Hermes, the French fashion brand, early in order to create a well-known senior horses in Paris, France, and after the introduction of the bags, clothing, scarves, perfume, enamel, jewelry and household goods, make the brand more comprehensive diversity. hermes is also the ancient Greeks called Mercury.
Euler Hermes Euler Hermes helps companies manage their trade risks anywhere in the world. The world’s leading Belgium: France: a new product an Internet credit insurer with launched against partnership 36% market share, internal fraud to provide Illustration online credit Euler Hermes helps of the fruitful sharing insurance of best practices In partnership businesses of all sizes throughout the group, with societe.com, and in every industry sector Trust is a Euler Hermes’ policy that prevents SMEs are now able to insure an to secure and optimise Belgian companies individual transaction from internal or invoice online. their trade development. fraud risks. Euler Hermes’ primary mission is to protect companies against the risk Hig of customer insolvency both in their domestic and export markets. Euler Hermes strengthened its operations in Russia, Romania and in the Gulf region Euler Hermes continues Mexico: to develop its business in a partnership growth markets in response with HSBC to strong demand for credit An agreement insurance. In Russia, between HSBC Euler Hermes created and Euler Hermes a fully-fledged subsidiary enables the marketing and a branch office was – through the bank’s opened in Romania. In the 1,000 branches – Gulf region, Euler Hermes of the group’s products concluded a partnership to Mexican SMEs with Qatar Insurance little familiar with Company and its subsidiaries credit insurance. in Oman and Kuwait. 08 Colombia: a new Latin American subsidiary With its subsidiaries in Mexico, Brazil, Argentina and now Colombia, Euler Hermes is present in the four countries hlights that represent 85% of the Latin American economy. Euler Hermes SmartLink: an Signature of the first was named innovative solution contracts under “Best export credit for large companies the French top-up agency in 2008” SmartLink is an credit insurance The British magazine application designed scheme “Trade Finance” to provide more fluid The French top-up credit recognises for the information sharing and insurance scheme is fourth time Euler Hermes’ facilitate policy a government measure excellence management meant to give support in export credit, by interconnecting to businesses during export insurance, Euler Hermes’ the crisis by doubling project financing information systems the cover granted and structured with those of its clients. by credit insurers. financing. 1 Key Figures 2008 Consolidated turnover Consolidated shareholders’ equity In € million In € million Consolidated net income Workforce In € million At 31 December 2008 €2,166.5 97.2% 6,182 Million consolidated turnover Net combined ratio Employees worldwide 2 Corporate Governance (at 1st January 2009) Net combined ratio In % ■ Expense ratio Board of Management ■ Loss ratio Chairman Clemens von Weichs Wilfried Verstraete (as of 1st April 2009) Board members Gerd-Uwe Baden Nicolas Hein Michael Hörr Michel Mollard Management of the main entities Operating income In € million Belgium Jean Luc Louis ■ Operating income before net France investment income Michel Mollard ■ Net investment income Germany Gerd-Uwe Baden Italy Michele Pignotti Netherlands Gerard van Kaathoven Nordic countries Lars Gustafsson Poland Krzysztof Chechlacz United Kingdom Fabrice Desnos United States Paul Overeem Reinsurance Benoît des Cressonnières Euler Hermes World Agency Roland van Malderghem AA- €800 Standard & Poor’s rating billion of business (July 2008) transactions insured 3 Protecting As the global leader in credit insu- rance, Euler Hermes monitors the of trade receivables notably inter- national debt collection. companies’ financial