Banca Generali S.p.a. · MIL:BGN
Banca Generali — FY 2022 Earnings Presentation
64 slides from Banca Generali's earnings presentation, Feb 9, 2023
Slide 1: Investor Presentation FY 2022 Results
Investor Preliminary Presentation FY 2022 RESULTS 9 February 2023
Slide 2: To be the No. 1 private bank
To be the No. 1 private bank, unique by value of service, innovation and sustainability FY 2022 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Business Update and Closing Remarks service, innovation Annex and susta
Slide 3: FY 2022 Results: Executive Summary
FY 2022 RESULTS: EXECUTIVE SUMMARY Net inflows and assets held up well in the year amid extraordinarily challenging financial market conditions. Managed products are well channelled in a steady recovery starting from 4Q thanks to an in-depth review of product offer FY 2022 recurring results posted a
Slide 4: Recurring Net Profit (1/2)
RECURRING NET PROFIT (1/2) EARNINGS QUALITY STEADILY IMPROVING OVER TIME Net Profit - Yearly €\m FY 2022 recurring net profit 323.1 increased by 4.5x over the last 10 years 272.1 274.9 213.0 The Bank has increasingly 146.5 27.2 focused on recurring 203.6 204.1 123.5 121.1 revenues working on new 180
Slide 5: Recurring Net Profit (2/2)
RECURRING NET PROFIT (2/2) HEALTHY QUARTERLY TREND DESPITE TOUGH FINANCIAL MARKETS Net Profit €\m Recurring Net Profit1 +25% +29% €\m 221.1 FY 2022 recurring net 176.6 profit (+25%) posted a +4% solid quarterly progression thanks to 44.6 53.2 54.7 55.6 57.6 stable net recurring fees coupled with gro
Slide 6: Net Financial Income
NET FINANCIAL INCOME ASSET REPRICING DRIVES A STRONG INCREASE IN NET INTEREST INCOME (NII) Net Financial Income (NFI) €\m +50% 168.3 FY 2022 NFI (+50%) leveraging on the strong 23.3 +169% acceleration of NII (+74%) 112.0 driven by the repricing of interest-bearing assets in the 28.7 +45% period (+31
Slide 7: Total Gross Fees
TOTAL GROSS FEES RECURRING FEES SUCCESSFULLY LEVERAGE ON PRODUCT AND SERVICE DIVERSIFICATION Total Gross Fees €\m -0.2% -8% FY 2022 gross recurring fees were Gross Recurring Fees 942.7 940.7 +1% flat YoY leveraging on 254.3 244.6 234.0 229.4 232.7 product and service diversification at 2021 2022 4Q2
Slide 8: Management Fees
MANAGEMENT FEES CONSTANT MANAGEMENT FEE MARGIN AMID LOWER MANAGED ASSETS +1% -9% Management Fees 804.3 812.9 -2% €\m FY 2022 management 217.4 209.9 203.4 202.0 197.6 fees were flat YoY (+1% YoY) while they posted a small 2021 2022 4Q21 1Q22 2Q22 3Q22 4Q22 decrease in 4Q 2022 (- 2% QoQ) in line with
Slide 9: Banking and Entry Gross Fees
BANKING AND ENTRY GROSS FEES SIZEABLE PICKUP IN ACTIVITY AT YEAR END Banking and Entry Gross Fees €\m FY 2022 entry fees posted -8% a cyclical contraction (-29%) 138.3 due to lower front fees from 127.8 managed products and lower volumes in structured 42.7 30.5 -5% products 38.9 37.4 FY 2022 advisor
Slide 10: Total Payout Ratio
TOTAL PAYOUT RATIO BUSINESS MODEL’S FLEXIBILITY DRIVES FEE EXPENSES AND PAYOUT LOWER Total Payout Ratio and Fee Expenses €\m Total Fee Expenses 495.9 488.5 134.0 124.6 122.6 117.4 123.9 FY 2022 fee expenses (-1.5%) and payout (51.7%, -8bps) 46.7% 45.9% 47.0% 45.0% 46.6% 45.5% 46.7% Payout to FAs dec
Slide 11: Operating Costs (1/2)
OPERATING COSTS (1/2) COST GUIDANCE MET ON TIGHT COST MANAGEMENT Total Operating Costs1 €\m Breakdown of Core Operating Costs1 €\m +5.9% FY 2022 total operating 256.5 +6.0% costs (+5.9%) included 242.3 3.5 €3.5m one-off items 1.9 20.2 232.9 (+5.3% excl. one-offs) 20.7 219.7 6.1 4.4 35.3 FY 2022 core
