(Alliance News) - Banca Generali Spa reported Thursday that it recorded net inflows of EUR726 million in February, up 64 percent from the same month a year earlier.

In the first two months of the year, inflows rose 22 percent to EUR1.05 billion.

Underlying the strong result was a sharp jump in inflows into investment products and services, reflecting growing demand from households for savings upgrading. Flows in this category totaled EUR404 million in the month -- and EUR503 million since the beginning of the year -- compared with EUR29 million in the corresponding month last year.

Growth was well distributed among all product lines, confirming effective diversification of the offering. Financial containers reaffirmed the structural growth trend of EUR178 million in the month and EUR235 million since the beginning of the year - by virtue of their tailored offerings. Insurance products confirmed the recovery started in recent months with positive net inflows of EUR40 million in the month versus outflows of EUR321 million in the corresponding month last year. Finally, new inflows in advisory services stood at EUR223 million and EUR328 million since the beginning of the year, intercepting the strong demand for specialized professional advisory on administered portfolios.

Highlighting the group's total asset management and insurance result at EUR243 million and EUR287 million since the beginning of the year while third-party offerings closed with a negative EUR62 million and a negative EUR112 million since the beginning of the year.

Flows in other assets amounted to EUR322 million in the month and EUR546 million since the beginning of the year, down from the beginning of 2023 due to a relative reduction in administered accounts and a stabilization of deposits.

Banca Generali CEO and managing director Gian Maria Mossa said, "The best February ever in the bank's history in terms of volume and quality of deposits in light of strong demand in our exclusive investment solutions. The first two months of the year are in line with our overall funding targets for this year, with net flows in excess of EUR6 billion, of which 40-60% were invested in asset management solutions and evolved advisory service."

"We are also garnering a lot of interest from high standing bankers interested in coming on board for growth opportunities in a distinctive offering ecosystem in investments and wealth management. Lacceleration in recent weeks makes us look forward with confidence and optimism to results in the coming months."

Banca Generali's stock is down 0.1 percent at EUR34.84 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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