Poste beats market expectations on accounts

Poste Italiane improves its accounts in the first quarter of 2023 beyond market expectations, but above all it offers a cross-section of a group that is achieving its diversification objectives having reached 200,000 contracts with Poste Energia (a project launched a year ago for employees and retirees that is now available on the retail market) and having concluded the public offer of purchase on the bancassurance company Net Insurance. But it is on the core business that the CEO Matteo del Fante wanted to send a reassuring message in an increasingly uncertain market context for small savers: “Our financial products – he said – protect clients from turbulence throughout the economic cycle, with more than 90 percent of invested assets protected”. Message that assumes particular importance also in the light of the commitment that the group is making in saving the insurance company Eurolife (went into a crisis precisely due to poor management of assets, saw the freezing of 350,000 life policies until June 30 of this year). “We are working on a market solution”, he replied speaking to analysts to a question on the Eurovita dossier which is “on going”.

In terms of results, Poste Italiane’s profit for the first three months grew by 9.4 percent compared to the same period of 2022 to 540 million against revenues that reached 3 billion with an increase of 8.1 per cent. percent on the year, beyond the consensus of the market. Data which, commented Del Fante, are very solid and offer significant visibility on the ability of all business lines to generate profitability. Particularly sustained growth was recorded in the mail, parcels and distribution sectorthe historic business of Poste which is probably benefiting from the growing propensity of Italians to purchase online.