Slide 12: Operating Costs (2/2)
OPERATING COSTS (2/2) COST RATIOS CONFIRMED AT BEST PRACTICE LEVELS Operating Costs / Total Assets Cost / Income Ratio 0.45% 54.8% 55.8% 54.7% 0.40% 52.8% 0.37% 0.33% 0.33% 46.9% 47.3% 0.31% 0.30% 0.31% 0.28% 44.6% 43.0% 45.9% 40.8% 42.1% 42.1% 40.7% 40.1% 37.4% 36.0% 36.8% 31.1% 2014 2015 2016 2017
Slide 13: Summing Up
SUMMING UP Comments (€ m) FY 21 FY 22 % Chg Operating result excl. performance fees (+15%) posted a sound increased driven by solid recurring revenues and tight cost Net Financial Income 112.0 168.3 50.3% discipline (+6%) Net recurring fees 446.8 452.2 1.2% Variable fees 220.5 19.3 -91.2% Total non
Slide 14: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2022 Financial Results To be the No. 1 private bank, unique Balance Sheet & Capital Ratios by value of Net Inflows, Assets and Recruiting service, innovation Business Update and Closing Remarks and sustainabili
Slide 15: Balance Sheet (1/3)
BALANCE SHEET (1/3) SIMPLE AND LOW RISK BALANCE SHEET FY 2022 Balance Sheet - Assets and Liabilities €\bn 17.3 bn (+1.1€\bn YTD) Total balance sheet increased by 0.5 €1.1bn (+6.6% YoY) to €17.3bn even 1.5 after the decision to entirely 1.4 reimburse TLTRO assets (€700m) in 2.5 November 2022 Other as
Slide 16: Balance Sheet (2/3)
BALANCE SHEET (2/3) STRONG INCREASE IN AVERAGE YIELD ON INTEREST BEARING ASSETS Total Assets and Interest-Bearing Assets: Volumes and Yields €\bn 17.3 16.2 Strong spike in the 1.4 2020 2021 2022 4Q22 average yield on 13.2 2.0 2.5 interest bearing assets Yield on Interest to 95bps (+38bps YoY) 1.0 2.
Slide 17: Balance Sheet (3/3)
BALANCE SHEET (3/3) HIGH QUALITY BOND PORTFOLIO, WELL PLACED TO EXPLOIT RISING RATES Focus on Financial Assets (Banking Book) €\bn High quality and diversification of financial Total PTF Classification Bond PTF Classification assets. Fixed income represents 96% of total with the remaining 4% being a
Slide 18: Capital and Liquidity Ratios
CAPITAL AND LIQUIDITY RATIOS SOLID CAPITAL RATIOS REAFFIRMED Total Capital Ratio % Leverage Ratio % CET1 AT1 Capital position proved 4.8% 5.1% solid notwithstanding the 18.4% 17.4% 4.6% 16.1% 16.7% 4.3% volatility of financial 1.3% 1.1% markets and the growing 1.5% 1.1% requirements linked to busine
Slide 19: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2022 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique by value of Net Inflows, Assets and Recruiting service, innovation Business Update and Closing Remarks and sustainabili
Slide 20: Total Assets
TOTAL ASSETS LITTLE CHANGED AFTER ONE OF THE WORST YEARS EVER FOR FINANCIAL MARKETS Total Assets €\bn AUM €\bn 85.7 83.1 FY 2022 total assets at 60.5 €83.1bn (-3% YoY, +3% 74.5 11.9 12.1 53.8 55.5 QoQ) benefitted from 9.7 13.3 4Q financial markets’ 15.5 16.2 11.0 15.4 recovery from 16.4 September’s
Slide 21: AUM Breakdown
AUM BREAKDOWN FINANCIAL WRAPPERS CONFIRMED AS MOST IN DEMAND FROM CLIENTS AM Products €\bn Insurance Products €\bn 33.0 30.0 FY 2022 In-house 27.8 solutions at 3Y Financial 9.4 27.5 26.0 25.5 highs on total AM wrappers 9.4 8.2 Traditional life products (61.7%, Third-party policies +170bps), driven b
Slide 22: Net Inflows
NET INFLOWS NET INFLOWS HELD UP WELL IN ONE OF THE WORST YEARS EVER FOR FINANCIAL ASSETS Total Net Inflows €\bn AUM Net Inflows €\bn 7.7 FY 2022 net inflows 4.8 proved solid in terms of 1.9 volumes at 7% of 5.9 5.7 starting assets and 0.2 2.4 broadly in line with 2022 1.0 1.0 3.4 levels 0.2 1.5 1.0
Slide 23: Net Inflows Driven by Existing FAs
