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Poste Italiane's model is based on a strong integration of physical and remote channels with our app being the most downloaded financial app in 2022. Specifically, 96% of Italians live within 5 minutes from a Post Office or a PuntoPoste touchpoint. Fully integrating our channels, allows us to follow customers from engagement to sale through a data-driven service model, supported by tech-intensive processes and customer operations. This model also contributes to the country’s digitalization and reduces the digital divide. Through its omnichannel interaction platform, Poste Italiane manages more than 20 million daily interactions with clients, of which 9.3 million from digital channels. We live in an increasingly inter-connected world with infinite physical and digital touchpoints, rapidly evolving towards instant and real-time interactions. 
In this context Poste Italiane is ready to become the largest omnichannel platform in Italy providing access to services and products.  

Poste is an important engine of innovation and digitalization of Italy, connecting the country in a new hybrid world. Now, we aim to become the single point of entry for all Italians daily needs. Poste is the only company able to link Italian SMEs, Public Administration and citizens. We play a primary role in transforming the e-commerce landscape. In 2022, 30% of overall B2C deliveries went through our network, with 240 million parcels delivered and almost 600 million e-commerce transactions via our payments tools. We are also committed to reinforce the relationship between individuals and Public Administrations, with over 26 million public digital identities – SPID – with a national market share of 77%. Poste Italiane’s business activities, in addition to generating direct impacts (i.e. closely linked to the Company’s economic activity), requires the purchase of goods and services produced by other companies (generating indirect impacts) and allows families who have received income thanks to the work done for the Group and its suppliers to purchase new goods and services (generating induced impacts). Poste Italiane also provides an overview of the economic value generated and distributed by the Company to its stakeholders such as suppliers, employees, lenders, the community, public administration and shareholders.

Poste Italiane is the distribution platform of choice in Italy, and we have a track record of successfully expanding our offer and reach. Over time we have progressed from distributing Poste products exclusively through our post office network, to expanding the marketplace for these products via our proprietary digital channel, to selling third party products across our channels and then leveraging on third party networks and diversified partners for distribution.

We have improved our proximity to customers beyond our network via a diversified third-party distribution network, which includes our PuntoPoste points, as well as FIT, Lottomatica, Edenred and ENI locations.

96% of Italians live within 5 minutes distance from a Poste Italiane touchpoint with circa 13,000 post offices open 6 days a week as well as an extensive network of contact points which counts 58,000 where citizens can undertake all their needs 7 days a week 24 hours a day. During the year 2022, the PuntoPoste network expanded with the entry of more than 1,600 new points. At 31 December 2022, the Punto Poste network had more than 15,000 contact points.

In 2022, the incidence of daily interactions on new channels (digital and third-party networks) increased from 64% in 2021 to 68%. The share of digital and third-party network transactions in total transactions
also increased from 33% in 2021 to 36% in 2022. Digitally we achieved 15.8m of customers with at least one access to Poste digital properties in 2022 versus 14.3m in 2021.

This in turn drives us at Poste to continually innovate in our physical and digital offer and deliver a seamless experience to our customers, wherever and however they interact with us. Our 35 million customers and their relationship with us is at the heart of everything we do in all segments, at the strategic and operating level. Poste aims to become the single point of entry for all Italians daily needs. Poste Italiane is in fact the only company able to link Italian SMEs, Public Administration and citizens, through the 23.8m Poste Italiane’s National Digital ID solution for citizens (leader in Italy).


The company's business model includes a statement about their target market.
With 35 million customers and 27 million postal savings clients, Poste Italiane has by far the largest client base in the country.
Italians trust us with their savings, rely on our insurance products, use our cards and phones and, of course, come to us to deliver their mail and parcels. Insurance investment products lapse-rate is only 3.5% versus a market average of 6.7%. In more than 160 years our Postine and Postini and our Post Offices, have been the main physical connections in the country.
We further strengthened our partnership with Microsoft to provide innovative digital services to Italian companies and public administration, supporting and facilitating SMEs growth in Italy.
Our target for savings, financial, fibre-connection, mobile phone, insurance and utilities are Italians.


Omnichannel service model
Poste Italiane has a widely diversified and unique business model. It is a four-in-one fully integrated platform company and is leader in each of its businesses.

Poste Italiane is not simply a postal and logistics operator, it offers financial, insurance, payments, telephony and soon to be launched energy services across its ubiquitous and enhancing the strong Post Office network, integrating it with B2B2C partner networks, in synergy with the strengthening of digital channels.

No other operator has the customer base, reach, trust and brand identity of Poste Italiane.



This transformation has been enabled by our state-of-the-art IT platform.

The 2.8 billion yearly transactions which we analyse through data mining are boosted by key capabilities we show on the right: we have integrated almost 600 API partners, handling 36% of customer instructions through AI and 86% of our new initiatives are cloud-based.

