reference document 2003 - Euler Hermes Kreditversicherungs-AG
reference document 2003 - Euler Hermes Kreditversicherungs-AG
reference document 2003 - Euler Hermes Kreditversicherungs-AG
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001_003_Debut_GB 06/05/04 9:10 Page 2<br />
Key figures<br />
Consolidated turnover<br />
€1,864 M<br />
Net combined ratio<br />
78.0%<br />
6,071<br />
employees all over the world<br />
2<br />
CONSOLIDATED TURNOVER<br />
IN MILLIONS OF EUROS<br />
1,066 1,151 1,263 1,536 1,864<br />
968<br />
98<br />
1,029<br />
122<br />
1,131<br />
132<br />
1,420<br />
116<br />
1,770<br />
94<br />
1999 2000 2001 2002 <strong>2003</strong><br />
Factoring<br />
Credit insurance<br />
Turnover increased by 21.4% (1.9% pro-forma) although the global economic<br />
environment remained difficult. The growth in credit insurance<br />
turnover, up 3.2% pro-forma, was achieved thanks to new premiums<br />
and an increase in premium rates. Factoring turnover fell by 18.3%<br />
(at constant exchange rate), affected by the decline in business activity<br />
and company financing needs.<br />
CREDIT INSURANCE<br />
UNDERWRITING RESULT<br />
(AFTER EQUALISATION RESERVE AND ALLOCATED INVESTMENT INCOME)<br />
IN MILLIONS OF EUROS<br />
112.6 142.1 87.5 131.6 157.2 210.2<br />
56.7<br />
55.9<br />
68.4<br />
73.7<br />
70.4<br />
17.1<br />
52.3<br />
79.3<br />
68.4<br />
88.8<br />
43.8<br />
166.4<br />
1999 2000 2001 2002 2002 PF <strong>2003</strong><br />
Technical result before allocation of investment income<br />
Allocated investment income<br />
The underwriting result increased strongly thanks to a very significant<br />
drop in the loss ratio during the year <strong>2003</strong> resulting from the appropriate<br />
measures taken at the end of 2001 to cope with the economic downturn.<br />
Pro forma: including <strong>Hermes</strong> <strong>AG</strong> companies for the first half of 2002.
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