NET INFLOWS DRIVEN BY EXISTING FAS GROWING FOCUS ON RECRUITING YOUNGER PROFILES Net Inflows by Acquisition Channel €\bn Recruitment by Acquisition Channel # 149 7.7 Net inflows driven by 133 26 existing FAs (79% of 5.9 2.3 5.7 total net inflows vs. an 40 93 average of 72% in 2018- 1.6 1.9 70 2021) 2
Slide 24: Sustainable Value Proposition
SUSTAINABLE VALUE PROPOSITION ESG PRODUCT OFFER AND RATINGS Assets in ESG Products €\bn Banca Generali: ESG Ratings AUM ESG on Managed Solutions A MSCI Scores BB BBB BBB BB On a scale from B 32.2% CCC to AAA ESG assets1 2017 2018 2019 2020 2021 Nov.22 increased sharply due EE+ 12.9 to a broader incl
Slide 25: January 2023 Commercial Update
JANUARY 2023 COMMERCIAL UPDATE POSITIVE VOLUMES AND STRONG REBOUND IN PERFORMANCE OFFSET WEAKER MIX Net Inflows in Assets under Total Net Inflows €\bn Recruitment # of new recruits Advisory €\bn 0.5 0.4 21 0.02 19 0.1 5 0.3 4 0.48 0.1 11 8 0.05 0.2 0.05 7 5 -0.1 -0.14 Jan 2022 Jan 2023 Jan 2022 Jan
Slide 26: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2022 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of service, innovation Business Update and Closing Remarks and sustainabili
Slide 27: 2022-2024 Financial Targets
2022-2024 FINANCIAL TARGETS ON TRACK AND TARGETS REAFFIRMED Objectives and KPIs 2022-24 Targets 2022 Targets & Results 2023 Targets Consistent growth Cumulated net inflows €18bn–€22bn €5.5bn–€6.0bn €5.7bn €5.7bn–€6.7bn 2022-2024 Profitable growth 10%–15% 15%–20% 15%–20% Increase of recurring net +25
Slide 28: Consistent Growth – Productivity & FA Network Expansion (1/2)
CONSISTENT GROWTH – FOCUS ON PRODUCTIVITY & FA NETWORK EXPANSION (1/2) COMBINING INNOVATION AND NETWORK PROXIMITY TO SUPPORT FA ACTIVITY Consistent growth Objective Key actions DATA DRIVEN APPROACH • Start pilot of the ‘Enhanced’ service model, the Family office platform for FAs highlighting commerc
Slide 29: Consistent Growth – Productivity & FA Network Expansion (2/2)
CONSISTENT GROWTH – FOCUS ON PRODUCTIVITY & FA NETWORK EXPANSION (2/2) WIDENING TARGET TO NEW TALENT POOLS Consistent growth Objective Recruiting features 2 0 2 3 Ta r g e t INCREASING DIVERSIFICATION OF NEW RECRUITS 1 New recruits ≤45 incl. young talents Age 45-55 Male ~48 Gender 180-190 ≥55 Female
Slide 30: Profitable Growth – NII Acceleration (1/3)
PROFITABLE GROWTH – NII / AUC & MANAGED SOLUTIONS ACCELERATION (1/3) Profitable growth REASSESSING CONTRIBUTION FROM NII FOR 2023 Ta r g e t From To NII guidance revised to assess impact of the new interest rate scenario for 2023-2024 180-190 >200 2023 €\m €\m Net Interest Income (NII) Average NII y
Slide 31: Profitable Growth – In-house Solutions (2/3)
PROFITABLE GROWTH – NII / AUC & MANAGED SOLUTIONS ACCELERATION (2/3) Profitable growth KEY TO DELIVER EFFECTIVE AND HIGH-QUALITY GROWTH Growing focus on in-house solutions 2022 Cumulated net inflows in financial wrappers & in-house funds Multi team asset management platform (7 teams) totally indepen
Slide 32: Profitable Growth – AUC and New Revenue Streams (3/3)
PROFITABLE GROWTH – NII / AUC & MANAGED SOLUTIONS ACCELERATION (3/3) Profitable growth CONSOLIDATING IMPROVEMENT EVEN WITH UNFAVOURABLE MARKETS Assets under Custody New revenue streams (AUC) AUC under Advanced Net Inflows(€\m) AUC (€\bn) advisory (€\bn) AUC assets increased to 2.5 540 an all time hi
Slide 33: Remunerative Growth – 2022 Dividend Proposal
REMUNERATIVE GROWTH – 2022 DIVIDEND PROPOSAL Remunerative growth DPS PROPOSAL AVOIDED PENALIZATION DUE TO THE ONE-OFF TAX CHARGE Dividend policy 2022 Dividend proposal FY 2022 DPS proposal at €1.65 per share (90.5% payout of consolidated net profit) Tot. 80.0% 70.5% 70.5% 90.5% based on the followin
