Q2 2024 MLP SE Earnings Call Transcript
Key Points
- MLP SE (WBO:MLP) set a new record for total revenue and EBIT in the first half of 2024.
- Assets under management surpassed the EUR60 billion mark.
- The company confirmed its EBIT forecast for 2024 and is targeting the upper half of the earnings corridor.
- Significant revenue growth in the wealth management competence field, with a 26% increase to EUR240 million.
- Strong balance sheet with shareholders' equity rising to EUR570 million and a regulatory core capital ratio of 19.9%.
- Real estate development business negatively impacted earnings in the first half of the year.
- Occupational pension provision is facing subdued demand due to the current economic situation.
- Non-life insurance portfolio grew by 7%, but revenues only increased by 2.5%, indicating a potential margin mix issue.
- Potential risks from geopolitical conflicts and lower-than-anticipated recovery of the real estate market could impact future earnings.
- Goodwill impairment risk remains for the real estate development segment.
Thanks you very much and welcome to MLP's conference call to our results for the first half year. It brought us 2024 with me today, our CFO, Reinhard Loose. We will take you through the presentation. And of course, we are happy to take your questions after the presentation. So please go ahead, Reinhard.
Thank you, Pascal, and good afternoon, ladies and gentlemen. First, of all, allow me to present the most important factor. Regarding the first six months of the financial year 2024, the MLP Group set a new record for both total revenue and earnings before interest and taxes EBIT in the first half of the year, we were particularly successful in the wealth competence field, especially in terms of the interest rate business and wealth management, and this includes our asset under management, have now passed the EUR60 billion mark.
Against this background, we have confirmed our EBIT forecast for 2024 of EUR75 million to EUR85 million and also
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