• Total net inflows at €665 million in March (€1,524 million YTD)
• Net inflows of managed solutions at €158 million (€333 million YTD)

Milan, 5 April 2023 – Banca Generali accelerated its volume growth in March, with €665 million net inflows, up by 39% compared to the same month of the previous year and by 50% compared to February. Net inflows exceeded €1.5 billion YTD (+4% compared to the same quarter of the previous year).

With regard to products, financial managed solutions, in particular those offering asset protection, regained momentum, rising by €123 million overall, mainly driven by financial wrappers (€77 million in March; €156 million YTD) and in-house funds (€56 million in March; €122 million YTD).

Insurance wrappers accelerated sharply in recent weeks thanks to the launch of new products (€35 million net inflows compared to -€63 million in the previous month, for a total of €49 million net outflows YTD).

Traditional life policies remained negative (net outflows of €255 million in March and €655 million YTD), although improving in the past two weeks thanks to the renewed range of solutions. Overall, gross inflows from insurance products amounted to €241 million, up by over 50% compared to the previous month.

Following the increase in interest rates and the significant government bond issues, costumers continued to invest liquidity in Assets under Custody (AUC and deposits totalled €762 million in March; €1,846 million YTD). Strong results were also recorded on the primary market (new issues, structured bonds and certificates), with €180 million in March and €414 million YTD.

Net inflows from Assets under Advisory showed a similar trend, nearly tripling compared to the previous year to €147 million (€336 million YTD).

Net inflows from investment services (financial wrappers + fee-based advanced advisory) grew by €270 million in March (€539 million YTD), confirming the strong demand for professional advisory.

Chief Executive Officer and General Manager Gian Maria Mossa stated: "Thanks to the sharp acceleration in March, Q1 results exceeded those for the same period of the previous year, confirming households’ strong attention to investment and wealth protection. Despite the ongoing volatility and uncertain economic scenario, advisory services and the advantages offered by active and adaptive asset management continue to be key strengths of our business model. The new and more protection-oriented insurance solutions presented at the recent roadshow, together with the increase in new customers and in value-added investment services, make us confident we will reach the targets we have set, albeit in a context catalysed by certain AUC securities. Professional and experienced service continues to be a distinctive element of our approach to long-term diversification, allowing us to look with optimism to the coming months."