Banca Mediolanum Spa · MIL:BMED
Banca Mediolanum Spa — FY2020 Earnings Presentation
84 slides from Banca Mediolanum Spa's earnings presentation, February 2021
Slide 1: Full Year 2020 Results & Business Update
Full Year 2020 Results & Business Update
Slide 2: Table of content
Table of content and colour key FY 2020 Group Results 3 FY 2020 Domestic Market Results 20 FY 2020 Foreign Markets Results 36 Business Update 38 Mediolanum Facts 52
Slide 3: FY 2020 Group Results
3 FY 2020 Group Results
Slide 4: FY 2020 Takeaways
FY 2020 4 FY 2020 Takeaways Group FY 2020: one of the best years ever in the history of Banca Mediolanum ● Net Income: €434.5 mn - lower vs. last year essentially due to the exceptional level of Performance Fees we had in 2019, mitigated by a far lower level of one-offs ● Management Fees: +3% - clos
Slide 5: Income Statement
5 Income Statement FY 2020 € mn Group FY 2020 FY 2019 Change Entry fees 50.7 37.6 +35% Management fees 1,061.3 1,026.7 +3% Investment Management fees 158.9 152.9 +4% Net Insurance revenues ex U-L commissions 57.9 43.5 +33% Banking service fees 136.6 157.6 -13% Other fees 42.1 41.8 +1% Gross Commissi
Slide 6: Operating Margin Analysis
6 Operating Margin Analysis FY 2020 € mn Group Strong operating leverage from core business keeps working beneath the surface +36.2 mn (+8%) +15.3 467.1 +40.7 +21.5 430.9 389.5 FY 2019 FY 2020 2019 2020 2020 additional Pro-Forma Operating Margin Operating Margin Equity Method Flowe Incentives & Bonu
Slide 7: Income Statement by Quarter
7 Income Statement by Quarter FY 2020 Group € mn Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Entry fees 8.8 9.0 8.8 11.0 13.5 12.7 10.8 13.6 Management fees 244.5 255.0 260.7 266.5 260.7 249.2 269.6 281.9 Investment Management fees 36.7 38.1 38.6 39.4 38.6 37.0 40.6 42.6 Net Insurance revenues e
Slide 8: Commission Income from Recurring Fees
8 Commission Income from Recurring Fees* FY 2020 € mn Group YoY Trend QoQ Trend 1.400 1,1801,220 350 324 1.200 299 306 299 310 281 293 286 976 1,005 300 1.000 815 849 250 800 672 200 564 600 462 418 150 371 400 278 100 200 50 0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 19 Q2 1
Slide 9: Average Recurring Fees – 2020 Monthly Trend
FY 2020 9 Average Recurring Fees – 2020 Monthly Trend Group 70 220 65 64.0 Avg AUM of the month (€ bn) 62.3 215 60.2 59.8 60.2 60.2 60.5 60 59.0 57.8 55.7 210 210 210 53.7 55 53.5 208 208 208 208 208 208 207 Avg Recurring Fees by month 206 50 205 (annualised bps) 204 203 45 200 40 195 35 30 190 Comm
Slide 10: Net Interest Income
10 Net Interest Income FY 2020 € mn Group YoY Trend QoQ Trend 80 350 70 300 60 250 50 200 40 150 313 70 274 64 63 65 30 60 57 253 239 248 56 231 235 229 51 100 163 178 192 20 141 50 10 0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20
Slide 11: AUA/AUM Trend
11 AUA/AUM Trend FY 2020 € mn Group 93,3 Administered Assets (FY20: € 25.4 bn) 10y CAGR 9.0% 84,7 Managed Assets (FY20: € 67.9 bn) 75,7 74,1 68,8 62,1 56,5 50,2 44,7 39,5 39,8 34,8 29,8 30,1 27,7 25,6 23,6 22,0 20,4 19,9 17,9 13,0 9,5 7,2 4,7 5,3 5,5 6,1 3,1 0,1 0,6 0,9 1,3 1,6 2,0 2,6 85 86 87 88 8
Slide 12: Asset under Administration/Management
