reference document 2003 - Euler Hermes Kreditversicherungs-AG

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Report of the Group Management Board Euler Hermes Kreditversicherung (Germany) Euler Hermes Kreditversicherungs-AG posted turnover of 702.1 million euros, corresponding to a 10.2% increase. This growth was achieved thanks to strong new production net of cancellations, rises in premium rates at the end of 2002 and in 2003, and an increase in revenues from service activities following their generalisation. The combined ratio net of reinsurance dropped sharply. In an environment marked by the rising number of company (In millions of euros) 32 failures, Euler Hermes Germany reduced the cost of claims thanks to the risk prevention measures implemented at the end of 2002, and to the drop in the number of large losses compared with previous years. International Euler Hermes Kreditversicherungs-AG operates in a number of countries outside Germany, notably in Eastern and Northern Europe, through its network of branches and subsidiaries. The Scandinavian subsidiary recorded an increase in turnover thanks to increases in premium rates and in revenues from services. The underwriting result turned positive thanks to the improved economic background and to targeted steps taken to terminate policies with the highest risk. The net contribution to Group earnings was negative, however, due to a sharp fall in financial income in 2003 as the result of the low interest rates. Euler Hermes Kreditversicherung (Germany) 2002 pf 2003 Contribution to turnover 630.7 694.7 Combined ratio net of reinsurance 119.3% 83.7% Contribution to consolidated net income 25.0 44.3 Euler Hermes Kredietverzekering (Netherlands) The contribution to Group turnover remained stable at 32.7 million euros. This stability was the result of two opposing (In millions of euros) trends: an increase in premiums and a decrease in service revenues. The combined ratio net of reinsurance deteriorated, in part because of the increase in company failures and in part as the result of exceptional provisions relating mainly to pension commitments. Euler Hermes Kredietverzekering’s financial results improved sharply in relation to 2002 thanks to capital gains on equities. Euler Hermes Kredietverzekering (Netherlands) 1999 2000 2001 2002 2003 Contribution to turnover 20.1 23.9 27.5 32.8 32.7 Combined ratio net of reinsurance 65.6% 58.1% 87.5% 83.9% 98.6% Contribution to consolidated net income 0.9 1.5 0.6 0.1 1.8
Euler Hermes SFAC (France) Against a background of quasi-recession, Euler Hermes SFAC’s contribution to Group turnover (360.5 million euros) was up by 1.1%. This increase was the result of growth in new business, premium rate rises imple- (In millions of euros) mented since end 2001, and increased service revenues. As in 2002, Euler Hermes SFAC’s contribution continued to be negatively affected by the fall in clients’ sales volumes, which are used as the basis for calculating premiums. Claims levels remained stable in relation to the previous year and there was a decrease in large losses. The cost structure remained unchanged. The decrease in the cost of claims explains the improvement in the combined ratio net or reinsurance. Euler Hermes SFAC (France) 1999 2000 2001 2002 2003 Contribution to turnover 342.4 352.1 353.2 356.5 360.5 Combined ratio net of reinsurance 62.4% 73.4% 86.6% 79.8% 60.4% Contribution to consolidated net income 59.5 73.8 82.2 68.9 82.0 Euler Hermes SIAC (Italy) The slowdown in clients’ sales had a very negative impact on premiums in 2003 and explains the totality of the decreases in turnover (195.7 million euros) and in earned premiums on direct business (160.0 million euros). Net new production was (In millions of euros) only slightly positive and revenues from credit insurance services activities were close to 2002 levels. The combined ratio net of reinsurance improved, despite the Parmalat loss and the cost of reorganising the company’s information gathering system, thanks to a significant drop in claims. This was the direct result of the risk selection measures implemented at the end of 2001 and of the policy of risk prevention in a difficult economic climate. Euler Hermes SIAC (Italy) 1999 2000 2001 2002 2003 Contribution to turnover 167.2 183.5 202.7 206.0 195.7 Combined ratio net of reinsurance 93.6% 83.6% 122.0% 95.1% 87.3% Contribution to consolidated net income 6.9 7.5 3.8 6.0 8.0 33
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