Eurizon, an asset management company Intesa Sanpaolo Group specialized in the management of products and services for retail and institutional customers, it approved the results as at 31 December 2018. The value of managed assets is equal to 303 billion euros. Consolidated net income (including minority interest) for the full year is €465 million, down 9% compared to 2017 pro forma net income (which excludes the extraordinary contribution from the disposal of Allfunds Bank). Fee and commission income amounted to 701 million euros, down 2,4% compared to 2017. The cost/income ratio at 21% confirms the company's exceptional levels of operating efficiency.
La Total net inflows for the year are 4,1 billion euros, thanks above all to the contribution of open funds on which Eurizon ranks first in Italy according to Assogestioni data. Once again, the interest of subscribers was concentrated above all on flexible funds, which recorded inflows of 4,56 billion in twelve months. The contribution of balanced and monetary funds was also positive, while the greatest outflows were recorded on bond funds, in line with the dynamics that emerged in the industry. A further contribution comes from institutional portfolio management, with 3,4 billion in positive net flows, around 36% of industry funding in this category.
During 2018, the institutional business was supported by the creation of dedicated solutions, which favored further growth of the asset management company in this market segment. Fundraising from PIR funds amounted to 708 million, with assets standing at 2,2 billion at the end of December, to which must be added 478 million on solutions for institutional customers. The slowdown in the trend of this category of products is in line with the trend in overall deposits recorded by the sector. Net subscriptions on PIRs represent approximately 16% of total Eurizon funding in 2018. As part of the collaboration with Poste Italiane, the flexible BancoPosta Orizzonte Reddito fund, launched last April with management delegation to Eurizon, in just nine months reached 306 million euro in AUM.
The company has strengthened its commitment and leadership on ESG investments: according to the latest Assogestioni data available at the end of September, Eurizon is the leading asset management company in Italy for sustainable and responsible funds, thanks to an offer made up of 22 dedicated products, with assets of 5,7 billion euro and funding of 1,9 .1,1 billion year to date. Among the foreign companies that fall within the scope of Eurizon, the Chinese Penghua recorded net inflows of 75 billion euro. At the end of December, the assets of the Shenzhen company amounted to 378 billion euros, thus bringing the total assets of Eurizon to 3,7 billion. The three structures that form part of the Eastern European HUB, VUB AM (Slovakia), CIB IFM (Hungary) and PBZ Invest (Croatia) reach total assets of 81 billion euro and inflows, since the beginning of the year, of XNUMX million euros.
2018 was marked by a decided strengthening of the development strategy in continental Europe, launched in 2015 with the establishment of a branch in Paris. Last July Eurizon strengthened its presence in Germany and opened a commercial branch in Switzerland. Furthermore, in the first days of November, a representative office was created in Madrid, with the entry of a manager who was entrusted with commercial responsibility for Spain and Portugal.
Another company of the Intesa Sanpaolo galaxy has published its results, namely the insurance group Intesa Sanpaolo Vita, including Fideuram Vita, which recorded good commercial performance and high profitability, albeit in a not particularly favorable market context, and highlight the validity of the Insurance Group's management strategy. Life gross business amounted to €2018 million in 19.276,3 compared to €22.528,0 as at 31 December 2017, showing a reduction of 14,4% (Intesa Sanpaolo Vita insurance group referring only to companies subject to shareholding control €15.649,8/ mln in December 2018 compared to 17.739,4 €/mln in December 2017 with a reduction of 11,8%). New life business amounted to 19.031,9 €/mln as at 31 December 2018 compared to 22.268,6 €/mln in December 2017, with a decrease of 14,5% (Intesa Sanpaolo Vita insurance group referring only to companies subject to investment 15.478,9 €/mln in December 2018 compared to 17.562,8 €/mln in December 2017 with a reduction of 11,9%).
Premiums from the Protection business amounted to 507,1 million, up 17,5% on the previous year. There was significant growth for non-motor products on which the 2018-2021 business plan focuses. In particular, Home and Health products grew by 96%. The consolidated net result stands at 672,0 €/mln as at 31 December 2018 compared to 639,3 €/mln as at 31 December 2017, with an increase of 5,1% (Intesa Sanpaolo Vita insurance group referring only to companies subject to equity control €620,4/mln in December 2018 compared to 587,1 €/mln /mln recorded in December 2017 with an increase of 5,7%). Assets under management went from 151.343,5 €/mln in December 2017 to 148.803,2 €/mln in December 2018 (Intesa Sanpaolo Vita insurance group referring only to companies subject to equity control 118.848,0 €/mln in December 2018 compared to 119.895,8 €/mln in December 2017).
Shareholders' equity stands at 5.336,1 €/mln down by 205,2 €/mln (-3,7%) compared to the end of 2017 which had shown shareholders' equity of 5.541,3 €/mln (the Intesa Sanpaolo Vita insurance group referring only to companies subject to equity control 4.586,9 €/mln, down by 231,3 €/mln, -4,8% compared to 4.818,2 €/mln at the end of 2017). The quarterly regulatory Solvency Ratio as at 31 December 2018 was 215% (for the Intesa Sanpaolo Vita insurance group referring only to companies subject to equity control 211%).
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