12 Asset under Administration/Management FY 2020 € mn Group 31/12/2020 31/12/2019 Change Italy - Banca Mediolanum 85,640 78,102 +10% Mutual Funds & U-L Policies 59,124 55,263 +7% Other Life Insurance Products 1,631 1,541 +6% Banking 24,885 21,298 +17% Spain - Banco Mediolanum 7,185 5,917 +21% Mutual
Slide 13: 2020 Net Inflows
13 2020 Net Inflows FY 2020 € mn Group FY 2020 FY 2019 GROUP TOTAL NET INFLOWS +7,717 +4,064 Managed Assets +4,107 +2,952 - o/w Mutual Funds, U/L & Managed Accounts +3,651 * +2,416 Administered Assets +3,610 +1,112 Italy - Banca Mediolanum Total Net Inlows +6,638 +3,432 Managed Assets +3,426 +2,519
Slide 14: Credit Book Trend
14 Credit Book Trend FY 2020 Group € mn Salary-Backed Loans 5y CAGR 13% Lines of Credit 12,139 Personal Loans 10,354 Mortgages 8,890 7,773 7,084 6,488 5,607 4,768 4,051 2012 2013 2014 2015 2016 2017 2018 2019 2020
Slide 15: Credit Book & Quality
15 Credit Book & Quality FY 2020 Group € mn 31/12/2020 31/12/2019 Change Mortgages 8,672 7,589 +14% Personal Loans 2,026 1,770 +14% Lines of Credit 391 317 +23% Salary-backed Loans 1,050 678 +55% TOTAL 12,139 10,354 +17% 31/12/2020 Gross NPL 1.13% Net NPL 0.57% Cost of risk 0.16%
Slide 16: Loans Granted
16 Loans Granted FY 2020 Group € mn FY 2020 FY 2019 Change Mortgages 1,793 1,554 +15% Personal Loans 823 721 +14% Salary-backed Loans 438 391 +12% TOTAL 3,054 2,667 +15% 3rd-party Loans 24 35 -31%
Slide 17: General Insurance Gross Premiums
17 General Insurance Gross Premiums FY 2020 Group € mn FY 2020 FY 2019 Change Stand-alone policies 74.6 55.7 +34% New business 23.8 14.9 +59% In-force business 50.8 40.8 +24% Loan protection policies 57.3 50.1 +14% Group health policies 4.7 0.0 n.s. GROSS PREMIUMS 136.6 105.8 +29%
Slide 18: FY 2020 Dividend Proposal
FY 2020 18 Dividend Proposal Group Dividend per share € 78 cents of which: - 2020 Base Dividend € 44 cents - 2019 Dividend Balance € 34 cents Total amount of dividends € 573 mn Upon approval, dividend proposal includes: ● € 19.61mn to be paid in May, the maximum distributable 2 amount according to t
Slide 19: Capital Adequacy
19 Capital Adequacy FY 2020 Group € mn FY 2020 FY 2019 Total capital ratio 20.4% 19.5% COMMON EQUITY TIER 1 RATIO 20.4% 19.5% RISK-WEIGHTED ASSETS 9,810 9,388 Total regulatory capital held 2,330 2,137 Total required capital 1,871 1,741 Required capital - Banks 1,086 1,017 Solvency capital req. - Ins
Slide 20: FY 2020 Domestic Market Results
20 FY 2020 Domestic Market Results
Slide 21: Income Statement - Italy
21 Income Statement FY 2020 € mn Italy FY 2020 FY 2019 Change Entry fees 35.1 27.0 +30% Management fees 980.6 953.8 +3% Investment Management fees 146.6 141.7 +3% Net Insurance revenues ex U-L commissions 44.5 31.2 +42% Banking service fees 119.3 134.6 -11% Other fees 39.9 39.8 +0% Gross Commission
Slide 22: Income Statement by Quarter - Italy
22 Income Statement by Quarter FY 2020 € mn Italy Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Entry fees 6.3 6.4 6.3 8.0 9.1 8.8 7.6 9.7 Management fees 227.2 236.7 242.3 247.5 241.5 230.2 248.8 260.2 Investment Management fees 34.1 35.3 35.8 36.5 35.7 34.2 37.4 39.3 Net Insurance revenues ex U-
Slide 23: Acquisition Costs in detail
