Poste Italiane Q1: net profit at €495 million
The Board of Directors of Poste Italiane S.p.A., yesterday approved the First Quarter 2022 Financial Results with a solid financial performance paving the way to a successful 2022 and with positive contributions from insurance services, financial services, payment & mobile and resilient mail, parcel, and distribution.
Financial highlights
- 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.
Poste Italiane Q1 2022 Group Results
• 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.
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 prepandemic 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.”