Market Positioning as of FY-22 figures
Poste Italiane is a platform company, which through its unrivalled physical and digital presence, offers integrated services and customer-oriented solutions within the areas of mail and logistics, as well as financial, insurance and digital payments services.
With more than 160-year history, approximately 13 thousand post offices, 120 thousand employees, total financial assets of 562 billion euros, and 35 million customers, with more than 20 million daily interactions the Group is a strategic pillar for the country in terms of size, reputation, reach, and customer loyalty, making a major contribution to Italy's economic, social, and productive landscape.
It is the market leader in mail with 95,6% market share in mail business (r. #1). In parcel and logistics business the market share is 14,4%
In the insurance sector, Poste Italiane is the market leader with 16,4% market share in life insurance (r. #2) and 12% market share in the overall insurance market (r. #2).
In the cards and payments sector, with 29M cards issued and 25,6M active cards (27% market share) and 11M digital wallets and a market share of about 25% in e-commerce transactions (r. #1), Poste Italiane is the market leader in Italy.
Corporate Divisions
Poste Italiane is the leading postal service provider in Italy, appointed by the Ministero dello Sviluppo Economico to provide the Universal Postal Service - a public utility service aimed at guaranteeing to all citizens throughout the country access to postal services.
Through a proprietary multichannel logistics distribution platform, through its Joint Delivery Model Poste Italiane complemented the traditional mail delivery business with parcels delivery in order to exploit the rapid increase in e-commerce, immediately positioning itself as the leader in this market.
MARKET CONTEXT & POSTE ITALIANE POSITIONING
The postal services market is going through a phase of radical change, primarily linked to the digital and logistics transformation, which has influenced the volume of letters and parcels. The secular decline in traditional mail, replaced with digital forms of communication is accompanied by a significant increase in parcels volume.
E-Commerce confirmed as the key driver of growth in the parcels segment, mainly for low-value items. Specifically, there is ample room for further growth in Italy (14 parcels per capita/year in Italy versus an average of 21 in Europe in 2021).
| Parcel Volume (#m) | ||||
| CAGR 12-22 | CAGR 19-22 | DELTA 12-22 | DELTA 19-22 | |
| Poste Italiane | 16% | 17% | 353% | 62% |
| Austrian Post | 18% | 12% | 415% | 39% |
| Bpost | 19% | 25% | 456% | 96% |
| Deutsche Post | 5% | 6% | 62% | 18% |
| Post NL | 11% | 7% | 187% | 22% |
| Royal Mail | 4% | 1% | 43% | 4% |
| CTT Correios | 12% | 24% | 213% | 89% |
| Postnord | 8% | 12% | 119% | 41% |
| La Poste | 11% | 23% | 157% | 51% |
| Average | 12% | 14% | 223% | 47% |
Below you can find comparisons with European postal operators on mail volumes operating data
| Mail Volume (#m) | ||||
| CAGR 12-22 | CAGR 19-22 | DELTA 12-22 | DELTA 19-22 | |
| Poste Italiane | -5% | -4% | -40% | -11% |
| Austrian Post | -4% | -6% | -36% | -18% |
| Bpost | -6% | -8% | -47% | -21% |
| Deutsche Post | -4% | -3% | -32% | -10% |
| Post NL | -6% | 3% | -45% | 8% |
| Royal Mail |
-6%
|
-9% | -48% | -25% |
| CTT Correios | -7% | -10% | -52% | -26% |
| Postnord | -9% | -10% | -59% | -28% |
| La Poste | -7% | -10% | -50% | -20% |
| Average | -6% | -6%% | -46% | -17% |
BancoPosta is one of Italy’s biggest financial service providers, constantly expanding its range of services.
By law, it does not engage in direct lending activity. Its main activities include the management of the banking book, consisting of public and private customer deposits and relative lending activities; promotion and management of the postal savings instruments issued by Cassa Depositi e Prestiti; promotion and distribution of financial products issued by third parties or other group divisions, such as units of open-ended mutual funds established by BancoPosta Fondi SGR, asset administration products, Poste Vita and Poste Assicura insurance policies, third-party financing products and credit cards.
MARKET CONTEXT & POSTE ITALIANE POSITIONING
In the Italian context, there was a decrease in bank branches in 2022 (-665 units, -3.1% vs FY-21). As a result, Poste Italiane's market share, thanks to its territorial presence, rose to 38% (+0,7 p.p. vs FY-21). This is true across all types of municipalities, particularly in small municipalities with less than 15,000 inhabitants.
Looking at market asset management (-15% vs FY-21), there was a decline in all types of funds, with the exception of money market funds. Within the open-end fund segment, Poste Italiane's market share exceeded 1% in 2022.
In the assets under administration segment, Poste Italiane has a market share of 35% in 2022.
Poste Italiane operates in the insurance business through Poste Vita, a leading life insurance company in Italy. Poste Vita additionally offers investment and savings products, promoted through the Group’s distribution platform.
Through Poste Assicura, a subsidiary of Poste Vita, Poste Italiane offers several products in the casualty insurance space.
Recently Poste Italiane launched initiatives aimed at meeting the new needs expressed by customers in the areas of protection, welfare and healthcare by offering increasingly modular health and prevention products.
MARKET CONTEXT & POSTE ITALIANE POSITIONING
Poste Vita leads the Italian life insurance market by size and prestige. It is the number two insurance group in the overall market (life and casualty insurance) in Italy.
In Italy, total life premiums decreased by -14.5% to €105bn in 2022 with Class III (-31% YoY)
In this context, life premiums for Poste Italiane grew -2,2% YoY , posting a market share of 16,4%.
Total direct Italian premiums in the Italian P&C insurance market grew 6% to €42bn in 2022. Within this segments, Poste Italiane ranks in the top 15 insurance companies in Italy with total premiums posting a growth of 33% in 2021.
Poste Italiane played a pioneering role in the electronic money market in Italy. Postepay was launched in 2003 and by the end of 2017 had 17.7 million users, becoming the prepaid card of choice for Italians today. Postepay Evolution, the personal prepaid and reloadable card with an IBAN now stands at 9.5 million cards now in use. Long at the forefront of the digital payments sector, the Postepay App unlocks access to numerous features, including real-time fund transfers and a new payment method for online purchases. In particular, thanks to Postepay Connect, the offer that combines the card Postepay Evolution and the PosteMobile SIM, all customers can therefore manage payment and telephone services quickly and intuitively thanks to the App.
Poste Italiane operates also in fixed line & mobile phone service businesses through Payments and Mobile division and it has recently entered in the energy market. The fourth quarter of 2022 saw the launch of the PosteCasa Ultraveloce Start product, which can be subscribed to at post offices and
provides only the fibre data connection.
MARKET CONTEXT & POSTE ITALIANE POSITIONING
Poste Italiane goal is to consolidate leadership in the payment system market by steering the shift from traditional payment methods (such as postal payment slips) to next-generation digital options, in particular the development of PostePay.
The Italian digital payments market is historically less evolved than that of other European countries (in Italy the number of digital transactions per capita is well below the European average). With the pandemic crisis, new payment habits have been consolidated and this trend seems to be reversing.
Total transacted value in 2022 exceeded 360bn€ (+15% vs 2021). Debit cards are the most used (59% total transactions), while prepaid cards are the favorite in e-commerce payments.
In this context, Poste Italiane recorded +17% YoY growth in 2022 thanks to prepaid cards (+17% YoY) and from debit cards (+17% YoY).
Overall, at the end of 2022, Poste Italiane's market share in the Italian cards market is 19.6% (65% in the prepaid card market).
