Euler Hermes has just published the results in net increase for its first quarter 2011, as shown in net income, which jumped more than 58% to 75.3 million.
The credit insurer, an affiliate of Allianz, said the "significant rebound reflects primarily the combined ratio (75%).
For its part, the turnover follows a positive path, as amounted to 544.1 million euros over the period, up 7.6% in Q1 2010. All regions contributed to this improvement, especially Europe and North and South America.
Generally, "the first quarter of 2011 confirmed the continued recovery of the global economy in 2010 observed," the group notes in its statement.
Turning to the prospects of Euler Hermes, Wilfried Verstraete, the CEO said that "given the high rate of customer retention, greater than 90%, and prospects of higher revenues from insured, we are confident in our ability to generate steady growth in sales in 2011.
Moreover, even though "price competition remains fierce," Euler Hermes considers himself still able to generate higher premiums of 5-6% in 2011.
The credit insurer, an affiliate of Allianz, said the "significant rebound reflects primarily the combined ratio (75%).
For its part, the turnover follows a positive path, as amounted to 544.1 million euros over the period, up 7.6% in Q1 2010. All regions contributed to this improvement, especially Europe and North and South America.
Generally, "the first quarter of 2011 confirmed the continued recovery of the global economy in 2010 observed," the group notes in its statement.
Turning to the prospects of Euler Hermes, Wilfried Verstraete, the CEO said that "given the high rate of customer retention, greater than 90%, and prospects of higher revenues from insured, we are confident in our ability to generate steady growth in sales in 2011.
Moreover, even though "price competition remains fierce," Euler Hermes considers himself still able to generate higher premiums of 5-6% in 2011.
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