, with an increase of 45%.
- There were 679,000 Mediolanum customers as at June 30, 2001 compared to 563,000 at the same date last year, with an increase of 21%. New customers acquired in the first half year of 2001 came to 60,000.
- As at June 30, 2001, the Sales Network of Banca Mediolanum consisted of 5,507 financial advisors (with an increase of 36% out of a total 5,273 as at June 30, 2000), of which 3,473 are licensed financial advisors. Adding the 1,638 Partner Time insurance agents (+147% in twelve months), the Sales Network of the Mediolanum Group reached a total of 7,145 advisors.
With respect to the controlled Fibanc in Spain:
- Assets under Administration were 2,133 million Euro
- Net Inflows were 55 million Euro
- Net profit of the Spanish group related to the period was 0.9 million Euro
With respect to the
consolidated data, which include Fibanc:
- Consolidated Assets under Administration, despite the negative effect caused by the trends in the equity market, reached 19,823 million Euro against 14,732 million Euro as at June 30, 2000, growing +35% in twelve months.
- Total Consolidated Revenues were 866 million Euro (+1%), in line with the same date in June 2000 (854 million Euro).
- Consolidated Net Profit of the Group was 50 million Euro, a reduction (-21%) with respect to the results of H1 2000 (63 million Euro), while discounted Profits of New Business (Embedded Value of new sales) just for managed savings during the first half-year came to 213 million Euro, compared to a result of 335 million Euro for the full year 2000, which was a record in the history Mediolanum.
Milan, September 12, 2001
|
|
|
|
|
| Euro in thousands |
(*) |
(**) |
|
|
|
Gross premiums written |
702.002 |
702.002 |
679.152 |
|
Reinsurance ceded |
(5.980) |
(5.980) |
(7.530) |
|
Underwriting commissions |
27.841 |
27.841 |
58.505 |
|
Management commissions |
85.867 |
79.072 |
89.522 |
|
Bank services' margin |
21.754 |
21.237 |
20.868 |
|
Bank interest spread |
22.130 |
16.205 |
9.993 |
|
Other commissions |
11.484 |
2.835 |
2.494 |
|
Other revenues |
440 |
250 |
506 |
|
Change in Life insurance reserves and |
|
Service to policyholders, net of reinsurance |
(575.005) |
(575.005) |
(593.308) |
|
Acquisition costs, net of reinsurance |
(111.388) |
(105.494) |
(108.689) |
|
Overhead |
(100.058) |
(87.538) |
(76.663) |
|
Amortisation/depreciation and provisions |
(24.840) |
(16.700) |
(12.909) |
|
Net investment and asset income |
22.750 |
22.390 |
36.549 |
|
Adjustments to the value of financial investments |
(7.491) |
(7.491) |
(11.019) |
|
Non-recurring extraordinary income and charges |
72 |
- |
1.570 |
|
Taxes for the year |
(19.136) |
(18.718) |
(25.587) |
|
Profit from Minority interests |
(178) |
- |
- |
|
|
(*) Consolidated Mediolanum Group and Fibanc Group |
|
(**) Consolidated Mediolanum Group for the purpose of comparison with the previous year |
Last update: September 12, 2001 - 15:00
