Access America 2004 Annual Report Download

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ANNUAL REPORT
2004
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Table of contents

  • Page 1
    -3: 00 -12 :00 ANNUAL REPORT 2004 +8:00 +10:00 :00 +6

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    Wo r l d w i d e l e a d e r in assistance ser vices and travel insurance ANNUAL REPORT 2004 Mondial Assistance Group would like to thank all its staff for their kind participation in the illustrations in this annual report

  • Page 4
    ... 23.1 million euros, +48% Contents Editorial ...4 Worldwide Market leader ...6 International presence ...10 Region by region ...12 Group structure ...17 Review of operations ...18 Financial statements ...20 Notes to the consolidated financial statements ...23 Report of the statutory auditors ...32...

  • Page 5
    Knowledge management : a core principle of Mondial Assistance Group The availability, transfer and sharing of knowledge through our people, supported by state-of-the-art IT solutions is a core priority of our Group. How could we help customers in distress if we did not possess and could not share ...

  • Page 6
    ... of excellent performance In 2004, Mondial Assistance Group, world leader in travel insurance and assistance services, registered very strong growth due to its policy of balanced risks applied both internationally and across all business lines. Our innovative and diversified service offer allowed us...

  • Page 7
    ...with current demographic changes and more globally with increasing healthcare needs, Mondial Assistance Group intends to become a major player in this... the world, our human-friendly and dynamic Group will remain dedicated to its clients, partners and shareholders by offering excellent services, and...

  • Page 8
    ...Mondial Assistance Group is the worldwide leader in assistance services and travel insurance. Through its international infrastructure, the Group not only provides its corporate clients around the world with efficient, tailor-made and innovative solutions, but it also offers seamless, personal, real...

  • Page 9
    ... operating locally, thereby providing interactive, flexible, safe and quality services in any circumstance, in real time. They also enable the Group to offer a wide range of state-ofthe-art travel insurance, assistance and service solutions thereby responding to the changing and specific needs of...

  • Page 10
    ... the Group 30 years ago are enjoying the long-term benefits of this commitment. Assistance, travel insurance and service solutions are recognised as an integral part of our clients' individual businesses. Solutions are tailor-made, designed with the client's corporate culture in mind, created and...

  • Page 11
    A worldwide network: 33 operation centres in 28 countries 7,600 dedicated employees 400,000 service providers speaking over 40 languages delivering intervention every seconds 1 3 24 hours a day, 365 days a year 9

  • Page 12
    International presence THE AMERICAS Argentina Brazil Canada Chile United States AFRICA Morocco Reunion Island Countries with a Group subsidiary Countries with a commercial Group activity 10

  • Page 13
    EUROPE Austria Belgium Czech Republic France Germany Greece Ireland Italy Poland Portugal Russia Slovak Republic Spain Switzerland The Netherlands Turkey United Kingdom Baltic countries Bulgaria Croatia Denmark Finland Hungary Lebanon Norway Slovenia Sweden Ukraine Uzbekistan ASIA China Japan ...

  • Page 14
    ... roadside assistance ser vices. A small operation, Singapore serves the Japanese and Malaysian businesses, as well as regional and exclusively local accounts. Market boom in Australia Our Australian business enjoyed consistent growth throughout 2004. Travel insurance and student healthcare services...

  • Page 15
    ...increased development of its healthcare services offer. World Access Canada was able to venture into a new distribution channel, and integrate its travel insurance products directly to insurance brokers and their customers through an easy-to-use online portal. NORTH AMERICA E-technology key growth...

  • Page 16
    ..., it achieved a good performance in assistance services. For the first time it also offered its clients the possibility to declare their claims online. The Netherlands, however, still suffered from a sluggish economic situation. Although this affected travel insurance sales, it did not stop our...

  • Page 17
    ... property assistance. Enhanced healthcare services and e-commerce bolster sales in Italy Our Italian business unit posted very strong turnover growth and exceeded its sales objectives, mainly due to on-line travel insurance products. It expanded its healthcare offer by launching tele-assistance and...

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    Group structure 16

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    Group structure Holding ELMONDA Supervisory Board Chairman: Delegate Vice-President: Members: Detlev Bremkamp François Thomazeau Thomas Pleines K. Walter Gutberlet Executive Committee of the Group President: Members: Alain Demissy Ida Luka-Lognoné Didier Lebret Jonathan Ansell Karl-Heinz Jung ...

  • Page 20
    ... of Operations Review of Operations for the year 2004 Annual Closing December 31st, 2004: consolidated accounts Turnover (Premium and Service Revenue) Mondial Assistance Group's strong growth in turnover of 10.5% (turnover written gross, both insurance premiums and service fees) to 1,099.7 million...

  • Page 21
    ... of new companies, mergers among Group companies or holdings, the sale or closing of companies - have taken place or been initiated in 2004. Details of the operations can be found in ...by more favorable conditions for the two main lines of business, travel insurance and automobile assistance. " 19

  • Page 22
    ...Mondial Assistance Group for the Financial Year 2004 in thousand EUR INSURANCE AND ASSISTANCE BUSINESS Total Turnover (Premiums and Service revenue) Written premiums Unearned premium reserve change Earned premiums Claims paid current year Transferred claims... 297 2003 For own account 974 161 798 859 ...

