Rome, 12 May 2022 06:30
- NET PROFIT UP 10.6% TO €495M IN Q1-22
- STRONG Q1-22 OPERATING PROFIT GROWTH, UP 11.8%, REACHING €694M, WITH POSITIVE CONTRIBUTIONS FROM INSURANCE SERVICES, FINANCIAL SERVICES, PAYMENTS & MOBILE AND RESILIENT MAIL, PARCEL & DISTRIBUTION
- SOLID FINANCIAL PERFORMANCE IN Q1-22 PAVING THE WAY TO A SUCCESSFUL 2022
- STEADY REVENUE GROWTH UP 1.4% TO €3.0BN - STRONG PERFORMANCE IN PAYMENTS & MOBILE ACROSS ALL LINES AND INSURANCE SERVICES ON BOTH LIFE AND P&C
- FINANCIAL SERVICES REVENUES STABLE WITH HIGHER NET INTEREST INCOME (NII) SUPPORTED BY TAX CREDIT INVESTMENTS AND FAVOURABLE INTEREST RATES ENVIRONMENT OFFSETTING LOWER CONTRIBUTION FROM ACTIVE PORTFOLIO MANAGEMENT
- STRONG “24SI PLUS” EXECUTION - AN ANTI-FRAGILE PLAYER DELIVERING RESULTS DESPITE THE UNCERTAIN MACRO ENVIRONMENT
- PARCEL BUSINESS NORMALIZING WELL ABOVE PRE-PANDEMIC LEVELS
- CONTINUING FOCUS ON COST DISCIPLINE PROVIDING ADDITIONAL FLEXIBILITY TO MEET “24SI PLUS” TARGETS
- Q1-22 REVENUES AT €3.0BN, +1.4% Y/Y:
- Q1-22 MAIL, PARCEL & DISTRIBUTION REVENUES AT €901M, -2.0% Y/Y, WITH MAIL REVENUES FLAT AND PARCEL VOLUMES NORMALIZING WELL ABOVE PRE-PANDEMIC LEVELS. PARCEL VOLUMES DOWN COMPARED TO AN EXCEPTIONALLY STRONG Q1-21, BOOSTED BY LOCKDOWN MEASURES.
- Q1-22 FINANCIAL SERVICES GROSS REVENUES AT €1.5BN, -1.3% Y/Y AS A RESULT OF LOWER ACTIVE PORTFOLIO MANAGEMENT PARTIALLY OFFSET BY TAX CREDITS INVESTMENTS CONTRIBUTION.
- Q1-22 INSURANCE SERVICES REVENUES UP TO €529M, +7.1% Y/Y, THANKS TO HIGHER VOLUMES AND INCREASING MARGINS. IN Q1-22 LIFE NET INFLOWS AT €2.6BN (+32% Y/Y), P&C GWP AT €114M (+19.5% Y/Y).
- Q1-22 PAYMENTS & MOBILE REVENUES ACCELERATING GROWTH MOMENTUM REACHING €231M, +20.2% Y/Y DRIVEN BY IMPRESSIVE CONTRIBUTIONS FROM ALL PRODUCT LINES.
- Q1-22 TOTAL COSTS TO €2.3BN, -1.4% Y/Y, HIGHLIGHTING EFFECTIVE COST DISCPLINE. NON-HR COSTS DOWN 0.2% Y/Y TO €952.8M, WHILE EMBEDDING INFLATION IMPACT.
- STRONG Q1-22 EBIT RESULTS AT €694M, +11.8% Y/Y.
- Q1-22 NET PROFIT AT €495M, +10.6% Y/Y.
- TFAs DOWN €4BN FOR THE QUARTER TO €582BN WITH POSITIVE NET INFLOWS OF €2.0BN ACROSS ALL PRODUCTS AND NEGATIVE MARKET EFFECT RELATED TO HIGHER INTEREST RATES IMPACTING LIFE INSURANCE TECHNICAL RESERVES.
- STRONG CAPITAL POSITION: BANCOPOSTA TOTAL CAPITAL RATIO AT 23.9% (OF WHICH CET1 RATIO AT 21.1%), LEVERAGE RATIO AT 3.1% AND POSTE VITA GROUP SOLVENCY II RATIO AT 272%, WELL ABOVE MANAGERIAL AMBITION.
Q1 2022 Operational Segment Highlights
- Mail, Parcel & Distribution: “Poste Delivery Business” feature launched, enabling “Second Hand” sellers and online platform users, to ship from post offices and through the Punto Poste Network; “Posta Assicurata Market” launched within the mail business providing customers with two delivery attempts.
- Financial Services: “Buono 5X5” postal savings bond launched, aimed at a long-term investment, accruing fixed and increasing interest at 5, 10, 15, 20 and 25 year intervals; “Focus Ambiente Marzo 2028” fund launched, combining bond investments with sustainability focused equity. The “Prestito BancoPosta Consolidamento” allows customers to merge existing loans repayments into a single monthly instalment.