situation of 40 million businesses across the world. By Euler Hermes also maintains an active bonding business by issuing business assessing the overall economic and more than 150,000 domestic and political risk, the group provides its international performance bonds development 57,000 clients with the necessary and guarantees a year. The group information for choosing sound is now the European leader in Businesses place their trust trading partners and efficiently bonding with more than €15 bil- managing debtor risk. In the event lion of commitments in more than in Euler Hermes of non-payment, Euler Hermes 130 countries. to facilitate and secure proceeds with collection of the In these three business lines, their trade flows trade receivable. If the receivable Euler Hermes has the necessary and manage remains unpaid due to the debtor’s financial strength to assist its debtor risk. insolvency, Euler Hermes indem- clients reinforced by its AA- rating nifies the policyholder. from Standard & Poor’s, as well as by being a company of Allianz. Additional services Debt collection services, included as part of the credit insurance con- tract or provided independently, have constituted a separate busi- ness line for the group since 2008. With 190,000 debt collections handled per year, Euler Hermes is a major player in the collection 150,000 190,000 bonds and guarantees debt collections issued in 2008. handled in 2008. 4 Ensuring Euler Hermes’ Risk Business Model is based on the idea of close proxi- is dedicated to rating each country while Euler Hermes’ sector analysts efficient receivables mity to the risk. It is used by all of its 1,000 credit analysts and risk examine trends in each industry sector. management with underwriters throughout the world. Analysis of individual reliable risks analysis A risk underwriting policy business risk adapted to global economic Euler Hermes constantly monitors Euler Hermes has developed conditions and the situations of 40 million busi- to local situations nesses worldwide. Each business unique know-how in Euler Hermes’ economists con- is assigned a grade that takes trade risk management stantly analyse the global econo- into account every factor of risk: thanks to a precise mic situation, fine-tuning on a daily country risk, sector risk and finan- and global Risk Business Model. basis their assessment of potential cial risks specific to the company. risks according to the economic The grades can be accessed in conditions and outlook of their real time by all Euler Hermes’ respective countries. This global analysts thanks to a shared infor- approach to risk means that mation system. This tool enables Euler Hermes can react instantly to Euler Hermes to help its clients any major economic ups or downs. to optimise their trade receiv- In recessionary conditions, the ables by adjusting their trade analysis of country risk takes on risk exposure. added importance. A committee 83% of credit limit requests 25% rise of the Global are processed Insolvency Index within 48 hours. in 2008. 5 Strengthening Euler Hermes has recorded robust growth throughout the world since continued to expand internation- ally, particularly in new growth its positions its creation in 2002 and now has operations in more than 50 coun- markets and also developed relat- ed activities, such as third-party to ensure tries. Growth in the coming years debt collection services. will depend on the quality of healthy growth services provided to clients who Improved operating are placed at the centre of an ever efficiency Euler Hermes’ goal is to be more efficient organisation. Euler Hermes has adopted a new operating model that enables the the most trusted global Strengthening its position group to adapt to market changes provider of trade receivables in credit insurance and optimise internal operations. management services. In order to strengthen its position The harmonisation