Euler Hermes does not foresee any significant improvements in the level of results before 2010. The first half of 2009 saw the group’s turnover increase by 1.1% in comparison to the first half of 2008. The technical result represents a loss of EUR 59.5 million, compared to a profit of EUR 114.2 million in 2008.
Coface: The aggravation of the economic crisis affected the net profit of Coface, because the claims rate increased. However, the turnover increased by 5.8% in credit insurance. Coface is expecting an improvement in claims the second half year, but remains ready to react to the risk of a new fall in the worldwide growth, which could have a strong impact on the solidity of companies.
QBE: Revenues from ordinary activities are up 22% (19% after tax). The return on average shareholders’ funds was 19%, compared to 19.9% for the same period last year. The additional incurred claims on trade credit and related policies were reported at AUD 145 million. Gross written premium was up 22%, partly assisted by exchange rate fluctuations with the USD.