consolidated annual report - Gruppo Banca Sella

one person and the rise in wages according to the new
national contract of the tertiary sector) and to a 15,3%
increase of other administrative expenses.
Net profit for the year reached € 352.000, recording
an increase of about 7,1% over 2003, mainly thanks to
the marketing of new lines of insurance products.
C.B.A. Vita S.p.A.
The Company, based in Milan, carries out an activity
in the life, health and accident insurance policies industry,
managing a total insurance portfolio of € 602,1 million,
with an increase of 13% over 2003.
Total collected premiums for 2004 amounted to €
101,9 million, mainly related to life insurance policies (€
100,6 million), with a slight increase with respect to 2003.
Net fees, standing at € 1,5 million, recorded a slight
increase with respect to 2003, thanks to a better inflow
of index-linked premiums. A similar increase was recorded
as regards net financial income, amounting to
€ 6,8 million. Therefore, net interest and other income
stood at € 4,8 million, showing an increase with respect
to the previous year.
Structural costs, amounting to € 2,3 million, recorded
a slight decrease over 2003 (€ 2,4 million), of which
€ 1,1 million of staff expenses and € 1,2 of other administrative
expenses.
Net profit for the year reached € 1,3 million (€
255.000 in 2003).
Sella Life Ltd
Sella Life, based in Dublin and under Irish law, is
specialized in assurance savings products, especially
unit-linked policies, distributed in Italy and abroad by
the distribution networks of Gruppo Banca Sella.
During 2004 the Company collected premiums for
an amount of € 22 million, therefore reaching a total of
its insurance portfolio of € 252 million.
Net interest and other income, standing at € 1,3 million,
recorded a decrease of 30% with respect to 2003,
due to the decrease of other income.
Structural costs, at € 2,2 million, were substantially
in line with the previous financial year.
The financial year closed with a loss of € 990.000.
The Company, together with a turnover of the top
management which took place at the end of the third
quarter of 2004, also reviewed its strategic position on
the market, focussing on two lines of business: customized
insurance products placed by the Private Banking
network of the Group and unit-linked products distributed
in other EU countries. Results from this strategy
are expected to be achieved in the next three years and
will go on side by side with the review of the organizational
structure.
S O F T W A R E D E V E L O P M E N T A N D I T
S E R V I C E S
Sella Synergy India Ltd
The Company, based in Chennai (Madras, India),
sets up and developes IT products exclusively directed
to the companies and banks of the Group.
Turnover for 2004 was influenced by the demand of
its only customer and amounted to € 1,6 million, showing
an increase with respect to the previous year.
Net interest and other income, standing at € 1,7
million, recorded an increase of 10% over 2003. Structural
costs, at € 1,8 million, increased by 21,3%, due to
an increase of staff expenses (from € 0,6 million to €
0,8 million) owing to a growth in the number of staff,
while other administrative expenses only recorded a
slight increase. The company closed the financial year
with a loss of € 94.000.
During the year the Company actively contributed
to the analysis and development of IT projects commissioned
by the foreign structures of the Group in Miami
and Paris, and also by the internal structures of Banca
Sella.
Selir S.r.l.
The Company, based in Galati (Romania), sets up
and developes IT products and manages administrative
services exclusively for the Group.
Net interest and other income, standing at € 0,9
million, recorded a decrease of 13,7% with respect to
Consolidated annual report 2004 - 203