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Credit Insurance

Euler Hermes 2016 nine-month results: decisive step towards business transformation

By CreditMan Wednesday, November 9, 2016

  • Revenues at €1,930 million, stable at constant exchange rates and constant scope.
  • Net combined ratio at 79.7%.
  • Operating income at €292 million including €37 million restructuring costs.
  • Net income at €226 million, at last year level.

“In a continued global economic context of volatility and low growth, we have succeeded in maintaining a net combined ratio below 80% despite premium pressure in our large European markets,” said Wilfried Verstraete, chairman of the Euler Hermes board of management.

“This stable performance is, in large part, a result of our sound underwriting practices, but also our commitment to developing new products and services in order to adapt to changing client needs. A first partnership in the digital arena was recently announced, and our clients will also see the fruits of our Accelerate business transformation program, designed to deliver outstanding customer service.”