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Standard & Poor’s confirms Euler Hermes’ AA- rating (26/08/2008)
In a report published at the end of July on its website*, Standard & Poor’s rating services affirms its AA- rating with a stable outlook on Euler Hermes group reflecting its very strong position, earnings and financial flexibility.
In their outlook for 2008, Standard & Poor’s states:
“The stable outlook reflects Standard & Poor's Ratings Services' expectation that Euler Hermes will maintain very strong earnings through the cycle. The current economic slowdown and the strong reduction in the group's positive runoffs should, however, negatively affect Euler Hermes' earnings in 2008. We therefore expect Euler Hermes' combined ratio to deteriorate to about 85% in 2008, compared with 70% in 2007. The group's ROE should also decline to substantially below its 15% ROE target, as realized gains will fall in 2008. Looking forward, Euler Hermes' strong underwriting skills and management actions in the portfolio, including rate increases and limit cuts, should start to bear fruit and mitigate the negative impact on earnings."
(excerpt)
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Latest financial press releases
First semester 2008: Euler Hermes turnover grows by 5.5% and net result progresses to € 122.3 million end June 2008 compared to € 231.2 million end June 2007
On 28 July 2008 the Management Board presented to the Supervisory Board the consolidated results for the first half 2008. The results have been reviewed by the auditors and the Audit Committee.(Paris, 28/07/2008)
“The second quarter 2008 confirms the slowdown of global economic growth which started at the end of 2007, impacting Euler Hermes’ activities and leading to an increase of the claims ratio. The claims ratio of the second quarter 2008 stands at 64.6% compared to 62.9% for the previous quarter. This is in line with the outlook given by Euler Hermes. At the same time, the combined ratio improved from 83.1% in the first quarter of 2008 to 81.9% in the second quarter of 2008, thanks to strict cost controls”, states Clemens von Weichs, Chairman of the Euler Hermes Board of Management.
“Furthermore, from a commercial perspective, the turnover in the first half of 2008 grew by 5.5% at constant exchange rates, in line with the turnover growth of the first quarter of 2008 (5.4%).”
(excerpt)
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