23 Acquisition Costs in detail FY 2020 Italy € mn FY 2020 FY 2019 Change Total commissions 421.6 407.6 +3% One-time commissions 78.7 72.9 +8% Ongoing commissions 342.9 334.7 +2% Total incentives & bonuses 71.6 56.2 +27% Incentives on individual net inflows 49.4 36.9 +34% Contests & bonuses 20.3 13.8
Slide 24: Mutual Funds – AUM Trend
24 Mutual Funds – AUM Trend FY 2020 Italy € bn – including U-L assets 59.1 55.3 50.0 47.6 44.2 39.8 35.3 29.2 23.7 19.6 20.0 15.5 15.2 15.8 14.1 11.7 10.0 11.0 8.7 9.6 8.4 7.4 5.0 3.7 4.0 3.8 3.8 4.3 1.3 1.5 1.9 2.2 0.1 0.6 0.9 1.1 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07
Slide 25: Mutual Funds – Assets under Management
25 Mutual Funds – Assets under Management FY 2020 Italy € mn 31/12/2020 31/12/2019 Change 'Best Brands' funds on funds (IRL) 22,089 20,114 +10% 'Challenge' mutual funds (IRL) 16,864 15,544 +8% Funds of Hedge Funds (IRL) 50 55 -9% 'Fondi Italia' mutual funds (ITA) 8,937 9,886 -10% 'Real estate' fund
Slide 26: Mutual Funds – Assets by A.M. Company
26 Mutual Funds – Assets by A.M. Company FY 2020 Italy as at 31/12/2020 - including U-L assets Mediolanum Gestione Fondi (Italy) 16.0% other A.M. companies Mediolanum 10.5% International Funds (Ireland) 73.5%
Slide 27: Mutual Funds - Assets by Category
27 Mutual Funds - Assets by Category FY 2020 Italy as at 31/12/2020 - including U-L assets Balanced 8% Equity High Yield 52% Bond 23% Low Yield Bond Other 7% Money 1% Market 9%
Slide 28: Banking - Assets under Administration
28 Banking - Assets under Administration FY 2020 Italy € mn 31/12/2020 31/12/2019 Change Cash deposits 20,308 17,378 +17% Repurchase agreements 21 21 +2% Mediolanum bonds 0 11 n.s. 3rd-party structured bonds 1,499 1,084 +38% Other securities 3,056 2,804 +9% BANKING ADMINISTERED ASSETS 24,885 21,298
Slide 29: Banking – Credit Book & Quality
29 Banking – Credit Book & Quality FY 2020 € mn – as at 31/12/2020 Italy 31/12/2020 31/12/2019 Change Mortgages 8,112 7,167 +13% Personal loans 1,883 1,661 +13% Lines of credit 348 286 +22% Salary-backed loans 1,050 678 +55% TOTAL CREDIT BOOK 11,394 9,792 +16% Banca Mediolanum Italian Banks Gross NP
Slide 30: Banking – Loans Granted
30 Banking – Loans Granted FY 2020 € mn Italy Nominal FY 2020 FY 2019 Change Interest Rate Mortgages 1.08% 1,624 1,449 +12% Personal loans 2.53% 758 670 +13% Salary-backed loans 5.73% 438 391 +12% TOTAL 2,819 2,510 +12% 3rd-party loans n.s. 24 35 -31%
Slide 31: Banking - Interest Spread
FY 2020 31 Banking - Interest Spread Italy Total Book Retail Book 1,20% 2,00% 1,80% 1,00% 1,74% 1,70% 0,96% 1,60% 1,65% 1,61% 0,91% 0,93% 0,94% 0,93% 1,40% 0,80% 1,48% 1,47% 0,84% 0,84% 1,20% 1,37% 1,31% 0,60% 0,71% 1,00% 0,80% 0,40% 0,60% 0,40% 0,39% 0,20% 0,20% 0,25% 0,28% 0,12% 0,20% 0,10% 0,15%
Slide 32: Bank Balance Sheet Highlights
32 Bank Balance Sheet Highlights FY 2020 € mn – as at 31/12/2020 Italy Liabilities Assets Retail 20,356 11,394 Treasury 4,121 13,621 Interbank / intra-group deposits & repos 829 202 ECB refinancing 950 497 MTS refinancing 2,343 0 Securities (bonds) 0 12,922 Other liabilities / assets 3,888 3,351 TOT
Slide 33: Insurance - Life – Policyholders’ Assets
33 Insurance - Life – Policyholders’ Assets FY 2020 € mn Italy 31/12/2020 31/12/2019 Change Traditional 1,631 1,541 +6% Unit-linked 25,507 23,047 +11% o/w equity 51.6% 53.6% -4% U-L pension plans 7,430 7,200 +3% U-L endowment policies 3,618 3,728 -3% U-L investment policies 14,459 12,119 +19% LIFE A
