Italy’s Mediolanum profits fall 21%

ITALY – Italian asset manager and insurer Mediolanum saw its net profit fall 21% in 2002.

The company reported consolidated net profit of 82 million euros, down from 103 million euros in 2001. The decrease has been attributed to the investments made in new ventures in Spain, Germany and private banking.

New business from life and asset management products was positive at 236 million euros. Consolidated assets under management increased by 0.5% to 21 billion euros.

In the domestic market, net profit for the core business in Italy was up 0.5% at 121 million euros. Net-inflows were positive at 3.08 billion euros.

Revenues were up 30% for the period for Italian business. New business registered an increase of 38% at 1.4 billion euros. Commissions generated by mutual funds and managed accounts also increased 7% to 203 million euros.

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