Atradius Announces Strong Revenue and Profit Growth in 2015
- Total revenues rose 5.6% to EUR 1,717.8 million; strong growth worldwide
- Service & other revenue rose 6.9% to EUR 180.8 million; service result up 93.4%
- Net insurance result improved 8.0% in 2015 to EUR 217.7 million
- Net profit grew 10.6% to EUR 178.2 million
- Gross combined ratio stands at 80.6%*
- Shareholders' equity rose 7.7% to EUR 1,500 million
Total revenues rose 5.6% to EUR 1,717.8 million. Earned premium again improved at a good pace growing 5.4% to EUR 1,537.0 million. Atradius achieved solid growth in all regions, except the Nordic region, which was impacted by energy prices and reduced demand for exports. Overall, insurance revenues in Europe grew 3.4%. Insurance revenues in Atradius' two largest markets, Spain and Germany, grew 2.5% and 3.2% respectively. Excluding these two markets, Atradius insurance revenues grew 6.6%.
The claims ratio ended at a solid 43.5% and the gross insurance result of EUR 320.6 million in 2015 compared to EUR 357.5 million in 2014. The net insurance result rose 8.0% to EUR 217.7 million in 2015, up from EUR 201.6 million in 2014.
**Non insurance results **
The service result, grew 93.4% increasing to EUR 8.0 million in 2015 from EUR 4.1 million in 2014. Net investment result was lower at EUR 36.0 million compared to EUR 37.8 million in 2014.
Business conditions in 2016 are expected to remain challenging. In emerging economies economic growth is expected to remain under pressure led by the slowing Chinese economy and low commodity prices. In Europe, the slow Eurozone recovery is expected to persist. The solid improvement in the US and the UK should continue. Atradius plans on continuing to pursue new and innovative ways of improving its offering from a product and service perspective and optimising its corporate structure to improve efficiency.
*The combined ratio is calculated using the general insurance standard; the sum of claims and expenses divided by insurance revenue