Business Report 2011 - Prisma Kreditversicherungs AG

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Introduction from the Board of Management Dear ladies and gentlemen, We are writing this foreword at the beginning of 2012, but you will only be reading it in April, May or possibly later. How are we supposed to write anything, and how can we be sure that it will still apply in such a rapidly changing economic environment? From time to time in 2011 we had the feeling that key figures in the global economy were like actors in some surreal play. Nobody could avoid being dragged into the performance, and PRISMA was no exception. This report aims to raise the curtain on the events that played out on our particular stage – complete with a happy ending! The photos at the beginning of this report are designed to give you an impression of the way we work behind the scenes: calmly, confidently, and affected as little as possible by the happenings on the global stage, as you would expect. Irrespective of the tumultuous events contained in the script, as directors, actors, and stagehands we are dedicated to underlining the quality of our performance. The core message of our report is that PRISMA had a very successful 2011. Turnover increased, we bolstered our position as the market leader, and the claims ratio was moderate. We are well placed to handle any difficulties that may lie ahead. So all in all, we are on a solid footing as we move into 2012 for the next act. We hope that the customer satisfaction survey is still fresh in your mind. Your comments have given us a jolt. And of course you are right to point out that personal contact is the most effective confidence-building tool available to us all and that it is the cornerstone of our partnership. We hope that the various events and meetings we held in the course of the past year satisfied your expectations. As in the theatre, animated discussions in the interval help us to digest what we have just experienced and to relax before we settle down to watch the action unfold again. And what can we – and you – expect in 2012? Not even the most seasoned professionals trust themselves to make any definite predictions in the current climate. We are no different. But we can assure you of one thing: we are well set to cope with a whole range of scenarios and are committed to putting in a first-rate performance whenever we are on stage. We would like to thank you, our audience, for watching and for your critical appreciation. And a special mention goes to the supporting cast at PRISMA for their highly professional work. Demand is always strong for top-quality theatre. So raise the curtain and let the show go on! Bettina Selden Ludwig Mertes Member of the Board of Management Member of the Board of Management 57
Management Report What a performance! The introduction to this annual report takes us into the world of the theatre – a fitting metaphor for the events we witnessed during 2011. However, as the foreword points out, we at PRISMA refused to be diverted by the drama of the debt crisis, the Italian comedy, and the ongoing Greek farce. We con- tinued to play our parts with the utmost professionalism and, where appropriate, in a distinctive style. Not all of last year’s events raised a smile. But looking back, we can say with a clear conscience that the overall impression we made was a convincing one. We encourage you to cast a critical eye over this review – the figures speak for themselves. In the first half of the year it was fairly plain sailing, but from the autumn onwards, it was widely felt that the rules of the game no longer applied. Since then, all economic actors have sensed that there is something in the air – something we can’t quite put our finger on, but which is causing ever more uncertainty. The prevailing climate has a strange feel to it, even though on the surface everything seems to be in perfect order. Business as usual, you may ask? We think not, but finding the facts to back up our view is proving difficult. We are cautiously optimistic about the prospects for 2012 and hope we are not deluding ourselves. But even if that is the case, we are well placed to handle any challenges that may come our way. And if we are not in a position to say that, who is? At the end of 2011, we wanted to find out how Austrian companies view the current situation and the risks they face in receivables management. Together with our sister company OeKB Versicherung AG and market research institute Gallup, we commissioned a representative survey of non-credit insured suppliers. The results provided plenty of food for thought. Two thirds of the chief financial officers surveyed said they expected both the economic climate to deteriorate and growth to slow. Some 15 percent mentioned that some clients were already in arrears, and 35 percent anticipated a rise in defaults due to customers filing for bankruptcy. However, we are still finding that prospective clients are very reluctant to take out credit insurance. In this regard, two thoughts spring to mind. First, no insurer will be willing to increase its exposure to risks that have become highly toxic or are threatening to do so. But that could soon increasingly be the case with respect to defaults. Secondly, we are appealing to clients to take a prudent approach by safeguarding receivables before problems arise. The figures for compensating for bad debts paint their own clear and impressive picture. 58
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Business Report 2011 - Prisma Kreditversicherungs AG

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