Banca Mediolanum Spa · MIL:BMED
Banca Mediolanum Spa — Q1 2023 Earnings Presentation
81 slides from Banca Mediolanum Spa's earnings presentation, 2023
Slide 1: Q1 2023 Results & Business Update
Q1 2023 Results & Business Update
Slide 2: Table of content and colour key
Table of content and colour key Q1 2023 Group Results 3 Q1 2023 Domestic Market Results 22 Q1 2023 Spain Results 31 Business Update 33 Mediolanum Facts 47 Appendix – Transition to IFRS 17 76
Slide 3: Q1 2023 Group Results
3 Q1 2023 Group Results
Slide 4: Economic & Financial Highlights
Q1 2023 4 Economic & Financial Highlights Group Resilience of recurring business & gearing to rates prove strength of our model € mn Q1 2023 Q1 20221 Change NCI up despite avg. AUM decline vs. Q1 22, mainly thanks to AUM shift Net Commission Income 261.0 250.0 +4% from money market to equity (IIS) N
Slide 5: Business Results Highlights
Q1 2023 5 Business Results Highlights Group Steady business performance distinguishes BMED once again € bn Q1 2023 Q1 2022 Change FY 2022 Change Strong positive flows underpin our growth in any market condition. Further support provided by the 4% promotion on Total Net Inflows 3.00 2.38 +26% the 6-m
Slide 6: Capital Adequacy & Balance Sheet Highlights
Q1 2023 6 Capital Adequacy & Balance Sheet Highlights Group Prudent business approach, low risk-appetite & strong returns for shareholders Q1 2023 0 FY 2022 Robust capital position, with very low volatility of CET1 ratio given the CET1 Ratio 20.6% 20.6% non-material size of HTCS portfolio 12.41 RWAs
Slide 7: Growth & Resilience Drivers
Q1 2023 7 Growth & Resilience Drivers Group All signs pointing to a strong growth momentum 31/03/2023 31/12/2022 Change Bank Customers 1,724,400 1,686,200 +2% Bank customer acquisition progressing with a solid organic increase also thanks to marketing initiatives Bank Customer Acquisition 56,500 168
Slide 8: Assessing IFRS 17 impact - Key Messages
Q1 2023 8 Assessing IFRS 17 impact - Key Messages Group Very limited impact across the board • Solvency & Capital adequacy of the Group not impacted Capital management • Dividends not impacted • Return on Equity not impacted • Shareholders’ equity stable at transition Balance sheet • Q1 Contractual
Slide 9: Income Statement
9 Income Statement Q1 2023 € mn Group Q1 2023 Q1 20221 Change Entry fees 9.3 13.5 -31% Management fees 267.3 260.5 +3% Investment Management fees 53.1 49.3 +8% Net insurance result 45.6 36.8 +24% Banking service fees 44.6 48.9 -9% Other fees 10.5 11.1 -6% Gross Commission Income 430.4 420.2 +2% Acqu
Slide 10: Net Interest Income – YoY Trend
10 Net Interest Income – YoY Trend Q1 2023 € mn Group 407 158 313 274 270 253 239 248 231 235 229 163 178 192 721 141 Q1 22 Q1 23 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1. Restated for the adoption of IFRS 17
Slide 11: Acquisition Costs in detail
11 Acquisition Costs in detail Q1 2023 € mn Group Q1 2023 Q1 20221 Change Total commissions 116.5 117.8 -1% One-time commissions 14.6 18.8 -22% Ongoing commissions 101.8 99.0 +3% Total incentives & bonuses 16.9 15.1 +12% Incentives on individual net inflows 9.7 9.8 -2% Contest & bonuses 6.1 4.9 +27%
Slide 12: Q1 2023 Net Inflows
12 Q1 2023 Net Inflows Q1 2023 € mn Group Q1 2023 Q1 2022 GROUP TOTAL NET INFLOWS +3,001 +2,378 Managed Assets +1,353 +1,669 - o/w Mutual Funds, U/L & Managed Accounts +1,018 +1,409 Administered Assets +1,648 +709 Italy - Banca Mediolanum Total Net Inlows +2,704 +2,007 Managed Assets +1,191 +1,397 -
Slide 13: AUA/AUM Trend
13 AUA/AUM Trend Q1 2023 € mn Group 108.4 108.7 Administered Assets (Q1 23: € 32.1 bn) 103.7 10y CAGR 8.8% 93.3 Managed Assets (Q1 23: € 76.6 bn) 84.7 75.774.1 68.8 62.1 56.5 50.2 44.7 39.539.8 34.8 29.830.1 27.7 25.6 23.6 20.419.922.0 17.9 13.0 9.5 7.2 5.3 5.5 6.1 2.6 3.1 4.7 0.1 0.6 0.9 1.3 1.6 2.