Leveraging on more than 20 million daily interactions across our platform, we have extended the scope of the engagement of our customers. Historically each channel was in charge of engagement as well as transactions and sales, see the blue arrows. Now we have extended our engagement across distribution channels. So, for example, the digital or PuntoPoste customer engagement can be completed with transactions and sales in our post offices, as you can see from the yellow arrows. And all this happens with the aim of a seamless customer experience.

The figure shown below outlines Poste Italiane’s business model, characterised by the interaction between strategy, value creation process and forms of financial and non-financial capital.


The value creation process at Poste Italiane






Impact generated by Poste Italiane
Through its leadership in the logistics, financial, insurance and payment services sectors, Poste Italiane plays a key role in the creation of economic value both for the stakeholders directly impacted by its business activities and for the country as a whole.

In particular, the activities carried out by Poste Italiane generate impacts on GDP, employment income, employment and contributions to PA. Impacts can be distinguished into:
  • Direct impacts: impacts generated by the operating activities carried out directly by Poste Italiane;
  • Indirect impacts: impacts generated along the supply chain as a result of Poste Italiane’s spending on goods and services (€3.2 billion in 2022) from Italian suppliers;
  • Induced impacts: impacts generated by consumer spending that is realised through the income earned by workers employed directly and indirectly by the Group.

THE PROCESS OF CREATING POSTE ITALIANE'S ECONOMIC VALUE



In 2022, the Poste Italiane Group generated impacts on the country in terms of Gross Domestic Product (GDP) totalling €12.9 billion and, in employing roughly €181 thousand people, contributed around €2.1 billion to the income of the Public Administration in terms of tax revenue. Furthermore, it is possible to estimate that Poste Italiane contributed directly and indirectly to the distribution of income to workers, totalling €7 billion.
The daily work and commitment of the Group’s individual people contributes to the creation of value by Poste Italiane. In this regard, over the course of 2022, each person at Poste Italiane contributed to the creation of economic impacts for the region amounting to €107 thousand of GDP, €58 thousand of income for families, €11.6 thousand of tax contributions and the employment of 1.5 people.


THE VALUE CREATION PROCESS FOR POSTE ITALIANE’S EMPLOYEES

During 2022, the path of shared value creation undertaken by the Poste Italiane Group generated excellent results at system level, through the significant investments in the six forms of capital which underpin the Company: financial, human, physical-structural, intellectual, social-relational and natural, and in line with the United Nations Sustainable Development Goals framework.
  •  ~ 6 million hours of training provided in 2022
  • Over 6,900 initiatives in Active Labour Policies during 2022
  • Trade union agreement on flexible work valid until March 2023
  • 2022 performance bonus : 5% increase y/y
  • Poste Italiane is a Top Employer for the 4th consecutive year
  • Poste Italiane receives Equal Salary certification for its pay equity policy





The commitment that Poste Italiane dedicates to serving the country system is not limited to 2022,but is embedded in a path of annual value creation. In fact, over the last five years, the Poste Italiane Group has generated overall impacts on the country of €62.1 billion in Gross Domestic Product (GDP), €36.8 billion in employment income, and €10 billion in tax revenue. In addition, the Group contributed an average of 185 thousand jobs between 2018 and 2022.



MAIL PARCELS AND DISTRIBUTION STRATEGIC BUSINESS UNIT 

“2024 Sustain & Innovate” Strategy
 
MAIL, PARCELS AND DISTRIBUTION  
Logistic player market leader, with the objective 
of growing in the parcels and express courier 
sector
  • Evolution of the logistics network
  • B2C market leadership
  • Growth in C2X and B2B markets
 
“24SI” Objectives and KPIs “24SI” Target 2022 Progress
Nexive integration    
           Operating company for the management of the new 
delivery network with the implementation of cost 
synergy
€ 100 million synergy when fully 
operational
in line
Automating and Streamlining the Logistics Network     
  • Double the volume of automatically sorted parcels. 2x by 2024 vs 2019 in line
  • % distribution centres that operate “lean”    
  • Road-based transportation cost reduction 100% by 2024 in line
Green Delivery    
  • Implement zero emissions delivery in two cities By 2021 Completed
  • Implement zero-emissions delivery lines in 35 major city centres and 800 small municipalities By 2024 28 city centres
Business Development    
  Consolidate B2C leadership and grow B2B and C2X using dedicated offers and initiatives aimed at improving the user experience.    
  • Double profits from “Key merchants“ 2x by 2024 vs 2019 In line
  • B2C Revenue From € 0.4 billion in 2019 to € 1 billion in 2024 € 0.8 billion

FINANCIAL SERVICES STRATEGIC BUSINESS UNIT

“2024 Sustain & Innovate” Strategy
 
FINANCIAL SERVICES  
Most trusted financial institution in Italy,
benefiting from an omni-channel approach
  • Promoting diversification of asset allocation
  • Expansion of omni-channel for the Customer
  • Integration of non-life coverage into the investment offering
 
“24SI” Objectives and KPIs “24SI” Target 2022 Progress
Optimise customer wealth management through    
  • The diversification of customer portfolios and further segmentation TFA from € 536 billion in 2019
to € 615 billion in 2024
€ 562 billion
         • The launch of new products to maximise the riskreturn profile    

 

For details on the activities of the 2022 business, please refer to the Operating Review found under the “Strategic Business Unit Financial Services” paragraph.

