Mediolanum can return to record profits in 2-3 years - exec

MILAN, March 21 Thu Mar 21, 2013 10:18am EDT

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MILAN, March 21 (Reuters) - Italian asset manager Mediolanum expects its net profit this year to be less than the record result it posted in 2012, group deputy chairman Massimo Doris said on Thursday.

"In the next 2-3 years we can easily see (a return to) these levels of profit since our assets under management are growing," Doris told Reuters in a telephone interview.

Earlier on Thursday Mediolanum said its 2012 net profit was 351 million euros ($454 million), up 422 percent on the previous year, the best result in its history.

Doris said the dividend payout ratio for 2013 would be around 50 percent of net profit. He added net profit this year could be in the region of 280 million euros.

Mediolanum's stake in investment bank Mediobanca remained strategic but the group is not interested in buying any of the 3.8 percent stake insurer Fondiaria-SAI must sell for antitrust reasons. ($1 = 0.7722 euros) (Reporting By Maria Pia Quaglia and Stephen Jewkes, editing by Danilo Masoni)

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