Slide 14: Assets under Administration/Management
14 Assets under Administration/Management Q1 2023 € mn Group 31/03/2023 31/12/2022 Change 31/03/2022 Change Italy - Banca Mediolanum 98,953 94,411 +5% 96,682 +2% Mutual Funds & U-L Policies 65,451 63,073 +4% 66,918 -2% Other Life Insurance Products 1,903 1,861 +2% 1,814 +5% Banking 31,599 29,477 +7%
Slide 15: Managed Assets look-through
15 Managed Assets look-through Q1 2023 as at 31/03/23 – including U-L assets Group High-yield bonds 26% Equity 58% Low-yield bonds 7% Money market (incl. IIS) Cash & Other 5% 3% Certificates not included. Low-yield bonds: Eurozone + Japan govies. Money market: originating funds in IIS & other. Cash:
Slide 16: Loans Granted
16 Loans Granted Q1 2023 € mn Group Q1 2023 Q1 2022 Change Mortgages 525 506 +4% Personal Loans 196 269 -27% Salary-backed Loans (Prexta)1 120 119 +1% TOTAL 841 894 -6% 3rd-party Loans 9 5 +63% 1. Includes Prexta unsecured loans
Slide 17: Credit Book Trend
17 Credit Book Trend Q1 2023 € mn Group Salary-Backed Loans (Prexta) 16,438 16,606 5y CAGR 16% Lines of Credit 14,381 Personal Loans 12,139 Mortgages 10,354 8,890 7,773 6,488 7,084 5,607 4,768 4,051 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q1 2023
Slide 18: Credit Book & Quality
18 Credit Book & Quality Q1 2023 € mn Group 31/03/2023 31/12/2022 Change 31/03/2022 Change Mortgages 11,735 11,517 +2% 10,442 +12% Personal Loans 2,702 2,798 -3% 2,486 +9% Lines of Credit 497 501 -1% 408 +22% Salary-backed loans (Prexta)1 1,672 1,622 +3% 1,480 +13% TOTAL 16,606 16,438 +1% 14,816 +12
Slide 19: General Insurance Gross Premiums
19 General Insurance Gross Premiums Q1 2023 € mn Group Q1 2023 Q1 2022 Change Stand-alone policies 30.3 24.4 +24% New business 6.2 5.7 +10% In-force business 24.0 18.7 +28% Loan protection policies 13.1 14.6 -10% Group health policies 0.0 2.2 -100% GROSS PREMIUMS 43.3 41.2 +5%
Slide 20: Balance Sheet Structure – Banking Group
Q1 2023 20 Balance Sheet Structure – Banking Group Group € mn 40,457 40,457 Straight-forward & solid balance sheet structure Cash 597 Approx. € 24* bn of assets sensitive to interest rates • Over € 10 bn in floaters 19,131 • Short duration (<1 yr) Financial Customers Assets • No sensitivity to ITA s
Slide 21: Balance Sheet Resilience
Q1 2023 21 Balance Sheet Resilience Group as at 31/03/2023 Ever-growing deposit base thanks to strong customer acquisition & increase in share of wallet of existing customers Growth not impacted by the continuous transformation of deposits into managed assets – our core business High stickiness of d
Slide 22: Q1 2023 Domestic Market Results
22 Q1 2023 Domestic Market Results
Slide 23: Mutual Funds - AUM Trend
23 Mutual Funds - AUM Trend Q1 2023 € bn – including U-L assets Italy 69.7 65.5 63.1 59.1 55.3 50.0 47.6 44.2 39.8 35.3 29.2 23.7 19.620.0 15.515.2 15.8 14.1 11.7 10.011.0 8.7 9.6 8.4 7.4 5.0 3.7 4.0 3.8 3.8 4.3 1.5 1.9 2.2 0.1 0.6 0.9 1.1 1.3 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03
Slide 24: Mutual Funds - Assets under Management
24 Mutual Funds - Assets under Management Q1 2023 € mn Italy 31/03/2023 31/12/2022 Change 31/03/2022 Change 'Best Brands' funds on funds (IRL) 25,030 24,230 +3% 25,295 -1% 'Challenge' mutual funds (IRL) 18,830 18,029 +4% 19,043 -1% Funds of Hedge Funds (IRL) 38 37 +3% 39 -3% 'Fondi Italia' mutual fu
Slide 25: Mutual Funds - Assets by A.M. Company
25 Mutual Funds - Assets by A.M. Company Q1 2023 as at 31/03/2023 - including U-L assets Italy Mediolanum Gestione Fondi (Italy) 11.3% other A.M. companies 13.9% Mediolanum International Funds (Ireland) 74.8%
Slide 26: Banking - Assets under Administration
