AMSTERDAM, March 8, 2016 /PRNewswire/ --
- 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.
Grupo Catalana Occidente (GCO), as parent company of Atradius, has formally submitted the partial internal model for credit and surety line of business for approval to the College of Supervisors. Under both the Solvency II standard formula and the internal capital model, subject to regulatory approval, Atradius' regulated entities are well capitalised.
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.
Isidoro Unda, Chief Executive Officer of Atradius summarises, "Our customers are our priority. We are committed to delivering them high quality service and supporting their trade by helping protect their receivables against payment defaults. Every day, we want to make a difference in their businesses. This means providing valuable information, efficient tools, local tailor-made support in their international markets and cover that reduces their exposure to payment failures of their buyers. However we always want to become better and will continue to try and improve in 2016 and the years to come."
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.
* The combined ratio is calculated using the general insurance standard; the sum of claims and expenses divided by insurance revenue
For further information
SOURCE Atradius N.V.