EULER HERMES wins 330 million in 2011, up 12.2%

EULER HERMES concluded the year with a net profit of 330.3 million euros, representing growth of 12.2% over the previous year. The group will propose to the Shareholders Meeting the payment of a dividend of 4.40 euros per share, up 10% compared to 2010.

The turnover reached 2.275 million, an increase in the year of 5.9%. Of this amount, premiums rose 6.8%, boosted by a good level of retention of commercial loans, a new dynamic production and revenue growth of policyholders. The group stresses that its net combined ratio remains low at 70% for the full year, which is reflected in a strong operating profit of 471.7 million ordinary at the same level as in 2010.


“Despite the difficult time, we have fulfilled our commitments and achieved very good results again,” said Wilfried Verstraete, Chairman of the group. “Our strategy has been correct. By putting our customers at the center of our development and offering the best coverage possible, our turnover has reached record levels in 2011. Also, after ‘One Euler Hermes’ Excellence project and legal restructuring in Europe has led to the merger of thirteen entities, our group reorganized and restructured, is still stronger now to face the economic challenges that lie ahead , and will continue to accompany their clients, assuring careful and close management of their risks, “he adds.

PROSPECTS FOR THIS YEAR

EULER HERMES anticipates an economic slowdown in 2012, so it expects the demand for credit insurance is strong, leading to an increase in their premiums in the year of between 3% and 5%.

“We believe that the macroeconomic environment is unstable, which could lead to an increase in insolvencies in most European markets. However, we have taken in recent years to revise the tariff policy and management tools, and to reorganize. These measures should help mitigate the effects of the economic slowdown coming back and make a solid financial result in 2012, “details the insurance group.

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