Leading credit insurer Euler Hermes has indicated that it might exceed full year expectations following an increase of over 7% in consolidated turnover for the first nine months of its financial year.
The Allianz subsidiary, which specializes in bonding and guarantees, said turnover for the first three quarters of 2005 came in at E1,450.7 million, up 7.3% at constant consolidation and exchange rates compared to the first three quarters of 2004.
In the eurozone, Euler Hermes posted a turnover increase of E43.6 million in the first three quarters of 2005, up 4.2% despite a difficult macroeconomic environment for the German, Italian and French economies.
In the UK, the insurer’s activity was up 4% at constant exchange rates. US operations achieved an impressive 21.7% growth, while business from new markets amounted to E31.6 million, up 40.3% over the same period of 2004.
Due to the steady sustained turnover growth in the first three quarters, Euler Hermes has confidently predicted that it will exceed its commercial objectives for the full year 2005.