MLP (MLP) Q4 2023 earnings summary

Executive summary

• FY 2023 revenue reached a record €973.5 million, up 3% YoY; EBIT was €70.7 million, down 6%, and net profit was €44.1 million, down 9%.

• Growth in interest income, non-life insurance and health insurance offset lower real estate and loans & mortgages revenue; assets under management and the non-life portfolio reached new highs.

• 2024 EBIT guidance is €75–85 million; the 2025 EBIT plan is €100–110 million.

Financial highlights

• Revenue rose to €973.5 million from €949.1 million; commission and fee revenue was €844.5 million, while interest income increased to €65.7 million from €21.3 million.

• EBIT was €70.7 million versus €75.6 million; EBT was €69.0 million versus €73.1 million; net profit was €44.1 million versus €48.6 million.

• Q4 revenue increased 5% YoY to €288.9 million; EBIT rose to €25.5 million from €23.4 million and net profit to €15.1 million from €13.8 million.

• Finance result was -€1.7 million versus -€2.5 million; income taxes were €24.9 million versus €24.4 million.

Outlook and guidance

• 2024 EBIT forecast: €75–85 million despite a more challenging economic climate; revenue growth is expected in Wealth and Life & Health.

• 2024 Wealth outlook includes further strong interest income, growth in real estate brokerage and residential property financing, and continued high demand for wealth management.

• 2024 Life & Health outlook anticipates growth in private and occupational pensions; Property & Casualty revenue is expected to remain constant.

• 2025 plan: EBIT of €100–110 million, assets under management of €62–68 billion and non-life insurance portfolio volume of €730–810 million.

• Acquisitions are excluded from 2025 planning; client business, potential M&A, Group synergies, growth across business areas and cost management support the plan.