26 Banking - Assets under Administration Q1 2023 € mn Italy 31/03/2023 31/12/2022 Change 31/03/2022 Change Cash deposits 23,972 23,338 +3% 22,884 +5% Repurchase agreements 13 20 -38% 15 -15% 3rd-party structured bonds 2,466 2,125 +16% 1,542 +60% Other securities 5,148 3,993 +29% 3,509 +47% BANKING A
Slide 27: Banking - Interest Spread
Q1 2023 27 Banking - Interest Spread Italy Total Book Retail Book 4.00% 4.00% 3.50% 3.50% 3.23% 3.00% 3.00% 2.81% 2.50% 2.49% 2.50% 2.50% 2.00% 1.93% 2.00% 2.27% 1.50% 1.51% 1.59% 1.63% 1.50% 1.58% 1.00% 1.50% 0.93% 0.95% 0.90% 1.44% 0.97% 1.00% 0.50% 0.90% 0.43% 0.50% 0.00% 0.05% 0.42% -0.04% 0.23%
Slide 28: Bank Balance Sheet Highlights
28 Bank Balance Sheet Highlights Q1 2023 Italy € mn – as at 31/03/2023 Liabilities Assets Retail 24,048 15,398 Treasury 8,663 18,241 Interbank / intra-group deposits & repos 1,248 701 ECB refinancing 0 1,222 MTS refinancing 7,415 0 Securities (bonds) 0 16,319 Other liabilities / assets 4,335 3,407 T
Slide 29: Family Banker Network - Italy
29 Family Banker Network - Italy Q1 2023 Change in headcount & Split by Average Portfolio Year 2023 Italy > € 20 mn -24 -6 79 41% 43% € 10-20 mn 35% 4,434 4,483 33% € 5-10 mn Turnover rate 11% (last 12m) 2.7% 11% < € 5 mn 13% 13% Avg. 01/01 Resigned Retired Recruited 31/03 Avg. Portfolio Portfolio 2
Slide 30: Private Bankers & Wealth Advisors - Italy
30 ‘Private Bankers’ & ‘Wealth Advisors’* - Italy Q1 2023 as at 31/03/2023 Italy Private Bankers Wealth Advisors 791 788 ( > € 25 mn AUM) ( > € 60 mn AUM) 768 Average assets in portfolio 40.4 100.4 125 125 125 o/w Managed Assets 29.6 72.4 565 584 35 45 544 75 643 666 663 529 530 539 446 455 469 409
Slide 31: Q1 2023 Spain Results
31 Q1 2023 Spain Results
Slide 32: Spain Highlights
32 Spain Highlights Q1 2023 Spain € mn Q1 2023 Q1 20221 Change vs. FY Operating Margin 19.8 8.7 +129% Net Income 15.9 7.5 +113% n.s. Total Assets 9,404 8,976 +5% +6% Managed Assets 6,448 6,458 -0% +6% Administered Assets 2,956 2,518 +17% +6% Total Net Inflows 307 379 -19% Net Inflows into Managed As
Slide 33: Business Update
33 Business Update
Slide 34: April 2023 Business Results
34 April 2023 Business Results Business Update € mn Apr 2023 YTD 2023 YTD 2022 GROUP TOTAL NET INFLOWS 837 3,839 3,206 Managed Assets 325 1,679 2,210 - o/w Mutual Funds, U-L & Managed Accounts 275 1,293 1,856 Administered Assets 512 2,160 996 GROUP LOANS GRANTED 253 1,094 1,190 GENERAL INSURANCE PRE
Slide 35: Italian FA Networks - Ranking by M.F. Net Inflows
35 Italian FA Networks - Ranking by M.F. Net Inflows Business Update € thousands – totals by Group Q1 2023 Managed Assets Mutual Funds* Total Net Inflows Banca Mediolanum 876 872 2,641 Finecobank 678 1,303 2,272 Allianz Bank 590 484 2,252 Che Banca! 166 126 355 BNL - BNP Paribas 97 40 339 Banca Widi
Slide 36: Italian FA Networks - Market Share
36 Italian FA Networks - Market Share Business Update Q1 2023 BMED Other FA networks Net Inflows into Net Inflows into Total Net Inflows Managed Assets Mutual Funds* 31% 47% 21% Personal Loans General Insurance Mortgages Granted Gross Premiums Granted 63% 64% 98% * including Unit-Linked policies & M
Slide 37: Creating the NEXT Generation of the Network
Business 37 Creating the NEXT Generation of the Network Update Pairing high potential new graduates to work as junior assistants (‘Banker Consultant’) with senior Private Bankers & Wealth Advisors ● ‘Banker Consultants’ initially receive dedicated training programme (Executive Master) provided by Me
Slide 38: Group Customer Base