Slide 34: 2022-2024 Financial Targets Conclusion
2022-2024 FINANCIAL TARGETS CONCLUSION Objectives and KPIs 2022-24 Targets 2023 Targets 2023 Actions Accelerate data driven approach Consistent growth Back to in-person activity and training Cumulated net inflows €18bn–€22bn €5.7bn–€6.7bn Onboarding of new talents and 2022-2024 leveraging on team ap
Slide 35: To be the No. 1 private bank – Annex
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2022 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of service, innovation Business Update and Closing Remarks and sustainabili
Slide 36: Recurring Net Profit Run Rate
RECURRING NET PROFIT RUN RATE OF RECURRING NET PROFIT ABOVE 2022-2024 TARGET Build up of Recurring Net Profit1 €\m Operating items Non operating items FY 2022 recurring net +45.9 -1.4 profit (+25% YoY) increased strongly driven by 8.1 221.1 its operating component 5.5 (18.2) (9.5) reflecting the pos
Slide 37: Investment Yields
INVESTMENT YIELDS TOTAL NII YIELD BOOSTED BY ASSETS REPRICING IN 4Q22 Total NII Yield: Quarterly Trend Financial Assets Yield: Quarterly Trend 1.42% 1.42% 0.95% 0.87% 0.89% 0.79% 0.78% 0.86% 0.75% 0.77% 0.75% 0.74% 0.75% 0.79% 0.66% 0.71% 0.66% 0.63% 0.56% 0.60% 0.60% 0.56% 0.50% 0.48% 1Q 2Q 3Q 4Q 1
Slide 38: Banking Book (1/2) Maturities
BANKING BOOK (1/2) MATURITIES Banking Book Maturities by Year €\bn Banking Book Maturities – Split by Accounting Treatment €\bn 2.2 2.2 HTC HTCS 1.9 1.4 1.1 1.6 2.2 0.9 0.9 0.8 0.6 0.4 1.1 0.3 0.8 0.8 0.9 0.9 0.2 0.6 0.1 0.3 0.3 0.4 0.2 0.1 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 >203
Slide 39: Banking Book (2/2) High Quality Loan Book
BANKING BOOK (2/2) HIGH QUALITY LOAN BOOK Total Assets and Interest-bearing Assets €\bn Focus on Loan Book (Banking Book) €\bn 17.3 16.2 2022 Credit Book €\bn Lending Quality % 1.4 1.5 Other assets 13.2 2.0 2.5 0.7 Loans to Banks & 1.0 2.4 other liabilities 2.2 1.8 Loans to Clients 98.5 Financial as
Slide 40: Tax Agreement
TAX AGREEMENT REINFORCING PREMISES TO SUSTAINABLE GROWTH PATH Banca Generali signed a framework agreement with the Italian Revenue Agency for the settlement of tax claims in relation to transfer pricing for the tax periods from 2014 to 2019. More in detail, the agreement recognized: No penalties for
Slide 41: Financial Advisory Network
FINANCIAL ADVISORY NETWORK STEADY GROWTH BY SIZE AND QUALITY Breakdown by Total No. of FAs # cluster of FAs1 2,204 €82.2bn2 2,162 2,204 2,040 2,087 17% 1,936 1,985 35% 1,841 1,715 1,645 1,475 65% 54% 15% 5% 3% 6% No.of FA AUM (bn/€) Wealth Managers (>€50m) 2013 2014 2015 2016 2017 2018 2019 2020 202
Slide 42: Quality of the Network
QUALITY OF THE NETWORK BEST FA QUALITY IN THE INDUSTRY Average FA portfolio (Assets per Financial Advisor) €\m Banca Generali Assoreti 1 39.2 37.3 35.1 32.8 13.2 28.8 29.0 11.8 25.8 11.3 24.3 22.2 10.3 10.6 26.0 19.7 9.4 23.3 9.2 18.0 21.5 15.8 8.3 7.1 18.5 18.4 6.5 16.4 5.8 15.1 13.9 12.6 11.5 10.0
Slide 43: Clients' Segmentation
CLIENTS’ SEGMENTATION GROWING CLIENT BASE WITH A FOCUS ON WEALTH ADVISORY NEEDS Total No. of Clients ‘000 Breakdown by cluster of Clients 342k €82.2bn1 342 0.5% 332 9% 24% 312 26.5% 299 >5m 290 279 500k-5m 43% 263 100-500k 249 <100k 245 64% 25% 8% No.of Clients AUM (bn/€) Private Banking Assets2: €5
Slide 44: To be the No. 1 private bank – Annex