Slide 34: Family Banker Network - Italy
34 Family Banker Network - Italy FY 2020 Change in headcount & Split by Average Portfolio Year 2020 Italy > € 20 mn 33% -117 -37 127 38% € 10-20 mn 38% 4.126 4.099 40% € 5-10 mn Turnover rate 19% (last 12m) 3.7% 13% < € 5 mn 10% 9% Avg. 01/01 Resigned Retired Recruited 31/12 Avg. Portfolio Portfolio
Slide 35: Italy - Private Bankers & Wealth Advisors
35 Italy - ‘Private Bankers’ & ‘Wealth Advisors’* FY 2020 Italy as at 31/12/2020 Wealth Advisors Private Bankers ( > € 60 mn AUM) 584 Average assets in portfolio 39.9 100.3 565 45 544 o/w Managed Assets 30.2 73.5 35 75 529 530 539 446 455 469 409 362 322 248 215 146 177 124 83 36 2005 2006 2007 2008
Slide 36: FY 2020 Foreign Markets Results
36 FY 2020 Foreign Markets Results
Slide 37: Spain Highlights
37 Spain Highlights FY 2020 Spain € mn FY 2020 FY 2019 Change Net Income 31.5 34.2 -8% Total Assets 7,185 5,917 +21% Managed Assets 5,138 4,267 +20% Administered Assets 2,047 1,650 +24% Total Net Inflows 1,107 607 +82% Net Inflows into Managed Assets 688 418 +65% Net Inflows into Administered Assets
Slide 38: Business Update
38 Business Update
Slide 39: January 2021 Business Results
39 January 2021 Business Results Business € mn Update Jan 2021 Jan 2020 GROUP TOTAL NET INFLOWS 435 789 Managed Assets 307 150 - o/w Mutual Funds, U-L & Managed Accounts 307 152 Administered Assets 128 639 GROUP LOANS GRANTED 236 198 GENERAL INSURANCE PREMIUMS 9.4 8.7
Slide 40: Italian FA Networks - Ranking by M.F. Net Inflows
40 Italian FA Networks - Ranking by M.F. Net Inflows Business Update € thousands – totals by Group 2020 Mutual Funds Managed Assets Total Net Inflows Banca Fideuram (incl. Sanpaolo Invest) 4,480 5,608 7,824 Banca Mediolanum 2,949 2,988 6,424 Allianz Bank 2,925 3,091 3,950 Finecobank 2,214 4,041 7,98
Slide 41: Italian FA Networks - 2020 Market Share
41 Italian FA Networks - 2020 Market Share Business Update January - December BMED Other FA networks Net Inflows into Net Inflows into Total Net Inflows Managed Assets Mutual Funds* 16% 12% 17% Personal Loans General Insurance Mortgages Granted Gross Premiums Granted 42% 78% 97% * including Unit-Lin
Slide 42: The ‘Double Chance’ Service
42 The ‘Double Chance’ Service Business Update Launched June 2008 ● An investment strategy/service that allows the retail investor to gradually enter the global financial markets via Mediolanum investment products, while mitigating 2020 Edition the effects of volatility & taking advantage of dollar-
Slide 43: The ‘Intelligent Investment Strategy’ Service (IIS)
43 The ‘Intelligent Investment Strategy’ Service (IIS) Business Update Launched June 2016 ● A long-term investment strategy (10+ yrs, € 30k+) that allows our customers to gradually enter the equity markets in order to take advantage of the overall growth of the world economy ● Designed to remove emo
Slide 44: The ‘Intelligent Investment Strategy’ Service (IIS)
44 The ‘Intelligent Investment Strategy’ Service (IIS) Business Update Launched June 2016 ‘Market crises are buying opportunities’: not just a slogan Since launch of IIS in 2016 400,000 step-in/step-outs automatically multiplied the transferred amount to & from selected Global Equity Investments, al