38 Group Customer Base Business Update as at 31/03/2023 Total Bank Customers* 1,724k (‘000) 1,509 Banca End Goal: Mediolanum (ITA) to be the Customer's Primary Bank Banco 1,197k hold a bank account 215 Mediolanum (SPA) • 65% use BMED as Primary Bank (internal data analytics) 566 Flowe (ITA) • 39% us
Slide 39: Top Performer in Customer Experience
39 Top Performer in Customer Experience Business Update BVA Doxa Survey 2021 Solid customer relationship is built on best-in-class service delivery both human & digital Overall Perceived Digital Financial Advisor Satisfaction Value Platform Interaction Customer Comprehensiveness of Mobile App Overal
Slide 40: Automatic Investment Services
Business 40 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 41: The 'Double Chance' Service
41 The ‘Double Chance’ Service Business Update Launched June 2008 ● A long-term investment strategy/service that allows the retail investor to gradually enter the global financial markets via Mediolanum investment products, while mitigating the effects of volatility & taking advantage of Double Chan
Slide 42: The 'Intelligent Investment Strategy' Service (IIS)
42 The ‘Intelligent Investment Strategy’ Service (IIS) Business Update Launched June 2016 ● A long-term investment strategy/service (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 re
Slide 43: The 'IIS' service at work
43 The ‘IIS’ service at work Business Update Launched June 2016 ‘Market crises are buying opportunities’: not just a slogan Step ins & step outs reduce avg unit price on investments, allowing customers to benefit from market volatility. € 3 bn of managed assets were automatically invested in equity
Slide 44: Focus on Sustainability
Business 44 Focus on Sustainability Update «BMED is committed to create stakeholder value through ethical & sustainable business practices, with the aim of having an ongoing positive impact on society» ● Euronext MIB ESG Component / Bloomberg GEI Component 2022 2021 ● Signatory of U.N. Principles fo
Slide 45: The 4 pillars of BMED Sustainability Strategic Approach
45 The 4 pillars of BMED Sustainability Strategic Approach Business Update 1/2 • Solid capital position and safe approach to business • Simple balance sheet & resilient financial results given the well-diversified business model • Management team has a proven track record in delivering results, w/ p
Slide 46: The 4 pillars of BMED Sustainability Strategic Approach
46 The 4 pillars of BMED Sustainability Strategic Approach Business Update 2/2 • Use of Green bond proceeds to finance green buildings • Climate risk metrics included in the Risk Appetite Framework of the Bank • Monitoring of GHG emissions1: Scope 1: 2,266 tCO2e Community & Environment Scope 2: 2,79
Slide 47: Mediolanum Facts
47 Mediolanum Facts
Slide 48: BMED Shareholders & Group Structure
48 BMED Shareholders & Group Structure Mediolanum Facts as at 31/03/2023 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 49: Banca Mediolanum's Integrated Business Model
Mediolanum 49 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 50: Banca Mediolanum's Multi-channel Model
Mediolanum 50 Banca Mediolanum’s Multi-channel Model Facts Mobile apps (all platforms) Automated Telephone Website Services (VRU / SMS) Customer Banking Center 18,700 600 Reps 3rd-party branches Real-time sharing of customer information Entire 6,100+ ATM Family network BankersTM CUSTOMER
Slide 51: Customers: freedom in banking
51 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 52: Italian Household Financial Assets
Mediolanum 52 Italian Household Financial Assets Facts Over the last few years asset gatherers have increased market share to the detriment of traditional banks Total HH Assets:€ 5.08 trillion 72.7% 61.7% Asset gatherers growing mainly thanks to: BMED 2.7% ● Demand for specialised advice 17.7% ● Pro