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2022 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of service, innovation Business Update and Closing Remarks and sustainabili
Slide 45: Growth Through the Evolution of the Bank
GROWTH WILL BE ACHIEVED THROUGH THE EVOLUTION OF THE BANK BASED ON THREE KEY PILLARS Pillars Value of service Bring the Bank even closer to the FA network and Clients Innovation Continue to build a data-driven, digital and open bank Sustainability Be the ESG reference point for all our Stakeholders
Slide 46: Offer, Service Model and Network Management Approach
OFFER, SERVICE MODEL AND NETWORK MANAGEMENT APPROACH 1 st P i l l a r KEY STRATEGIC GUIDELINES 1 st P i l l a r Value of service Bring the Bank even closer to the FA network and Clients Guidelines KPIs Providing FAs with bespoke products, services and Assets under Targeted offer platforms to anticip
Slide 47: Expanding into New Client Segments
EXPANDING INTO NEW CLIENT SEGMENTS 1 st P i l l a r PRODUCTS, SERVICES AND PLATFORMS TO SERVE CURRENT CLIENTS AND ATTRACT NEW CLIENTS Advanced Client pyramid 1. Advisory 2. In-house offer 3. Insurance 4. AuC & Banking 5. Lending 2021 Client assets1 Introduction of sophisticated and exclusive solutio
Slide 48: Three Dedicated Service Models
THREE DEDICATED SERVICE MODELS 1 st P i l l a r TO BETTER SUPPORT FAS AND CLIENTS New service models Target Client and description High potential Clients Enhanced Enhanced “Double touch” service model, powered by dedicated Family Office data-driven platform, to better capture complex-need HNW Client
Slide 49: Bringing Growth to the Next Level
BRINGING GROWTH TO THE NEXT LEVEL 1 st P i l l a r BY WORKING ON BOTH PRODUCTIVITY AND NETWORK EXPANSION 1. Data-driven approach 1. Service models & targeted offers Managerial initiatives & support Geomarketing & support 2. New talent pools Private talent 2. Next generation & diverse talent Internat
Slide 50: New Recruitment Pools
NEW RECRUITMENT POOLS 1 st P i l l a r DIVERSIFIED ACTIONS TO ATTRACT A WIDER POPULATION OF FAS Recruitment guidelines Private talent + Next generation & diverse talent + International expansion ATTRACT THE BEST ONBOARD THE NEXT EXPAND RECRUITMENT PROFESSIONALS GENERATION OF FAS TO SWITZERLAND Lever
Slide 51: Expanding Growth in Switzerland
EXPANDING GROWTH IN SWITZERLAND 1 st P i l l a r BY ADDRESSING CLIENTS MANAGED IN ITALY AND CLIENTS MANAGED IN SWITZERLAND Targeting >€5bn-€7bn Client assets1 (between productivity and recruitment) over a 5-year horizon Client assets of ~€1.2bn between BG Offering re-location to Swiss Valeur and BG
Slide 52: Strategic Guidelines on Data, Platforms and Partnerships
STRATEGIC GUIDELINES ON DATA, PLATFORMS AND PARTNERSHIPS 2 nd P i l l a r ONGOING PATH TOWARDS INNOVATION 2 nd P i l l a r Innovation Continue to build a data-driven, digital and open bank Guidelines KPIs Systematizing data to power our commercial approach, Operating Costs / Data-driven bank by depl
Slide 53: Partnerships Ecosystem (1/2)
PARTNERSHIPS ECOSYSTEM (1/2) 2 nd P i l l a r OVER THE PAST YEARS WE HAVE OPENED OUR ARCHITECTURE TO BEST-OF-BREED PARTNERS Front-end Certificates Workflow & Contact Home/Mobile ESG Data Advisory Hub Automation Center Robo 4 Advisor Banking Investments Trading Digital assets Management Back-end Plug
Slide 54: Partnerships Ecosystem (2/2)
PARTNERSHIPS ECOSYSTEM (2/2) 2 nd P i l l a r THIS APPROACH ENABLES US TO TACKLE KEY TRENDS ALSO BY ACCESSING PARTNERS’ INNOVATION Trends Partners Industry leaders Sustainability Digital investing BG as an orchestrator, continuous flow of innovation from partners in specialized verticals Key Trends