Slide 45: Automatic Investment Services
Business 45 Automatic Investment Services Update Investment services featuring automatic gradual switch into equity funds allowing customers to take advantage of dollar-cost averaging ● Big Chance (2001) • Capital is initially invested in money market fund • A portion of the assets is switched twice
Slide 46: General Insurance: ‘Programma Protezione’
46 General Insurance: ‘Programma Protezione’ Business Update Launched April 2019 THE OPPORTUNITY • Historically Italy is an under-insured Country (Premiums/Italian GDP ratio is 0.9% vs 2.2% European avg) • Addressable market for BMED: cross-selling to the existing customer base • Revenue diversifica
Slide 47: Group Customer Base
47 Group Customer Base Business Update as at 31/12/2020 Group Total Customers* 2,168,376 (‘000) 1,330 Banca End Goal: Mediolanum (ITA) to be the Customer's Primary Bank 662 Flowe (ITA) 1,015k hold a bank account • 63% use BMED as Primary Bank (internal data analytics) 49 EuroCQS (ITA) • 38% use BMED
Slide 48: Our new strategic venture: Flowe
48 Our new strategic venture: Business Update Launched June 2020 E-money institution for younger generations’ needs: ease in banking, ‘innovability’ & better-being ● Scalable & open banking platform (cloud-native, API-based, mobile-only) ● Putting together banking services, finance, education, enter
Slide 49: Our new strategic venture: Flowe
49 Our new strategic venture: Business Update Launched June 2020 800 700 2020 Initial 600 Target of 200k Launch of social media 500 marketing campaigns 400 Live virtual 300 music event Accessible to 200 >12 yrs of age 100 0 05/20 06/20 07/20 08/20 09/20 10/20 11/20 12/20 01/21 Customers ● Avg. custo
Slide 50: The development of the digital customer
50 The development of the digital customer: Business Update Launched January 2021 A totally digital Bank account addressing the needs of ‘digital young adults’ ● For those who require a full-service account, but aren’t in the market for advice like the typical BMED customer ● Not only an account but
Slide 51: Creating the NEXT Generation of the Network
Business 51 Creating the NEXT Generation of the Network Update Pairing high potential new graduates to work as junior assistants (‘Banker Consultant’) with senior Private Bankers ● Banker Consultants initially receive dedicated training programme provided by Mediolanum Corporate University & support
Slide 52: Mediolanum Facts
52 Mediolanum Facts
Slide 53: BMED Shareholders & Group Structure
53 BMED Shareholders & Group Structure Mediolanum Facts as at 31/12/2020 BANKING Banco Bankhaus Mediolanum 100% Mediolanum August Lenz Fiduciaria ASSET Mediolanum Mediolanum Mediolanum MANAGEMENT Gestione Fondi International Gestion S.A. 100% Funds Doris 100% Banca 95% Banca Mediolanum 100% Banco (d
Slide 54: Banca Mediolanum’s Integrated Business Model
Mediolanum 54 Banca Mediolanum’s Integrated Business Model Facts ● We and our Family Bankers view the company as a single entity, providing solutions that best fit the needs of the customer, whether it be in Insurance the form of a mutual fund, an insurance policy or a bank product ● The Bank (est.
