In 2010, the asset manager, one of Italy's largest, posted an adjusted net profit of 224 million euros ($316.2 million), up 3 percent from a year earlier, and beating the average market forecast of 201 million, according to Thomson.

The reported net profit for 2010 of 247 million euros included a capital gain of 22.9 million euros on the sale of Lehman Brothers financial instruments, which were written down in 2008.

Mediolanum shares were down 1.41 percent at 3.63 euros, coming off Monday's two-week high.

One analyst, who already has an "outperform" on the stock, said the results were solid apart from a wider loss from 2009 at its German subsidiary.