Slide 55: Strategic Guidelines for BG's Sustainability Path
STRATEGIC GUIDELINES FOR BG’S SUSTAINABILITY PATH 3 rd P i l l a r STATED FOR EACH STAKEHOLDER 3 rd P i l l a r Sustainability Be the ESG reference point for all our Stakeholders Guidelines KPIs Enriching our SDGs1 value proposition by expanding Clients and FAs our ESG offer and continuous training
Slide 56: BG's Sustainability Strategy Based on Four Guidelines
BG’S SUSTAINABILITY STRATEGY BASED ON FOUR GUIDELINES 3 rd P i l l a r DEDICATED TARGETS BY EACH STAKEHOLDER Clients Shareholders Community Employees & Financial Advisors & Authorities & Future Generations Enhance our ESG Reinforce transparency on Further foster diversity & Climate protection and of
Slide 57: Sustainability Commitment: Key 2022 Achievements
SUSTAINABILITY COMMITMENT 3 rd P i l l a r KEY 2022 ACHIEVEMENTS • As of 31/12/2022, 63% of total clients have • In December 2022, Banca Generali already answered the new Mifid questionnaire became a signatory of the Clients & FAs and amongst them 69% have declared HIGH Shareholders & Principles of
Slide 58: To be the No. 1 private bank – Annex
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2022 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of service, innovation Business Update and Closing Remarks and sustainabili
Slide 59: Italian Targetable Financial Wealth – Outlook
ITALIAN TARGETABLE FINANCIAL WEALTH – OUTLOOK POSITIVE MOMENTUM EXPECTED TO CONTINUE Italian Targetable Financial Wealth - Outlook, €\tn +2.1% 5Y CAGR Growing demand for professional investment advice driven by heightened market volatility and product complexity 4.0 3.9 3.7 3.6 3.6 Still inefficient
Slide 60: Italian Targetable Financial Wealth – Outlook by Product
ITALIAN TARGETABLE FINANCIAL WEALTH – OUTLOOK BY PRODUCT INSURANCE PRODUCTS EXPECTED TO GROW THE MOST Mutual funds & Disc. mandates Insurance on Targetable Targetable Financial Wealth - Outlook by product, €\tn on Targetable Financial Wealth % Financial Wealth % Prometeia estimates 31.7% 24.8% 4.0 3
Slide 61: Italian Targetable Financial Wealth – Outlook by Channel
ITALIAN TARGETABLE FINANCIAL WEALTH – OUTLOOK BY CHANNEL FA NETWORK STILL PROJECTED AS THE FAST-GROWING DISTRIBUTION CHANNEL Banks on Targetable FA Networks on Targetable Targetable Financial Wealth – Outlook by channel, €\tn Financial Wealth % Financial Wealth % Prometeia estimates 63.2% 19.8% 62.3
Slide 62: Italian Targetable Financial Wealth – Outlook by Client Segmentation
ITALIAN TARGETABLE FINANCIAL WEALTH – OUTLOOK BY CLIENT SEGMENTATION WEALTH CONCENTRATION IN FAVOUR OF PRIVATE AND HNWI EXPECTED TO CONTINUE HNWi on Targetable Financial Private clients on Targetable Targetable Financial Wealth – Outlook by cluster of clients, €\tn Wealth % Financial Wealth % Promet
Slide 63: Disclaimer
DISCLAIMER The manager responsible for preparing the company’s financial reports (Tommaso Di Russo) declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law of Finance, that the accounting information contained in this presentation corresponds to the document results, books and a
Slide 64: 2023 Upcoming Events
2023 UPCOMING EVENTS MAY Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 1Q 2023 Results Investor Relations Contacts 7 8 9 10 11 12 13 Conference Call Giuliana Pagliari 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Investor Relations Manager Phone +39 02 408 26548 28 29 30 31 Mobile +39 331 65 30 620 JULY E-mail: giul