of the IT envi- for clients of any size, Euler Hermes ronment at an international level is investing in its product and is an essential component of this service distribution channel: new model. Also, it improves Euler Hermes World Agency was human resources management created to provide a better service and facilitates the implementation to multinational groups while of best practices at all entities. The new partnerships were developed overall objective is to create an with banks to facilitate access to organisation capable of generat- credit insurance for SMEs. In 2008, ing sustainable growth through Euler Hermes signed a global constantly increasing client satis- cooperation agreement with HSBC. faction. At the same time, the group has 25,000 credit limit requests €800 billion of business received each day. transactions insured by Euler Hermes in 2008. 6 Helping Latin America After Argentina, Brazil and Mexico, Eastern Europe After Hungary, Poland and the to develop Euler Hermes added to its Latin American presence with a new Czech Republic, Euler Hermes set up a new branch in Bucharest in international subsidiary in Colombia. Romania. In Russia, the collabora- tion agreement entered into with trade Asia Rosno in 2004 was reinforced in Euler Hermes strengthened its 2008 with the creation of a joint Euler Hermes accompanies presence in China in 2007 by sign- subsidiary. ing a cooperation agreement with its clients’ business Bank of China Insurance. It has Middle East development abroad since opened new offices in Hong After opening an office in Dubai in and notably in emerging Kong and Shenzhen. Euler Hermes 2007 and concluding partnerships economies. Information Consulting Co. Ltd., in the United Arab Emirates, Saudi based in Shanghai, is responsible Arabia and Bahrain, Euler Hermes for risk assessment and underwrit- signed cooperation and reinsur- ing for China. ance agreements with Qatar Insurance Company and its sub- sidiaries in Oman and Kuwait. F o c u s More than a century in credit insurance at international level The Euler Hermes group emerged from a grouping of American (ACI, created in 1893), German (Hermes Kreditversicherung, 1917), British (Trade Indemnity, 1918), French (SFAC, 1927), Italian (SIAC, 1927), Belgian (COBAC, 1929) and Dutch (Royal Nederlandsche Kredietverzekering, 1989) companies. This international dimension has underpinned Euler Hermes’ development whose international expansion has accelerated in line with the pace of globalisation. 7 Better serving In turbulent markets, Euler Hermes’ clients rely on the group’s key clients’ needs and expectations. The prime indicators of client clients strengths: information, risk policy, satisfaction are loyalty and the commitment and efficiency. length of the relationship. 90% by anticipating of Euler Hermes’ clients are long- An organisation optimised standing clients: the length of this their needs for and with its clients relationship averages nine years, Today, the group’s efficiency is highlighting their loyalty to the Listening to designed for and with its clients. group. and understanding clients Euler Hermes places them at the In France, a specific software ap- centre of its strategy, constantly plication handles client requests in order to offer them adapting its organisation, process- and measures how rapidly they a continually es and services. Euler Hermes has are dealt with and whether policy- enhanced expertise taken an essential initiative for holders’ deadlines are met. Other and customised solutions. change by revising its operating group entities have also introduced model to improve the efficiency specific programmes to ensure of its processes. Its new operating that the client is constantly at the model harmonises operating centre of their operations such methods for all entities by imple- as “Clienting” in Germany and menting shared tools and processes “Customer