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ots Ad hoc-Service: MLP AG
MLP exceeds its own forecasts
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Heidelberg (ots Ad hoc-Service) -
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 business.
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 2000.
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. Bernhard Termühlen.
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.
Jutta Funck Tel.: + 62 21-3 08-3 30 Fax: + 62 21-3 08-2 58 Email: email@example.com
End ----------------------------------------------------- Internet: http://www.newsaktuell.deOriginal-Content von: MLP Finanzdienstleistungen AG, übermittelt durch news aktuell