Poste Italiane celebrates “overperforming” 2021 results

 Poste Italiane has contributed to economic growth with a positive cumulated impact on Italian GDP for more than €49bn from 2018 to 2021. In addition, the company has been supporting communities over the pandemic through its IT platform for Covid vaccines distribution and booking system. Furthermore, Poste Italiane continues to invest in its people, with over 15,000 new hirings and training and upskilling programs at the core of our people transformation plan with more than 24 million training hours.

2021 GROUP FINANCIAL HIGHLIGHTS
• FY-21 REVENUES AT €11.2BN, +6.6%Y/Y (-6.4% Y/Y TO €2.8BN IN Q4-21) AHEAD OF “24SI” ORIGINAL TARGET:
o FY-21 MAIL, PARCEL & DISTRIBUTION REVENUES AT €3.7BN, +15.1% Y/Y (+6.3% Y/Y TO €1.0BN IN Q4-21) WITH MAIL VOLUMES RECOVERING AND RECORD HIGH PARCELS.
o FY-21 FINANCIAL SERVICES GROSS REVENUES TO €5.5BN, -1.2% Y/Y (-16.1% Y/Y TO €1.3BN IN Q4-21) WITH NII SUPPORTED BY INVESTMENT IN TAX CREDITS; ACTIVE PORTFOLIO MANAGEMENT SECURED ENTIRELY FOR 2022 AND ABOUT HALF FOR 2023.
o FY-21 INSURANCE REVENUES TO €1.9BN, +13.9% Y/Y (-7.9% Y/Y TO €415M IN Q4-21). NET INFLOWS AT €8.1BN, MULTICLASS GWP AT 58% OF GWP. LIFE GWP AT €17.6BN (+5.5% Y/Y), P&C GWP AT €309M (+30.1% Y/Y).
o FY-21 PAYMENTS & MOBILE REVENUES TO €882M, +19.6% Y/Y (+22.0% Y/Y TO €263M IN Q4-21) WITH ACCELERATED CARD AND DIGITAL PAYMENTS AND INCREASING TELCO REVENUES.
• FY-21 TOTAL COSTS TO €9.4BN, +4.1% Y/Y (-5.2% Y/Y TO €2.5BN IN Q4-21): o FY-21 ORDINARY HR COSTS TO €5.2BN, UP 0.6% Y/Y (-1.4% Y/Y TO €1.3BN IN Q4-21), EMBEDDING STRUCTURAL SAVINGS, THANKS TO LOWER FTEs.
o FY-21 NON-HR COSTS TO €3.7BN, UP 13.7% Y/Y (+3.9% Y/Y TO €969M IN Q4-21), SUPPORTING BUSINESS GROWTH IN LINE WITH “24SI”.

• FY-21 EBIT AT €1.8BN, +21.1% Y/Y (-17.6%Y/Y TO €230M IN Q4-21).
• FY-21 NET PROFIT AT €1.6BN, +31.0% Y/Y (+31.7% Y/Y TO €405M IN Q4-21).
• TFAs UP €17BN FOR THE YEAR TO €586BN.
• SOLID CAPITAL POSITION: BANCOPOSTA TOTAL CAPITAL RATIO AT 21.9%2, LEVERAGE RATIO AT 3.0% AND POSTE VITA SOLVENCY II RATIO AT 261%.

Matteo Del Fante, Poste Italiane Chief Executive Officer and General Manager commented: “We are rolling out an anti-fragile strategy to successfully adapt to challenging times, overperforming our 2021 targets in terms of revenues, EBIT and net profit. Poste Italiane reported solid results increasing both versus 2020 and 2019. Furthermore, looking at the last 5 years, we have constantly overachieved strategic plan targets, with 2021 net profit almost doubled versus 2017.  (…) In May of this year, Poste Italiane will celebrate its 160th anniversary. Our unique heritage has always allowed us to address today’s challenges and guide the future of our communities. We are a platform company, with a resilient and sustainable business for all stakeholders and we were, are and will be always present for communities across Italy.”