  • Page 23
    ...of Mondial Assistance Group on December 31st, 2004 ...equity Unearned premium reserves Claim reserves Other technical ...accounts Other liabilities Deferred income and deferred service income Other liabilities Deferred taxes - liabilities Total liabilities Total shareholders' equity and liabilities 2004...

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    ...Mondial Assistance Group for the Financial Year 2004 in thousand EUR Net result of the period Change in unearned premiums reserve Change in claims and claim handling costs Change in other technical reserves...securities available for sale* Change in real estate Change in other investments Change in ...

  • Page 25
    ... France. Elucydée S.A., France, was sold on June 30th, 2004. Elvia Travel Insurance International N.V., Netherlands, incorporated a new branch in the United Kingdom. On Mauritius Island, the operation of Mascareignes Services Assistance has been closed down and is in liquidation. In Argentina, the...

  • Page 26
    ... and income are translated at the annual average rate in all financial statements of subsidiaries not reporting in euros. Any translation differences,... Software, with a maximum of 5 years. The Mondial Assistance Group periodically evaluates the recoverability of Goodwill and takes into account events...

  • Page 27
    ... funds are stated at their face value, with holdings of foreign notes and coins valued at year-end... of assets All assets are reviewed regularly to ensure that no...accounted for in the income statement in the period they arise. Cash and cash equivalents This item includes balances with banks payable...

  • Page 28
    ... associated companies (current accounts), deferred income, deferred service income and other liabilities. These are reported at fair value. Claim equalisation reserves Claim equalisation reserves and major risk reserves are not allowed under Mondial Assistance Group accounting policy because they...

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    ...principles) Market value (as per current year valuation principles) Revaluation reserve 2004 2003 452 391 460 931 8 540 387 504 393 270...2004 intangible assets tangible assets 32 575 (1 140) 31 435 11 769 357 (2 086) (9 482) 31 993 41 678 (221) 41 457 22 878 (772) (15 850) (9 652) 38 061 real estate...

  • Page 31
    ... S.A., Paris Purpose: Insurance Mondial Assistance S.A.S, Paris Purpose: Holding SACNAS International S.A., Paris Purpose: Holding SACNAS Développement S.A., Paris Purpose: Holding SAGE S.A., Chatillon Purpose: Services Société Européenne de Protection et de Services d'Assistance à Domicile...

  • Page 32
    ..., Munich Purpose: Services Mondial Assistance Holding Deutschland, Munich Purpose: Holding Mondial Service Deutschland GmbH, Wiesbaden Purpose: Assistance and services Great Britain Mondial Assistance United Kingdom Ltd, Croydon Surrey Purpose: Assistance and services World Access Europe Ltd, London...

  • Page 33
    ... World Access Insurance Broker Ltd, Waterloo Purpose: Insurance broker USA Travel Care Inc., Miami Beach Purpose: Assistance and travel agency World Access Inc., Richmond Purpose: Holding World Access Healthcare Services Inc., Richmond Purpose: Assistance and services World Access Service Corp...

  • Page 34
    ... of the Statutory Auditors to the General Meeting Elmonda (Mondial Assistance Group) Zurich - Consolidated Financial Statements 2004 Report of the Statutory Auditors to the General Meeting of Elmonda (Mondial Assistance Group), Zurich As Group auditors, we have audited the consolidated financial...

  • Page 35
    ... Other liabilities Total liabilities Shareholders' equity Share capital Additional paid-in capital Legal reserve Retained earnings Net profit for the financial year Total shareholders' equity Total liabilities and shareholders' equity 2004 2003 398 511 5 972 404 483 398 511 5 997 404 508 700 14...

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    ... Share capital Purpose: Insurance and assistance Share Mondial Assistance S.A.S, Paris Share capital in thousand EUR Purpose: Holding Share 2. Long-term liabilities over 3 years 3. Accounts receivable and payable with associated companies Other accounts receivable Other liabilities 2004 2003 25 000...

  • Page 37
    ...Financial Statements 2004 Report of the Statutory Auditors to the General Meeting of Elmonda, Zurich As statutory auditors, we have audited the accounting records ... audit provides a reasonable basis for our opinion. In our opinion, the accounting records and financial statements and the proposed ...

  • Page 38
    ... premiums and service income Claims Costs Operating result Financial result (1) Reallocation of technical interest Other income/expenses and depreciation on intangible assets Result before Tax Taxes Result after Tax Minority interest in the results Group result Mondial Assistance Group 2004 1 099...

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    Concept : Luderic Marketing Relationnel - Texts : So British - Photos : Mondial Assistance Group image bank - Graphic Obsession

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    +1:00 +7:00 -9:00 +2:00 www.mondial-assistance-group.com 3 7 r u e Ta i t b o u t 7 5 0 0 9 P a r i s F r a n c e Te l . +33 (0)1 53 25 53 25 - F a x +33 (0)1 53 25 54 33