The net result of Euler Hermes up 12%
Euler Hermes announced Thursday an increase of over 12% of its net income, thus resisting a challenging economic environment in Europe.
In a statement, the global credit insurance shows an operating profit of 471.7 million euros (consensus Thomson Reuters I / B / E / S 466 500 000 ), a net profit of 330.3 million (332.5 million consensus) based on a turnover of 2,274.9 million.
The group, a subsidiary of German group Allianz, and proposes a dividend of 4.40 euros per share, up 10% over last year (EUR 4.34 consensus).
The net combined ratio of Euler Hermes – which measures the profitability of business written in claims costs related to premiums received – is content to 70.0% (against 68.7% in 2010), which corresponds to its target.
Regarding 2012, Euler Hermes estimates that "the world economy is on the ropes".
"The issue of sovereign debt, particularly in the eurozone, the reduction in public spending, weak growth and rising unemployment will affect consumption and investment, both public private, "the group.
Euler Hermes, which anticipates an economic slowdown and said it had prepared for alternative scenarios, however, provides that an application for credit insurance is high and expected to increase March-May% of its premiums in 2012.