Slide 53: Net Income Trend
53 Net Income Trend Mediolanum Facts € mn 713 565 522 439 434 394 380 351 337 321 256 233 224 212 217 224 178 129 141 131 115 103 88 82 75 67 49 54 60 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 21 22 Q1 23 2008 & 2010: adjusted net income excluding effects of
Slide 54: Dividend Payout
54 Dividend Payout Mediolanum Facts € mn 713 ### Net Income 565 Retained Earnings 286 522 Dividends paid 439 162 434 394 380 153 Special dividends 351 337 321 95 111 88 217 100 86 256 233 224 212 217 224 219 153 122 323 129 141 88 308 339 115 103 78 66 131 107 110 369 88 82 294 294 293 54 60 75 46 5
Slide 55: BMED: 22 Years of Consistent Net Inflows
55 BMED: 22 Years of Consistent Net Inflows Mediolanum Facts Anti-cyclical flows mean better performance for customers thanks to dollar-cost-averaging 800 Decreasing Negative Returns Twin Towers 10y BTP Yield Subprime Sovereign ITA Banks Populism Mifid II Covid-19 High Inflation Attack stable above
Slide 56: Family Banker Network
56 Family Banker Network Mediolanum Facts Group Licensed Financial Advisors Italy 6,054 6,113 Spain 5,633 5,525 5,762 5,352 5,417 5,211 5,184 5,155 5,012 5,059 5,098 5,142 5,161 5,154 4,866 4,535 4,427 4,501 4,397 4,114 3,842 3,018 2,513 2,200 2,046 1,915 1,828 1,885 1,581 1,659
Slide 57: Italy - Average Assets per Family Banker
57 Italy - Average Assets per Family Banker Mediolanum Facts € mn 6% > € 20 mn 23% 43% € 10-20 mn 31% 22.9 22.2 20.4 21.3 18.7 16.3 16.2 33% € 5-10 mn 14.8 12.2 13.3 9.9 10.9 8.5 40% 11% < € 5 mn 13% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q1 Avg. 23 Avg. Portfolio Portfolio € 8.
Slide 58: Total Customers
58 Total Customers Mediolanum Facts (‘000) excludes Prexta & Flowe Italy Spain 1,724 1,686 1,587 1,486 1,413 1,376 1,333 1,290 1,231 1,176 1,151 1,178 1,137 1,163 1,124 1,119 1,127 1,068 972 985 989 1,010 854 746 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 Q1 23
Slide 59: Italy - Average Assets per Customer
59 Italy - Average Assets per Customer Mediolanum Facts € thousands Primary Bank Account Holders 90.0 80.8 84.1 80.6 81.9 72.7 74.8 77.8 79.2 73.4 66.4 70.1 58.3 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q1 23
Slide 60: Spain - Net Income
60 Spain - Net Income Mediolanum Facts € mn 45.1 45.5 Impairment of CGU ‘Spain’ 34.2 31.5 28.8 27.4 26.3 21.0 20.0 17.6 15.0 15.9 6.8 7.1 3.4 3.9 1.3 1.5 0.6 0.0 -0.1 -1.1 -6.3 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 Q1 23
Slide 61: Spain - Assets under Administration
61 Spain - Assets under Administration Mediolanum Facts € mn 9,404 Administered Assets (Q1 23: € 3.0 bn) 8,937 8,872 Managed Assets (Q1 23: € 6.4 bn) 10y CAGR 17% 7,185 5,917 4,841 4,662 3,880 3,546 2,983 6,523 6,448 2,493 2,353 6,092 2,376 2,016 2,168 5,138 1,800 4,267 1,583 1,622 1,581 1,405 3,335
Slide 62: Spain - Net Inflows Trend
62 Spain - Net Inflows Trend Mediolanum Facts € mn 1,259 Total Net Inflows 1,107 1,018 599 619 559 607 522 451 327 307 94 95 114 7 35 6 35 -223 -291 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 Q1 23 935 688 690 Managed Asset Inflows 613 422 440 418 364 343 238 172 79 76 73 98 88 34 52 4
Slide 63: Spain - Credit Book
63 Spain - Credit Book Mediolanum Facts € mn Lines of Credit 1,170 1,207 Personal Loans 1,026 Mortgages 10y CAGR 22% 745 562 451 333 228 157 163 169 187 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q1 2023
Slide 64: Spain – Family Banker Network
Mediolanum 64 Spain – Family Banker Network Facts 1,620 1,630 1,504 1,318 996 1,029 900 835 712 755 593 652 524 505 551 453 419 448 407 439 375 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 Q1 23