Slide 55: Banca Mediolanum’s Multi-channel Model
Mediolanum 55 Banca Mediolanum’s Multi-channel Model Facts Mobile apps (all platforms) Automated Telephone Website Services (VRU / SMS) Customer Banking Center 17,300 500 Reps 3rd-party branches Real-time sharing of customer information Entire 5,300+ ATM Family network BankersTM CUSTOMER
Slide 56: Customers: freedom in banking
56 Combining the advantages of traditional and direct banks Mediolanum Facts Family Bankers: the human touch Self-employed tied agents with entrepreneurial approach Willing to provide advice anytime, anywhere Extensively trained to tackle every household financial need Equally competent across all p
Slide 57: Italian Household Financial Assets
57 Italian Household Financial Assets Mediolanum Facts As at 31/12/2019 – Real Estate not included Total HH Assets:€ 4,445 bn BMED Market Share: 1.76% 30.4% Other (e.g. cash, entrepreneurial 4.0% businesses) Insurance Agents 54.8% Traditional Banks & Post Office 10.9% Networks of Asset Gatherers Net
Slide 58: A ‘real’ Bank with a Solid Set of Numbers
58 A ‘real’ Bank with a Solid Set of Numbers Mediolanum Facts As at 31/12/2020 ROE CET1 19.4% 20.4% 2011-2020 10y avg Retail Deposits Retail Credit Book € 22.0 bn €12.1 bn % Gross NPLs % Net NPLs 1.13% 0.57% LCR NSFR 382% 185% as at 30/09/2020
Slide 59: Net Income Trend
59 Net Income Trend Mediolanum Facts € mn 565 439 434 394 380 351 337 321 256 233 224 224 212 217 141 129 131 115 103 88 82 75 67 54 60 49 38 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2008 & 2010: adjusted net income excluding effects of ‘Lehman Brothers’ opera
Slide 60: Dividend Payout
60 Dividend Payout Mediolanum Facts € mn 2020 dividend proposal of 78 € cents includes: - 2.67 € cents payable in April, as per Bank of Italy recommendation 565 - 41.33 € cents + 34 € cents (2019 dividend balance) to be paid as soon as the ban is lifted 439 394 380 51 434 ### Net Income 351 337 321
Slide 61: 20 Years of Consistent Net Inflows
61 20 Years of Consistent Net Inflows Mediolanum Facts Anti-cyclical flows mean better performance for customers thanks to dollar-cost-averaging 600Twin Towers 10y BTP Yield Subprime Sovereign Decreasing Negative Returns ITA Banks Populism Yields Mifid II Covid-19 Attack stable above 4% Mortgages De
Slide 62: Family Banker Network
62 Family Banker Network Mediolanum Facts Group Licensed Financial Advisors 6.000 5,681 5,555 Italy 5,395 5,247 5,216 5,203 5,232 5,197 5,417 5,105 5,158 5,190 Spain 5,054 4,912 5.000 Germany 4,523 4,599 4,452 4,577 4,114 4.000 3,842 3,018 3.000 2,513 2,200 2,046 1,915 1,828 1,885 2.000 1,581 1,659
Slide 63: Italy - Average Assets per Family Banker
63 Italy - Average Assets per Family Banker Mediolanum Facts € mn 6% > € 20 mn 23% 35% 38% € 10-20 mn 31% 20.4 18.7 16.3 16.2 39% 14.8 40% € 5-10 mn 12.2 13.3 9.9 10.9 8.5 40% 16% 13% < € 5 mn 10% 9% Avg. 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Avg. Portfolio Portfolio € 8.5 mn € 20.4 mn
Slide 64: Total Customers
