Euler Hermes 1Q Net Profit Up 58%; Insured Turnover Outlook Positive
07 May 2011 - 2:19AM
Dow Jones News
French credit insurance company Euler Hermes SA (ELE.FR), part
of Germany's Allianz SE (ALV.XE) Friday said net profit rose 58% to
EUR75.3 million in the first quarter, confirming the ongoing global
economic recovery already observed in 2010.
MAIN FACTS:
- The strong net profit increase was mainly driven by an
improved combined ratio, which was 75% in the quarter.
- Revenue in the quarter totaled EUR544 million, up 7.6%
compared with the first quarter of 2010, helped by a strong
performance in Europe and the Americas.
- "The Group is confident that it will achieve continuous top
line recovery throughout 2011 as retention is strong at over 90%
and the outlook on insured turnover is positive", said Wilfried
Verstraete, chairman of the Euler Hermes Board of Management.
- Euler Hermes has taken the appropriate measures to contain the
risks arising from the recent developments in Japan, the Middle
East and North African countries. So far, there has been no
significant increase in claims notifications.
- By Paris Bureau, Dow Jones Newswires; +331-4017-1765;
elena.berton@dowjones.com