Q1 2005 Results

Consolidated Assets under Administration: 26 billion euro, +8%
New Business - Life Italy: 491 million euro, +34%
Consolidated Net Profit: 42 million euro, -9%

The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the Consolidated Financial Statements for the first quarter of 2005.

With reference to the GROUP'S CONSOLIDATED RESULTS, including the effects of the New Ventures:

	Consolidated Net Profit was at 42 million euro, a decrease of  9% compared to the results for the same period last year, however, growing 35% with respect to the average of the previous three quarters.
	Consolidated Assets under Administration, grew 8% with respect to March 31, 2004 totalling 26,485 million euro.

With reference to core business ITALY, the following results were achieved:

	Net Profit was at 50 million euro, a growth of 7% with respect to the results of last year.
	Assets under Administration grew 6% with respect to March 31 2004, totalling 21,528 million euro.
	Net Inflows into Managed Savings, were positive, totalling 306 million euro (422 million euro as at March 31, 2004), and were positive each month. The Life business made a important contribution, with net inflows of 326 million euro.
	Gross Premiums Written in total came to 695 million euro, an increase of 27% with respect to the same period last year. In particular, Life New Business grew 34% (491 million euro), with New Business in Recurring Premiums (exclusively unit-linked) contributing 48 million euro, - 2%, and Single Premiums adding 433 million euro, +40%.
	Mutual Funds & Managed Accounts registered Gross Inflows of 349 million euro.
	As at March 31 2005, the Sales Network of Banca Mediolanum totalled 4,796 financial advisors - of which 4,015 were licensed advisors, in line with March 31, 2004.
	There were a total of 784,900 Primary Account Holders as at March 31, 2005, an increase of 1% with respect to the previous year.
	There were a total of 349,100 bank accounts as at March 31, 2005, an increase of 5% with respect to March 31, 2004.

With reference to the most advanced NEW INITIATIVES, the contribution from Fibanc in Spain and Banca Esperia in Italy to the Consolidated Group results are as follows:

	Net Profit for the business in SPAIN came to 0.3 million euro, in line with the last year. Assets under Administration grew by 6% with respect to March 31, 2004, totalling 2,093 million euro.
	BANCA ESPERIA registered a profit of 2 million euro (1 million euro for Mediolanum's share), +44% with respect to last year. Assets under Administration reached 5,023 million euro (2,436 million euro for Mediolanum's share), an increase of 46% with respect to March 31, 2004.

With respect to the progress in the Mediolanum Group's transition to IAS/IFRS and the option granted by Consob to issuers to approve IAS/IFRS-compliant H1 report and financial statements by the extended deadline of September 30, 2005, Mediolanum S.p.A hereby announces that it intends to proceed to the first-time adoption of the IAS/IFRS international accounting standards earlier than announced, i.e., upon the preparation of the consolidated H1 report at June 30, 2005 rather than upon the preparation of the Q3 report at September 30, 2005.
Hence, the meeting of the Board of Directors called to approve the H1 report, which in the previously circulated calendar had been scheduled on September 8, 2005, will be postponed to September 28, 2005.

A presentation in English further detailing the information contained in this document will be available at the offices Borsa Italiana (Italian Stock Exchange).


Download: Reclassified Income Statement Q1 05.pdf


Basiglio - Milano 3 City, May 11, 2005

Contacts: Media Relations Roberto Scippa Tel +39 02 9049 2902 Fax +39 02 9049 2345 e-mail: gmmedia@mediolanum.it

Investor Relations Alessandra Lanzone Tel +39 02 9049 2039 e-mail: investor.relations@mediolanum.it

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