Slide 65: Banking Book Composition
65 Banking Book Composition Mediolanum Facts € bn – nominal values – as at 31/03/2023 Banking Book: € 16.9 bn (nom. values) Rate Type Sector % Government 99.5% Fixed 60.0% 40.0% Financial 0.5% Floating Govies % Italy 91.9% € 10 bn of floaters directly linked to EUR6M Spain 6.4% and benefiting from r
Slide 66: Mediolanum Investment Advisory Strategy
Mediolanum 66 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 67: Mediolanum Corporate University
67 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 68: Corporate TV Channel
68 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 69: Mediolanum Marketing Events
Mediolanum 69 Marketing Events Facts ● 7 nation-wide in-person events, streamed live to over 500,000 viewers in 2022 ● Over 2,000 digital/in-person events organised by Family Bankers: over 110,000 attendees Results are measurable: ● Net inflows into managed assets of invited customers in the 3 month
Slide 70: The 3rd best known bank brand in Italy
70 The 3rd best known bank brand in Italy Mediolanum Facts Spontaneous brand awareness – Italian banks – March 2023 62% 22% 49% 22% 44% 15% 31% 15% 26% 13% source: GFK Italia
Slide 71: The most memorable adv in the banking industry
71 The most memorable adv in the banking industry Mediolanum Facts Spontaneous recall of advertisement – Italian banks – Q1 2023 38.0 22.3 18.0 16.7 9.3 5.7 7.3 4.7 4.3 2.7 2.3 source: GFK Italia
Slide 72: The development of the digital customer
72 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 73: Our new strategic venture
73 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 74: Ranking of Italian Banking Groups by Market Cap
74 Ranking of Italian Banking Groups by Market Cap Mediolanum Facts € bn – as at 25/04/2023 Intesa-SanPaolo 46.7 Unicredit 35.6 FinecoBank 8.5 Mediobanca 8.3 Banca Mediolanum 6.1 Banco-BPM 6.0 BPER 3.9 Banca Generali 3.5 MPS 2.8 CREDEM 2.4 Pop.di Sondrio 1.9 Banca IFIS 0.8 Banca Desio 0.5 Banca Sist
Slide 75: Price Return & Total Return Index
75 MED.MI / BMED.MI Mediolanum Price Return & Total Return Index* Facts 1600% Price Return 1400% Reinvested Total Return 1200% 1000% 800% 600% 400% 200% 0% * Total Return Index includes dividend reinvestments, June 3, 1996 – Mar. 31, 2023 Source: Datastream
Slide 76: Appendix - Transition to IFRS 17
76 Appendix - Transition to IFRS 17
Slide 77: 2022 P&L Restatement & Main Impacts
IFRS 17 77 2022 P&L Restatement & Main Impacts Transition Q1 2022 Q1 2022 restated reported Entry fees 13.5 13.5 Management fees Management fees 260.5 322.6 Stand-alone mutual funds & financial insurance policies (i.e. My lIfe): Investment Management fees 49.3 49.3 management fees unimpacted Net ins
Slide 78: IFRS 17 – Asset Breakdown
78 IFRS 17 – Asset Breakdown IFRS 17 Transition € mn Only 27 % of AUM impacted by IFRS 17 Insurance products considered financial investment are excluded (i.e. ‘My Life’) 31/03/2023 Group Asset under Management1 74,179 Mutual Funds No impact 40,064 & Managed Accounts o/w No impact (Financial) 13,772
Slide 79: Contractual Service Margin
IFRS 17 79 Contractual Service Margin Transition CSM is the new key metric showing size and stability of revenues ready to be recognised in future years Greater visibility on future earnings from insurance business Update on Effects of new reserves, fair Revenues in the production on value, free-ris
Slide 80: Disclaimer
80 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 81: Investor Relations Contacts
81 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