First” in the United States. resulting from best practices developed at local levels. Distribution channels adapted to each client Measuring segment’s needs client satisfaction Clients’ needs and habits differ Client satisfaction is a key indica- according to their size, country tor for guiding Euler Hermes’ of origin and other criteria. Small strategy and constantly ensuring and Medium Enterprises (SME) that its organisation, products and in particular are often attached services are in correlation with to a given distribution channel: 8 brokers, agents, banks, etc. For this reason, in addition to its own sales networks, the group has developed 9 years is the average length numerous partnerships at local of our client’s relationships levels with independent brokers, with us, highlighting retail banking networks and insur- their loyalty to the group. ance companies. Examples include HSBC in Mexico, Rabobank in the Netherlands and Gruppo BPER and Unicredit Corporate Banking in Italy. 57,000 clients worldwide. In France, Euler Hermes’ partner- ship with web company societe.com enables businesses of any size to insure a receivable via the Internet. A specific offer for multinational groups Euler Hermes World Agency pro- vides multinational groups with a single point of contact to facilitate the centralised management of their trade receivables worldwide while drawing on Euler Hermes’ local expertise and operations. Four products are designed specifically for them: credit insurance, protec- tion against volatility and loss of sales, risk sharing and reinsurance and assignment of receivables. 9 Developing talent Euler Hermes has built its reputa- tion and position as global leader es with services adapted to their needs. to encourage on the professionalism of its 6,200 Launched in 2008, the Diversity employees who share the same project is based on essential performance values, methods and tools. concepts, such as gender balance and equal treatment. Diversity Euler Hermes’ human A global training policy Awareness Workshops have been It is essential to recruit the best talent organised to heighten managers’ resources policy is designed and integrate it into a strong corpo- awareness of these issues and help to develop talent rate culture to make sense as a them respond. and encourage group and to ensure quality of serv- cultural diversity. ice throughout the world. The group’s credit analysts attend sem- inars on the Risk Business Model to learn the same methods in order to guarantee consistency in the grad- ing of companies and facilitate mobility between entities. Other training is provided to respond to employees’ needs, such as the Management Development Seminar for high-potential staff. Encouraging diversity Euler Hermes’ success relies on the talent and cultural diversity of its staff. Euler Hermes’ recruitment and career management policies foster diversity to gain a better understanding of the mechanisms of world trade and provide business- 10 Contributing The group’s activities, by their nature, have very little impact on the environ- haviour of its employees, Euler Hermes has introduced a code of conduct to sustainable ment. The group’s commitment to sustainable development is more based on Allianz group principles. This code of conduct defines in detail Development particularly reflected in its relations the rules to be applied by employees with partners and clients. for conducting their business and complies with UN indications with Euler Hermes contributes Insuring credit: regard to blacklisted zones and to sustainable development a responsible act sectors. of the world economy Insurance plays a key role for business by helping its clients build development by reducing risk and Local actions to promote limiting the consequences of losses. social responsibility and secure their business. By helping its clients manage their In the United States, Euler Hermes