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Credit Insurance

Euler Hermes 2014 half year results: Euler Hermes holds its course

By CreditMan Thursday, July 31, 2014

  • Turnover €1,269 million: Up 2.2% for the first six months year-on-year at constant exchange rates (+1.3% at actual exchange rates)

    * Ordinary operating income €245 million: A 9% increase year-on-year

    * Net income €173 million: Up 19% excluding one-off realized gains in 2013

    “In a softening market, Euler Hermes posts strong profitability again this quarter, supported by a net combined ratio of 71.5% in the second quarter of 2014, down from 74.6% in the first quarter,” said Wilfried Verstraete, Chairman of the Euler Hermes Group Board of Management.

    “Because of still-high insolvency levels in most markets, we remained vigilant in underwriting our risks and hence reported fewer claims than in the first half of 2013. We continue to generate good commercial traction in non-mature markets, which grew by 12% at constant exchange rates year-on-year.”