Indirect deposits

Indirect deposits amounted to € 24,090.6 million, up by 1.2% in the last quarter and 13.5% in the twelve months (+9.6% net of the contribution of the former BMPS branches).

Similar to the situation throughout the System, in the first part of the year, customers were mainly interested in forms of assets under management, especially bancassurance products and mutual funds. In the second half, specifically in the last quarter, there was a recovery in government securities in relation to a recovery in returns which had dropped at the end of 2009, in certain cases to values near zero.

Assets under management, equal to € 10,341.6 million, grew by 1.5% from September 2010 and 18.9% compared to December 2009. Net of the former BMPS branches, the growth amounted to 14.4%.

Mutual funds amounted to € 5,502.7 million, increases of 0.2% and 14.9% in three and twelve months, respectively. In this category, share funds grew (+10.5% and +33.3%, in three and twelve months, respectively), while monetary funds dropped (-1.8% and -6.7%). Balanced funds (€ 279.4 million) remained substantially stable and bonds increased over the year (21.3%) but with a contraction of 1.3% in the last quarter. Approximately 75% of funds refer to the subsidiary Carige A.M. SGR, whose management is characterised by the quality of results achieved, evidenced, on one hand, by its accounting for significant performance fees and, on the other, by its obtaining external recognition such as the Top Rating Milan Finance Triple A award, recently awarded for the excellent performance of the Carige Total Return 1 fund in the category of flexible funds.

Despite the difficult economic trend, the mutual funds sector and, in particular, Carige AM SGR (which exclusively manages Italian funds) should benefit from the revision of regulations set forth in Legislative Decree 225 of 29 December 2010 (known as the “Milleproroghe Decree 2011”) which established the same tax treatment for Italian funds as that of foreign funds.

Bancassurance products amounted to € 4,134 million (+3.8% and +23.1%). The sharp growth continued steadily over the entire year, and almost fully closed the penetration gap that the Group had in the past in relation to the System.

Assets management (€ 704.9 million) decreased in the last quarter (-1.6%) but increased over the year (27.7%) also net of the contribution of the assets of the former BMPS (+17.5%).

Assets in custody totalled € 13,748.9 million, up by 1% and 9.8% respectively in the three-month period and the twelve-month period (+6.2% net of the former BMPS branches). Following the drop in the first few months of the year, government securities recovered, standing at € 4,878.8 million, up by 3.3% in the last three months of 2010.

INDIRECT DEPOSITS (figures in thousands of euro)
 
Situation as at Change %
 
12/31/10 09/30/10 12/31/09 12/31/08 12/10
9/10
12/10
12/09
Total (A+B) 24,090,570 23,803,602 21,225,627 20,960,268 1.2 13.5
Assets under management (A)
10,341,649 10,190,506 8,701,235 7,930,228 1.5 18.9
Mutual funds and unit trusts 5,502,726 5,492,615 4,790,690 4,688,404 0.2 14.9
Assets management 704,916 716,117 552,182 576,992 -1.6 27.7
Bancassurance products 4,134,007 3,981,774 3,358,362 2,664,832 3.8 23.1
Assets in custody (B) 13,748,921 13,613,096 12,524,392 13,030,040 1.0 9.8
Government bonds (1) 4,878,766 4,721,663 4,410,459 6,007,378 3.3 10.6
Other (1) 8,870,154 8,891,433 8,113,933 7,022,662 -0.2 9.3
(1) Within the assets under management, figures as at 12/31/2008 have been restated consistently with the following periods.

Premiums collected on bancassurance products amounted to € 830.2 million compared to € 962.7 million in 2009. Approximately 98% of these were traditional life insurance products, with a marginal contribution from unit-linked and Gestlink policies. Specifically, customers were very interested in the “Carige Soluzione Rendimento” and “Carige Soluzione Risparmio” policies. The introduction of the new “Carige per 5” branch I policy, dedicated to the acquisition of new financial resources, was also successful. Premiums collected in the non-life branch amounted to € 6.6 million (€ 3.7 million at December 2009), approximately 88% due to the elementary segments.

BANCASSURANCE (figures in thousands of euro)

Situation as at Change %

12/31/10 09/30/10 12/31/09 12/31/08 12/10
12/09
Total premiums collected 830,158 630,402 962,729 630,235 -13.8
Life (1) 823,515 625,206 959,040 625,841 -14.1
. Unit linked/Index policies 10,524 3,952 14,091 18,104 -25.3
. Traditional policies 812,991 621,254 944,949 607,737 -14.0
Non-life (1) 6,643 5,197 3,689 4,394 80.1
. Car insurance 769 572 790 964 -2.6
. Elementary (non-car) insurance 5,873 4,624 2,899 3,430
(1) As a result of the changes in the product allocation, figures of the previous periods have been consistently restated.

As regards indirect deposits, Liguria accounts for 63.4% (63.2% in September 2010 and 66.6% in December 2009); then comes Lombardy with 12.4% and Tuscany, with 7.3%, whose contribution almost doubled thanks to the entry of the branches acquired from the MPS group.

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