- Insurance Services: “Poste Progetto Capitale”, a 10-year recurring premium life multiclass product, which combines the stability of the class I “Posta ValorePiù” segregated funds with the possibility for customers to balance their financial profile with ESG elements; “Poste Welfare Infortuni”, covering the risks of employees’ injuries from corporate contractors.
- Payments & Mobile: “PostePay Premium” debit card for affluent clients; “PosteCasa Ultraveloce”, Poste Italiane's FTTH service, now distributed in all Post Offices.
POSTE ITALIANE CONTINUES ITS SUSTAINABLE GROWTH PATH, CREATING LONG-TERM VALUE FOR ALL STAKEHOLDERS.
KEY ACHIEVEMENTS IN THE QUARTER:
- Brand Finance Institute “Global 500”: Poste Italiane jumped 51 places in the Global ranking since last year, with reputation and client trust driving the brand value to 7.8 billion dollars and now amongst the world’s top 25 strongest brands.
- Certified integrated compliance management system: first company in Italy to obtain the certification according to ISO 37301:2021 issued by IMQ, confirming Integrity and transparency as a strategic Pillar for shared value creation by the Group.
- Agreement with Unimpresa to support the territory: Poste leverages on its widespread presence to provide micro, small and medium enterprises – all members of Unimpresa - with innovative products and services.
- Residential autonomy project for social inclusion: in March, 10 refurbished residential units – part of Poste Italiane’s real estate portfolio – were assigned free of charge to women and their children in financial difficulty who have been victims of domestic violence. This is the first year of the initiative created in close cooperation with community organisations D.i.Re (Donne in Rete) and Differenza Donna, which will support Poste in selecting women participating each year in this initiative.
- Financial Education initiatives: 26 events and more than 13,000 people involved since the beginning of the year, in line with Poste Italiane’s commitment to promote financial inclusion.
- EIB €700m credit lines for energy efficiency and sustainable mobility projects: first Green financing for Poste aimed at supporting “24SI Plus” Plan ESG initiatives, while optimizing its financial structure.
- Partnership with Parks - Liberi e Uguali: Poste joins Parks, a non-profit organization helping partner companies developing strategies and best practices in support of gender diversity. Poste will be involved in projects promoting LGBT+ inclusion, evidence of Group’s commitment to value diversity.
Rome, 12 May 2022. Yesterday, the Board of Directors of Poste Italiane S.p.A. (“Poste Italiane” or the “Group”), chaired by Maria Bianca Farina, approved First Quarter 2022 Financial Results (unaudited).
Matteo Del Fante, Poste Italiane CEO and General Manager, commented:
“Less than two months since we updated the Group’s strategy, these results represent the first building block towards a successful full year 2022.
Our diversified business model continues to deliver strong financial results with net profit at €495 million and operating profitability progressing across the business segments.
Insurance Services is confirmed as the biggest contributor to group profitability, with positive performance in both Life and P&C. Financial Services’ EBIT increased with a resilient top line, supported by lower costs. In Payments and Mobile, double-digit EBIT growth comes as a result of successfully leveraging on positive market trends with 2 billion transactions managed in 2021 and over half a billion in the first quarter of the year.
EBIT in Mail, Parcel & Distribution was resilient in the quarter, with cost discipline offsetting the impact of parcel volume normalization. Parcel volumes remain structurally above pre-pandemic levels even after last year’s exceptionally high results, related to lockdown measures introduced in the majority of Italian regions.
Even though we find ourselves in a challenging logistics industry environment, our proven track record in cost discipline gives us the confidence to maintain full visibility on our Mail Parcel & Distribution 2022 EBIT target.
We have delivered a consistent, improving performance since 2020: after a strong recovery in 2021, in the first quarter of the year we continue to constantly grow, paving the way to a successful 2022. This has been made possible by the hard work of all our people since the beginning of the pandemic resulting in a structural upward shift in our growth trajectory.
This year we are celebrating 160 years of Poste Italiane, a historic event highlighting how our unique heritage has always allowed us to address challenges and accompany the future of our communities. We confirm our role as a strategic pillar for Italy, through our omnichannel distribution platform. We continue to serve evolving customers’ needs and confirm our ambition to support the development of our country going forward.”
POSTE ITALIANE Q1 2022 Results
12 May 2022 - 13:00 CEST
To attend click here: Poste Italiane Q1 2022 Results Webcast
A listen only audio conference is also available: +39 02 802092
To see the press release in full version download pdf
For further information:
Poste Italiane S.p.A. Investor Relations
Tel. +39 06 5958 4716
Mail: investor.relations@posteitaliane.it
Poste Italiane S.p.A. Media Relations
Tel. +39 06 5958 2097
Mail: ufficiostampa@posteitaliane.it
