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Clearly higher growth rate of 40 %
The normally conservative forecasts made by MLP AG, Europe's
leading financial services company for sophisticated private clients
and academics, were exceeded significantly in the last business year.
The consolidated group revenues increased by some 50 % from 333
million euros to over 500 million euros. The result prior to taxes on
income for the listed MLP AG grew by approximately 40 % from 49.1 to
some 69 million euros.
"We have been able to sustain our growth course and have even
exceeded our own estimations. Just as for the AG result, the
consolidated group performance prior to tax on income will also
increase by some 40 % from 47 to over 65 million euros", explained
Dr. Bernhard Termühlen, CEO at MLP AG. He went on to comment: "It is
especially pleasing to note that all MLP group companies are in an
excellent state". The revenues at the most important company, MLP
Finanzdienstleistungen AG, the broker for private clients, will grow
by 42 % from 185 to 263 million euros. A major indication of future
success is the number of clients, which has grown from 250,000 at the
end of 1998 to 304,000 at the end of 1999. The rate of expansion for
the branch office network has been very fast. Both the closeness to
the customers and the services provided have been improved further
with 151 branch offices, representing an increase of 47 % in
comparison with the previous year (103).
The net inflow of new funds exceeded the comparative figures for
the previous year by 96 % in the investment division. With 1.45
billion euros in comparison with 741 million in 1998, MLP is sure to
be among the top 10 companies for new business in comparison with the
companies associated with the German Federal Association of
Investment Companies (BVI).
The MLP private clients took out mortgages and loans totalling
some 782 million euros in 1999. This represents an increase of 39 %
in comparison with the previous year's volume of 564 million euros.
In the provisional coverage field, which at MLP includes
unit-linked life insurance, term insurance, endowment insurance and
occupational disability insurance cover, the total contributions were
increased from 3.2 billion to 4.3 billion euros by some 35 %. The
market share for stand alone occupational disability insurance
coverage in Germany now amounts to some 20 % in terms of new
New business of annual private health insurance premiums, which
are also included in the provisional coverage field, grew from 41
million to 49 million euros. The MLP market share for new business in
the private health insurance field hence amounted to some 15 %.
MLP Lebensversicherung AG, the second-largest group subsidiary,
also recorded strong growth figures. The contribution receipts
increased by 75% from 95 to 166 million euros. Premium income
increased by 84 % from 9.2 billion euros in the previous year to 17
billion euros insurance sum.
The upward trend was at its steepest at MLP Vermögensverwaltung AG
with a 138 % increase in funds under management from 829 billion to
1,974 billion euros.
The favourable interest rate conditions both in the mortgage and
current account areas, which remain without competition, were
persuasive factors for the customers. In just its second full
business year MLP Bank AG was able to increase its number of
customers from 16,000 to 80,000. This extraordinarily dynamic growth
will probably continue as a result of the online banking services to
be provided to the customers on the Internet with effect from March
The range of services provided in the claims and accident division
is also set for rapid expansion with the formation of MLP
Versicherung AG. MLP expects the new company to get off to an
extremely successful start. The former MLP Service GmbH will bring
its clients into the new AG. MLP expects approval for the license
from the Federal Supervisory Office for Insurance in Berlin in the
Spring of 2000.
"The year 2000 will also be exciting for MLP. We will continue to
improve our customer support in a consequent fashion. Our plans
include the provision of a comprehensive range of services for our
customers on the Internet starting in March 2000. By pursuing the
strategy of personal consultation combined with a comprehensive range
of online services, both for customer support and communication,
including Internet brokerage, we will be in a position to expand our
unique position and our competitive advantage", explained Dr.
The company expects to be listed on the DAX in the course of this
year. This will probably lead to further significant impetus for MLP.
Tel.: + 62 21-3 08-3 30
Fax: + 62 21-3 08-2 58
Original-Content von: MLP Finanzdienstleistungen AG, übermittelt durch news aktuell