ACI trade risk, consolidate their growth has implemented socially-responsible and thus ensure their lasting future, programmes such as patronage Euler Hermes contributes to the support for the Habitat for Humanity development of human activity in NGO and rewards employees that an economic environment where make efforts to use environmentally- globalisation has multiplied the risks. friendly equipment and products. In Italy, Euler Hermes SIAC has been Acting in the best interests of all working alongside Civita, an associa- In addition to the values that guide tion that protects, enhances and Euler Hermes’ strategy and the be- promotes Italy’s cultural heritage. F o c u s Five Leadership Values Euler Hermes’ leadership values involve group employees in coherent and efficient actions that win clients’ trust: • align strategy and communication; • develop employees; • promote a high performance culture; • build on mutual trust and feedback. • focus on clients; 11 Worldwide offices Holding company: Euler Hermes SA – 1, rue Euler – 75008 Paris – France Tel.: +33(0)1 40 70 50 50 – Fax: +33(0)1 40 70 50 17 – www.eulerhermes.com Argentina Czech Republic Hong Kong Japan Euler Hermes Argentina S.A. Euler Hermes Čescob, Euler Hermes Credit Euler Hermes San Martín 550 úvěrová pojišťovna, a.s. Underwriters (HK) Ltd Kreditversicherungs-AG C1004AAL Buenos Aires Molákova 576/11 Suites 403-11, 4/F Japan Branch Office Tel.: +54 11 4320 7177 186 00 Prague 8 Cityplaza 4 Kyobashi Nisshoku Bldg. 7F Tel.: +420 266 109 511 12 Taikoo Wan Road 8-7 Kyobashi, 1-chome Australia Island East Chuo-Ku Euler Hermes Trade Credit Denmark Hong Kong Tokyo 104-0031 Underwriting Agents Pty Ltd. Euler Hermes Tel.: +852 2867 0061 Tel.: +81 3 3538 5403 Level 9, Forecourt Building Kreditforsikring Norden AB 2 Market Street Amerika Plads 19 Hungary Latvia Sydney, NSW 2000 2100 Copenhagen E Euler Hermes Euler Hermes Tel.: +61 2 8258 5108 Tel.: +45 88 33 3388 Magyar Hitelbiztosító Zrt. Kreditversicherungs-AG Kiscelli u. 104 Latvijas Filiale Austria Estonia 1037 Budapest Cesu iela 31/8 Prisma Kreditversicherungs-AG Euler Hermes Tel.: +36 1 453 9000 LV-1012 Riga Himmelpfortgasse 29 Kreditversicherungs-AG Tel.: +371 67 895 677 1010 Vienna Eesti Filiaal India Tel.: + 43 5 01 02-0 Prita tee 20, T-building Euler Hermes Services Lithuania 10127 Tallinn India Pvt. Ltd. Euler Hermes Bahrain Tel.: +372 602 8100 4th Floor, Voltas House Kreditversicherungs-AG See United Arab Emirates 23, J N Heredia Marg Lietuvos Filialas Finland Ballard Estate Konstitucijos ave 7 Belgium Euler Hermes Luottovakuutus Mumbai 400 001 20th Floor Euler Hermes Credit Itälahdenkatu 18 A Tel.: +91 22 6623 2525 09308 Vilnius Insurance Belgium S.A. (NV) 00210 Helsinki Tel.: +370 5 211 3366 Rue Montoyer, 15 Tel.: +358 10 850 8500 Indonesia 1000 Brussels PT Asuransi Allianz Utama Malaysia Tel.: +32 2 289 3111 France Indonesia See Singapore Euler Hermes SFAC Summitmas II.Building, 9th Brazil 1, rue Euler floor Mexico Euler Hermes Seguros 75008 Paris Jl. Jenderal Sudirman Kav 61-62 Euler Hermes Seguro de Crédito S.A. Tel.: +33 1 4070 5050 Jakarta 12190 de Crédito S.A. Alameda Santos, 2335 - cjs Tel. +62 21 252 2470 ext.6100 Blvd. Manuel Avila Camacho 51/52 Euler Hermes World Agency #164, 8° piso Cerqueira César 8, rue Euler Ireland Col. Lomas de Barrilaco 01419-002 75008 Paris Euler Hermes Ireland Deleg. Miguel Hidalgo São Paulo Tel.: +33 1 40 70 50 83 The Arch Mexico DF CP 11010 Tel.: +55 11 3065 2260 Blackrock Business Park Tel.: +52 55 5201 7900 Germany Carysfort Avenue Canada Euler Hermes Blackrock Morocco Euler Hermes Canada Kreditversicherungs-AG Co. Dublin Euler Hermes Acmar CIBC Tower Friedensallee 254 Tel.: +353 1 200 0400 37, bd Abdelattif Ben 1155 Rene-Levesque West 22763 Hamburg Kaddour Blvd., Suite 1702 327 Tel.: +49 40 8834 0 Israel 20100 Casablanca Montreal Quebec H3B ICIC Tel.: +212 5 22 79 03 30 Tel.: +1 514 876 9656 Federal