Preliminary Q4 2022 Banca Generali SpA Earnings Call Transcript
Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining Banca Generali's Preliminary 2022 Results Conference Call. (Operator Instructions)
At this time, I would like to turn the conference over to Mr. Gian Maria Mossa, CEO and General Manager. Please go ahead, sir.
Good afternoon, and thank you for participating for our full year results conference call. First of all, let me start by saying that the overall results were pretty strong, despite one of the most difficult year ever for the financial markets. Net inflows and total assets end up very well, I would say. Where the mix got better during the fourth quarter, the net profit suffered by a very poor contribution from performance fees, while the recurring result posted a very strong increase and well above expectations, thanks to the resiliency of the markets and asset management products and the positive impact of the normalization of the yield on net fee based income. We confirm very
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