Banca Mediolanum SpA · MIL:BMED
Banca Mediolanum SpA — Gruppo Mediolanum — Q1 2002 Earnings Presentation
17 slides from Banca Mediolanum SpA's earnings presentation, Mar 31, 2002
Slide 1: Gruppo Mediolanum Q1 2002 Consolidated Reclassified Results
MEDIOLANUM oa ad GRUPPO MEDIOLANUM QI 2002 Consolidated Reclassified Results As at March 31, 2002
Slide 2: Assets under Administration
Q1 2002 Assets under Administration Core’ Business Euro millions Life Reserves 6,989.1 6,202.3 +12.7% Mutual Funds & MLA 10,165.68 8,781.6 +15.8% Bank Deposits 4729.0 3,802.7 +24.4% Institutional Assets 406.9 407.2 = -0.1% Consolidation Adjustments -3,406.2 -2,870.5 +18.7% Life Reserves Core’ Busine
Slide 3: Mutual Fund & Managed Account Assets
Mutual Fund’ & Managed Account Assets Core’ Business Euro millions Italy-based Funds 1,934.5 9 21.7% > Equity Funds : ' “21.6% > Bond Funds : : 25.5% > Monetary Funds : i “13.5% lreland-based Funds (ex"mix) 6,999. 0 +13.3% > Equity Funds : : +14.8% > Protected Funds : : “25.6% > Bond & Monetary Fund
Slide 4: Q1 2002 Net Inflows
Q17 2002 Net Inflows Core’ Business Euro millions Managed Savings 911.3 454.5 +12.5% > Mutual Funds & M.A. 181.5 229.0 = -20.7% > Life Policies 329.8 225.6 +46.2% Administered Savings 333.: : 44.2% > Securities 61.4 : 17.0% > Cash 265.0 1 +9.2% > Repurchase Agreements 6.9 ; 92.4% Q1 2002 Bank Accoun
Slide 5: Mediolanum Customer Base
Mediolanum Customer Base - as at 21.03.02 Gore’ Business Bank Other |, 73,200 Q1 2002 Gross Premiums written Core’ Business Euro millions > Recurring Policies 32.6 43.7 > Single Premium Policies 382.4 197.8 Total New Business 241.5 Total Business in-force 149.9 122.3
Slide 6: Gross Inflows into MF & MA
Q1 2002 Gross INfIOWS into MF & MA.* Core’ Business Euro millions Italy-based Funds 136.6 = -31.2% > Equity Funds 49.0 83.5 41.2% > Bond Funds 16.5 27.2 -39.3% » Monetary Funds 28.5 25.9 +10.0% Ireland-based Funds (ex "mix") 276.9 = -36.4% > Equity Funds 108.5 231.6 -53.2% > Protected Funds 0.2 0.3
Slide 7: Q1 2002 Profit by Business Line
Q7) 2002 Profit by Business Line Core’ Business Euro millions Life Insurance 30.5 -20.3% Mutual Funds 13.0 -27.7% Bank Business 3.7) +127.0% lexcl. Adv. Investments] 0.7 a Other Operations “0.1 Q1 2002 Total Revenues Core’ Business Euro millions Premium Income 363.8 +55.3% Reinsurance ceded 2. 29 -2
Slide 8: Q1 2002 Premium Income
Q17 2002 Premium Income Core’ Business Euro millions » U-L Pension Plans (Europension) 8.9 23.6 62.3% > U-L Pension Plans (Tax Benefit *) 17.3 14.7 +17.7% > U-L Investment Policies 6.4 5.0 +28.0% > Open Pension Funds 0.0 0.3 - Aogurrluy Polidias 413 ‘37-28% > Traditional Policies 1.6 24.4 -93.4% > U
Slide 9: Bank Revenues
Q1 2002 Bank Revenues Core’ Business Euro millions Interest Spread 5.6 9.0 -37.8% Service Margins 16 9.5 +68.4% > Securities ; 3.6 11.1% » Managed Accounts ’ 2.8 +146.4% > Other Services : 3.1 +90.3% Q17 2002 Costs Core’ Business Euro millions Claims, Benefits paid, Changes in Reserves 510.9 308.2 +
Slide 10: Benefits Paid & Changes in Reserves
Benefits paid’ & Changes in Reserves Core’ Business Euro millions Benefits paid 253. ; +64.2% > Claims & Maturities , -7.8% > Surrenders s 90.3 +115.3% Changes in Reserves (less Policyholders’ interests) 153.9 +67.3% 1 5 ol 9 Surrenders Core’ Business Euro millions Surrenders of Indiv. Pension Plans
Slide 11: Surrenders of Individual Pension Plans
Surrenders of Individual Pension Plans Core’ Business Euro millions Traditional Pension Plans 20.5 24.8 Average Reserves 1,418.4 = 1,598.7 % of Reserves 1.4% 1.6% Unit-linked Pension Plans 75 7.0 Average Reserves 2,141.2 1,758.2 % Of Reserves 0.4% 0.4% Average total Reserves 3,559.5 3,356.9 7s Of RE
Slide 12: Q1 2002 Net Investment Income
Q17 2002 Net Investment Income Core’ Business Euro millions Investment Income | : 55.3% Adj. to the value of financial investments Policyholders' Interest Q1 2002 Sales Network Core’ Business No. of Agents » Licensed Financial Advisors 3,163 +24.1% > Non-licensed Financial Advisors 2,225 -37.7% Banc
Slide 13: New Ventures Assets under Administration
Q1 2002 Assets under Administration New Ventures Euro millions Spain - Fibanc Group 1,984.3 2,099.9 “5.5% Germany - Gamax Group 638.1 Banca Esperia* 622.8 * share of the Mediolanum Group 25 Q17 2002 Economic Results New Ventures Euro millions Spain - Fibanc Group -0.2 0.4 = -150.0% Germany - Gamax G
Slide 14: Net Consolidated Effect
Q1 2002 Net Consolidated Effect New Ventures Euro millions Net Profit * -0. 0.4 -250.0% Goodwill Depreciation -4. 2.6 +88.5% Interests paid for Investments -1. -1.0 +50.0% * share of Profit pertaining to the Mediolanum Group Q1 2002 Assets under Administration New Ventures-Spain Euro millions Life &
Slide 15: Fibanc Sales Network
Q1 2002 Fibanc Sales Network New Ventures -Spain No. of Agents » Commercial Agents & Employees = Y//i/ yjus/2/ > Financial Advisors - Wetiolanun myel Sales Network Introducers Q1 2002 Fibanc Economic Results New Ventures-Spain Euro millions Total Revenues +58.7% Profit before Tax & E.l. - 122.2% Ext
Slide 16: Fibanc Net Effect
Q1 2002 Fibanc Net Effect New Ventures-Spain Euro millions Net Profit * -0. 0.4 -150.0% Goodwill Depreciation “J. -2. +30.8% Interests paid for Investments * share of Profit pertaining to the Mediolanum Group Q1 2002 Assets Under Administration Consolidated Euro millions Life Reserves 6,989.1 6,202.
Slide 17: Economic Results
Q1 2002 Economic Results Consolidated Euro millions aia yaa aie) Total Revenues 655.6 +48.0% Profit before Tax & E.I. 26.5 27.0% Extraordinary Items 0.3 Profit before Tax 26.8 “26.2% Income Tax -6.8 -33.3% Profit from Minority Interests 0.0 -0.2