   
Expansion of omni-channel that is focused on the Customer    
  • Evolution of the service model based on people and developed around the different needs of the customer in order to improve profiling and the proposal of offers Consultants from around 8k in 2020 
to around 10k by 2024
8.4 k
  • New consulting methods that complement those offered in person with the evolution of skills for products with a significant customer service component    
  • Digitisation of the customer base through the expansion of channels used to join services Number of BFP subscriptions
through Digital channel: 
> 5% by 2024*
7.2% incidence
of digital gross
inflows on total
gross inflows by
volume
 

For details on the service model and developments of the omnichannel area, please refer to the paragraph “Omni-channel, Digital Transformation and main KPIs”

* KPI not presented during Capital Market Day in  March 2021  
Significant growth in the volumes of loans and mortgages through:    
  • Partnerships to increase the offer of loans, mortgages 
and salary-backed loans
From € 3.6 billion in volumes in 2019
to € 6 billion in volumes in 2024
€ 3.3 billion
  • Increasing the loan offer on digital channels    

INSURANCE SERVICES STRATEGIC BUSINESS UNIT

“2024 Sustain & Innovate” Strategy
 
INSURANCE SERVICES  
Market-leading insurance company with 
comprehensive and sustainable product portfolio
  • Life products at the heart of the group’s investment offering
  • Profitable growth in the non-life market
  • Full integration of ESG principles and reduction of “underinsurance” in Italy
 
“24SI” Objectives and KPIs “24SI” Target 2022 Progress
Life Segment    
           Meet the growing demand for investment products 
through a mix of sustainable products under the profile 
of capital absorption, profitable and that integrates the 
ESG components.
   
  • Gross Life premiums From € 16.7 billion in 2020 to € 26.5 billion in 2024 € 17.2 billion
  • Average mathematical provisions From € 130 billion in 2020 to > € 170 billion in 2024 € 143 billion
  • % Impact on Multi-class products
  • % ESG products* From 34% in 2020 to >60% in 2024 100% by 2024 60%
 

* Newly released product

 
P&C Segment  
  Profitable growth of the sector driven by the modular 
offer and by motors with the objective of reducing the 
gap of sub-insurance on the Italian market.
   
  • Life/P&C integrated offer (premiums) > € 50 million by 2024 5x by 2024 vs 2020 € 7.6 million
  • Protection gross premiums* € 520 million
 

* Including intermediate volumes on the Third-Party Motor Liability sector

   

PAYMENTS AND MOBILE STRATEGIC BUSINESS UNIT

“2024 Sustain & Innovate” Strategy
 
PAYMENTS AND MOBILE  
Innovative digital platform for an integrated 
payment, telephony and energy offering
• Strengthening leadership in digital payments
• New TLC offer, for both mobile and fixed lines
• Energy services from 2022, leveraging market liberalisation and customer trust
 
“24SI” Objectives and KPIs “24SI” Target 2022 Progress
Electronic money    
           Evolution and digitalisation of the prepaid and debit 
card offer to support the payments business and the 
Group’s green strategy.
   
  • Total transactions with debit and prepaid cards (on- and 
off-us)*
From € 41.9 billion in 2019 to € 83.2 billion 
in 2024
€ 71.4 billion
  • Payment card stock From € 28.7 million in 2019 to € 29.6 million 
in 2024
28.9 million
       – of which PostePay EVO stock From € 7.2 million in 2019 to € 11.6 million 
in 2024
9.5 million
  • Digital e-wallets stock From € 5.4 million in 2019 to € 10.7 million in 2024 10.7 million
 

* Transactions relating to payments made with Postamat and 
Postepay on internal and external payment circuits

 
Telecommunications
 
  Reinforcement of the distinct position in the mobile 
market and increase in acquisitions from the digital 
channel. Market expansion through the new Fibra 
offer and migration to a new Mobile Host Operator 
for optimised management of customers voice and 
data traffic
   
  • Fixed and Mobile Lines stock From 4.4 million in 2019 to 5.1 million in 2024 4.8 million
    – of which Fixed Lines stock From 200 K in 2019 to 545 K in 2024* 365K
     

* KPI not presented during Capital Market Day in March 2021.

Energy    
  Entry in the energy market, subordinate to the market 
conditions, through an 100% green offer on the italian 
national electricity and gas market
Launch in 2022 Completed
 
 
  2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total dividends distributed (€m) 250 500 250 444 509 549 574 602 632 768 801
Dividend per share (€) 0.19 0.38 0.19 0.34 0.39 0.42 0.44 0.463 0.49 0.59 0.65