64 Total Customers Mediolanum Facts (‘000) excludes EuroCQS & Flowe 2k Italy 1.486 1.413 Spain 1.376 1k 1.333 1.290 1.231 1.176 1.151 1.178 1k 1.137 1.163 1.124 1.119 1.127 1.068 985 989 1.010 972 1k 854 1k 746 1k k k k 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
Slide 65: Italy - Average Assets per Customer
65 Italy - Average Assets per Customer Mediolanum Facts € thousands Primary Bank Account Holders 84.1 79.2 80.8 77.8 74.8 73.4 72.7 70.1 66.4 58.3 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Slide 66: Spain - Net Income
66 Spain - Net Income Mediolanum Facts € mn 34.2 31.5 Impairment of CGU ‘Spain’ 28.8 27.4 26.3 21.0 20.0 17.6 15.0 6.8 7.1 3.4 3.9 1.3 1.5 0.0 -0.1 0.6 -1.1 -6.3 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
Slide 67: Spain - Assets under Administration
67 Spain - Assets under Administration Mediolanum Facts € mn Administered Assets (FY 20: € 2 bn) 7.185 Managed Assets (FY 20: € 5.1 bn) 10y CAGR 16% 5.917 4.841 4.662 3.880 3.546 2.983 2.493 2.376 2.353 2.168 5.138 2.016 1.800 4.267 1.583 1.622 1.581 1.405 3.335 3.424 2.649 2.223 1.888 1.462 947 979
Slide 68: Spain - Net Inflows Trend
68 Spain - Net Inflows Trend Mediolanum Facts € mn Total Net Inflows 1,107 522 599 619 559 607 451 327 7 94 35 6 35 95 114 -223 -291 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 Managed Asset Inflows 613 688 364 343 422 440 418 238 34 79 76 52 73 43 98 88 -108
Slide 69: Spain - Credit Book
69 Spain - Credit Book Mediolanum Facts € mn 745 562 451 333 228 169 187 157 163 2012 2013 2014 2015 2016 2017 2018 2019 2020
Slide 70: Spain – Family Banker Network
Mediolanum 70 Spain – Family Banker Network Facts 1,318 996 1,029 900 835 712 755 652 593 551 524 505 453 419 448 407 439 375 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
Slide 71: Banking Book
71 Banking Book Mediolanum Facts € bn – nominal values – as at 31/12/2020 Banking Book: € 14.6 bn (nom. values) Sector % ● Low sensitivity to volatility of Government Financial 99.3% 0.7% Italian govies HTC 95.2% 4.8% HTCS Govies % ● Limited weight of HTCS Italy 98.6% book Spain 1.4% ● Prudent & fle
Slide 72: Mediolanum Investment Advisory Strategy
Mediolanum 72 Investment Advisory Strategy Facts Our investment strategy explains the consistency of our inflows & transfers ‘technical performance’ into ‘customer performance’ ● We advise our customers proposing products & services that correspond to each of their specific needs ● Investor needs re
Slide 73: Mediolanum Corporate University
73 Training & Communication Mediolanum Mediolanum Corporate University Facts ● Inaugurated March 2009 ● Centralises our training know-how, in coordination with top universities, professors and individuals who are experts in the field ● Provides our Family Bankers & employees with a resource for life
Slide 74: Corporate TV Channel
74 Training & Communication Mediolanum Corporate TV Channel Facts A proprietary state-of-the-art tool established in 1989 Online programs to train, motivate & communicate with our Family Bankers ● Financial news commented by top company executives ● Company news & product information ● Online traini
Slide 75: Mediolanum Marketing Events