Export Credit 2, Shenkar street Guarantees 68010 Tel Aviv The Netherlands China Friedensallee 254 Tel.: + 97 23 796 2444 Euler Hermes Euler Hermes Information 22763 Hamburg Kredietverzekering NV Consulting (Shanghai) Co., Tel.: +49 40 8834 9192 Italy NV Interpolis Ltd. in Shanghai, PRC Euler Hermes SIAC S.p.A. Kredietverzekeringen Unit F, 8th Floor, Mirae Asset Greece Via Raffaello Matarazzo, 19 Pettelaarpark 20 Tower Euler Hermes Emporiki SA 00139 Rome 5216 PD ’s-Hertogenbosch 166 Lujiazui Ring Road 109-111 Messogion Ave. Tel.: +39 06 8700 1 Tel.: +31 73 688 9999 Pudong Politia Business Center Shanghai 200120 Bldg. B Kuwait Euler Hermes Interborg NV Tel.: +81 21 5012 2220 115 26 Athens See United Arab Emirates Atlas Office Center Tel.: +30 210 69 00 000 Hoogoorddreef 5 Colombia Postbus 12473 Euler Hermes Colombia 1100 AL Amsterdam Z.O. Carrera 13A No. 29-24 Tel.: +31 20 6 96 39 41 Torre Colseguros Piso 8 ala Sur Bogota Tel.: +57 1 560 0600 12 New Zealand Russia Sweden United Arab Emirates Euler Hermes Trade Credit Euler Hermes Credit Euler Hermes Kreditförsäkring Euler Hermes Limited Management OOO Norden AB c/o Alliance Insurance (PSC) Level 1, 152 Fanshawe Street Krymskiy Val, 3/2 Klara Norra Kyrkogata 29 Warba Center 4th Floor Auckland 1010 Moscow, 119049 P.O. Box 729 Office 405 Tel.: +649 354 2990 Tel.: +7 495 649 80 08 10134 Stockholm PO Box 183957 Tel.: +46 8 555 136 00 Dubai Norway Saudi Arabia Tel.: +971 4 266 3083 Euler Hermes See United Arab Emirates Switzerland Kredittforsikring Norden AB Euler Hermes United Kingdom Holbergsgate 21 Singapore Kreditversicherungs-AG Euler Hermes UK plc P.O. Box 6875 Euler Hermes Euler Hermes Reinsurance 1 Canada Square St. Olavs Plass Kreditversicherungs-AG Tödistrasse 65 London E14 5DX 0130 Oslo Singapore Branch Office 8002 Zürich Tel.: +44 20 7512 9333 Tel.: +4723256000 3 Temasek Avenue Tel.: +41 44 283 65 65 # 03-02 Centennial Tower (Kreditversicherung) Euler Hermes Guarantee plc Oman Singapore 039190 Tel.: +41 44 283 65 85 Surety House See United Arab Emirates Tel.: +65 6297 8802 (Reinsurance) Lyons Crescent Tonbridge Philippines Slovakia Taiwan Kent TN9 1EN See Singapore Euler Hermes Servis, s.r.o. See Hong Kong Tel.: +4417 327703 11 Plynárenská 1 Poland 82109 Bratislava Thailand United States Euler Hermes Towarzystwo Tel.: +421 2 582 80 911 Allianz C.P. General Insurance Euler Hermes ACI Ubezpieczen S.A. Co., Ltd. 800 Red Brook Boulevard ul. Domaniewska 50 B South Korea 323 United Center Building Owings Mills, MD 21117 02-672 Warsaw Euler Hermes 30th Floor Tel.: +1 410 753 0753 Tel.: +48 22 363 6363 Credit Underwriters (HK) Ltd. Silom Road Korea Liaison Office Bangrak, Bangkok 10500 Vietnam Portugal Rm 1411, 14/F, Sayong Tel. +66 2638 9000 See Singapore COSEC - Companhia de Seguro Platinum Bldg. www.allianzcp.com de Créditos, S.A. 156, Cheokseon-dong, Av. da Republica, nº 58 Chongro-ku Turkey 1069-057 Lisbon Seoul 110-052 Euler Hermes Tel.: +351 21 791 3700 Tel.: +82 2 733 8813 Risk Yönetimi ve Danismanlik Hizmetleri Limited Sirketi Qatar Spain Iz Plaza Giz, Ayazaga Yolu See United Arab Emirates Euler Hermes Crédito, No:4 Kat:14 Maslak Sucursal en España de Euler 34398 Istanbul Romania Hermes SFAC, S.A. Tel.: +90 212 290 7610 Euler Hermes Servicii Paseo de la Castellana, 95 Financiare S.R.L. Planta 14 Str. Petru Maior Nr.6 Edificio Torre Europa Sector 1 28046 Madrid 011264 Bucharest Tel.: +34 91 417 77 67 Tel. : +40 21 302 0300 Publisher: Euler Hermes Group Communication Design and production: 8851 – advertising campaign design (cover, back): Harrison & Wolf Photography: Xavier Fouquet, Allianz, Euler Hermes. This report has been printed on PEFC certified paper made from trees grown in sustainably managed forests. Euler Hermes 1, rue Euler – 75008 Paris – France Tel. : + 33 (0)1 40 70 50 50 Fax : + 33 (0)1 40 70 50 17 www.eulerhermes.com
Pages to are hidden for
"Euler Hermes"Please download to view full document