AMSTERDAM, March 11, 2015 /PRNewswire/ --
Significant improvement in revenue growth and claims
- Written premium rose 6.5% to EUR 1,497.6 million, increasing in Western Europe and showing good growth in developing markets
- Insurance revenue rose 3.3% to EUR 1,573.4 million
- Gross insurance result (before reinsurance) improved 27.1% in 2014 to EUR 357.5 million
- Net profit: EUR 161.2 million, up 19.8%, with a major contribution from its Spanish operations
- Combined ratio: 77.3%, improvement of 4.2 percentage points
- Shareholders' equity: EUR 1,393 million, up 8.25%
Isidoro Unda, CEO of Atradius commented, "Sustainable performance is essential to our success and to the success of our customers. In 2014 we focused on developing and introducing new tools to ensure our customers receive the best possible service and risk management support. We are providing customers with more information and in many cases expanded coverage. This has resulted in another year leading the market with high customer satisfaction and retention."
Written premium stood out growing 6.5% to EUR 1,497.6 million, increasing in Western Europe and showing good growth in new markets. Insurance revenue grew at a solid pace increasing 3.3% to EUR 1,573.4 million. Special products and Reinsurance revenues also showed improvement. Atradius continued to expand its underwriting capacity and presence with new offices in Russia, Thailand and Indonesia.
The gross insurance result improved 27.1% in 2014 to EUR 357.5 million and, the net insurance result rose 41.0% to EUR 201.6 million. Atradius' gross combined ratio improved from 81.5% to 77.3% largely reflecting significant improvement in claims in its Spanish operations.
Non insurance results
The service result, with EUR 4.1 million, contributed less than in 2013 due to the benign claims environment. Net investment result improved 7.9% to EUR 37.8 million in 2014.
In 2015, Atradius plans on reaching out to businesses in new ways by introducing best practices experienced across the organisation in additional markets. Improved online access is planned for SME businesses to ease the account opening and management processes.
Isidoro Unda summarizes, "Our customers are our highest priority. We strive to provide them the best possible service to help them manage their receivables and expand their businesses. This means providing valuable information, efficient tools, local support in their international markets and most of all the cover that reduces their exposure to payment failures of their customers. Despite some modest improvement in insolvencies, the business environment in 2015 is looking as risky as it has over the last two years. The weakening Asian economy, uncertainty around Greece, some big international business failures and the depreciation of the Euro are creating new challenges for businesses across the globe."
Atradius provides trade credit insurance, surety and collections services worldwide through a strategic presence in 50 countries. Atradius has access to credit information on 200 million companies worldwide. Its credit insurance, bonding and collections products help protect companies throughout the world from payment risks associated with selling products and services on trade credit. Atradius forms part of Grupo Catalana Occidente (GCO.MC), one of the leading insurers in Spain and worldwide in credit insurance.
SOURCE Atradius N.V.