Mediolanum 75 Marketing Events Facts 2019: a ‘normal’ year ● Approximately 2,500 events held in 2019: local & high-level events, sports events (e.g. Giro d’Italia), talk shows, etc. ● Over 130,000 customers & prospects attending 2020: ● 300 in-person events: 15.000 attendees ● 9 live TV shows stream
Slide 76: Top Performer in Customer Experience
Mediolanum 76 Top Performer in Customer Experience Facts BMED solid customer relationship is built on best-in-class service delivery both human & digital Customer Satisfaction Net Promoter Score Customer Retention Overall Satisfaction 96% 60.8% 95.8% 1st Bank in Italy - Market Average: 89% 1st Bank
Slide 77: Innovation is in our DNA
77 Technological Platform Mediolanum Innovation is in our DNA Facts ● We create value for our Customers by exploiting the best technology available to serve them ● Investments in technology allow us to build strong relationships thanks to the usability & simplicity of our digital platform (2018 rete
Slide 78: Growing the Digital Customer Base
78 Technological Platform Mediolanum Facts Growing the Digital Customer Base Direct Channel Accesses (mn) ● 76% of total accesses via mobile app in 2020 76% ● 45% of transactions 69% via mobile app in 2020 64% ● BMED app features all of 57% the main banking & 48% investment operations ● IT Investmen
Slide 79: The 3rd best known bank brand in Italy
79 The 3rd best known bank brand in Italy Mediolanum Facts Spontaneous brand awareness – Italian banks – Dec. 2020 54% 22% 54% 20% 42% 14% 24% 14% 23% 13% source: GFK Italia
Slide 80: The most memorable adv in the banking industry
80 The most memorable adv in the banking industry Mediolanum Facts Spontaneous brand awareness – Italian banks – 2020 39.4 21.3 21.1 7.3 7.2 6.6 6.1 6.0 4.8 3.5 source: GFK Italia
Slide 81: Ranking of Italian Banking Groups by Market Cap
81 Ranking of Italian Banking Groups by Market Cap Mediolanum Facts € bn – as at 10/02/2021 Intesa-SanPaolo 40.4 Unicredit 19.5 FinecoBank 9.1 Mediobanca 7.8 Banca Mediolanum 5.7 Banca Generali 3.3 Banco-BPM 3.3 BPER 2.7 CREDEM 1.7 MPS 1.3 Pop.di Sondrio 1.1 CREVAL 0.9 Banca IFIS 0.5 Banca Desio 0.4
Slide 82: Price Return & Total Return Index
82 MED.MI / BMED.MI Mediolanum Price Return & Total Return Index* Facts 1200% Price Return Reinvested Total Return 1000% 800% 600% 400% 200% 0% * Total Return Index includes dividend reinvestments, June 3, 1996 – Jan. 29, 2021 Source: Datastream
Slide 83: Disclaimer
83 Disclaimer This document has been prepared by Banca Mediolanum S.p.A. for the sole purpose of providing information and presenting the Group’s strategies. The information, opinions, valuations and forecasts it contains have not been audited by any independent body; they may be altered at any time
Slide 84: Investor Relations Contacts
84 Investor Relations Contacts ● Alessandra Lanzone Banca Mediolanum +39-02-9049.2039 alessandra.lanzone@mediolanum.it S.p.A. Via Francesco Sforza 15 20080 Basiglio MI – Italy ● Lisa Maxon +39-02-9049.2997 http://www.bancamediolanum.it lisa.maxon@mediolanum.it ● Luca Pugliese +39-02-9049.2721 luca.p