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Euler Hermes shows steady growth in credit revenues


PARIS—Global credit insurance group Euler Hermes has published third quarter revenue figures that show steady growth throughout its core European markets and very strong growth in the United States and developing markets.

Overall the group, which is part of AGF the French arm of Germany's Allianz S.E., reported a consolidated turnover of €1.5 billion ($1.9 billion) for the first three quarters of this year, up 4.9% on the same period last year.

In its core Euro zone, turnover is up 3% thanks to the strong business increase in France (9.8%), Italy (7.6 %), Benelux (4.1%) and in the Nordic countries (4.9%).

German revenues were, however, down 1.8% compared to the first nine months of 2005. The company said that this drop in revenues is mainly because of inwards reinsurance.

U.K. revenues were down 2.8% on the same period last year because of "strong" pressure on rates following a period of very low claims. But this was an improvement on last year's fall in revenue of 6.6%.

U.S. turnover was up 10.8% compared to the first three quarters of 2005.

In the new markets of Eastern Europe, Southern Europe, Latin America and Asia turnover growth was up 34% to reach €37 million.

As of 30 September, the net combined ratio for the group stands at 69.8%. It consequently confirms its forecast for a net combined ratio for the year between 70 and 72%.