Access America 2005 Annual Report Download

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Annual Report 2005
MONDIAL ASSISTANCE GROUP
37, rue Taitbout - 75009 Paris France
Tel +33 1 53 25 53 25 - Fax +33 1 53 25 54 04
www.mondial-assistance.com

Table of contents

  • Page 1
    Annual Report 2005 MONDIAL ASSISTANCE GROUP 37, rue Taitbout - 75009 Paris France Tel +33 1 53 25 53 25 - Fax +33 1 53 25 54 04 www.mondial-assistance.com

  • Page 2
    ...1.2 billion euros, +11% Worldwide leader in assistance services and travel insurance net profit of 47.8 million euros, +107% Annual Report 2005 Contents Editorial ...2 Worldwide Market leader ...4 International presence...8 Region by region ...10 Group structure ...16 Review of operations...18...

  • Page 3
    ...health In 2005, Mondial Assistance Group posted a 47.8 million Euros net profit after taxes, for a 107% increase compared to 2004. On average, since 2000, our Group has achieved a compound annual growth rate in net profit of 22.5% . The successful medium-term effects of the cost containment policy...

  • Page 4
    ... innovative and tailor-made solutions all over the world... 44.6 45.6 600 30 24.2 400 200 20 10 2003 2004 2005 2003 2004 2005 Mondial Assistance Group is the worldwide leader in assistance services and travel insurance. Through its international infrastructure, the Group not only provides...

  • Page 5
    ... as to local market specifications, Mondial Assistance Group continually develops diverse and innovative assistance, travel insurance and service solutions for all kinds of situations, anywhere, anytime. The recent, successful launch of domestic health care services, which make everyday life easier...

  • Page 6
    ...Lebanon Norway Poland Portugal Russia Slovak Republic Slovenia Spain Sweden Switzerland The Netherlands Turkey Ukraine United Kingdom Uzbekistan Countries with Group offices Countries with a commercial Group activity ASIA China Japan Singapore Thailand THE AMERICAS Argentina Brazil Canada Chile...

  • Page 7
    ... throughout 2005 with consistent strong growth in e-commerce, travel insurance and student healthcare services. Sales in automobile related services also grew encouragingly, boosting Mondial Assistance Group's reputation in Australia as a leading provider of top quality customer service solutions...

  • Page 8
    services, and multiple large world-wide accounts reinforced the Healthcare activity. World Access completed implementation of a new client relationship management software, and now has one of the most integrated CRM and claims management systems in the Group. This state-of-the-art, web-based ...

  • Page 9
    ...in the insurance sector in 2005. The Group's Portuguese unit capitalised on this trend and successfully launched a new claims management service called ASA. New contracts boost sales in Spain In 2005, the Spanish entity launched a proximity health service developed through a franchise called Mondial...

  • Page 10
    ... January 1st, 2006 Alain Demissy, until December 31st, 2005 Jonathan Ansell Karl-Heinz Jung Didier Lebret Ida Luka-Lognoné Vice-Presidents: Members: Members: Share capital: CHF 40,000,000 Year of legal foundation: 1999 *Renamed to Mondial Assistance AG by the shareholders since December 16th...

  • Page 11
    ...year 2005 Annual closing December 31st, 2005 Consolidated accounts All our lines of business posted growth: +11 % in vehicle assistance, +9 % in travel insurance sales and +30 % in healthcare services. "" Turnover (Premium and Service Revenue) prescription of e-commerce products in North America...

  • Page 12
    ... Statement of Mondial Assistance Group for the Financial Year 2005 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 administration expenses...

  • Page 13
    Cash Flow Statement of Mondial Assistance Group for the Financial Year 2005 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 Change in deferred acquisition costs Change in deposits held by others...

  • Page 14
    ... of all assets and liabilities at the time of acquisition. Goodwill is recognised as an asset in the balance sheet and is not amortised. The Mondial Assistance Group periodically evaluates the recoverability of Goodwill and takes into account events or circumstances that warrant revised estimates of...

  • Page 15
    ...costs Under Mondial Assistance Group accounting policies acquisition costs are capitalised and amortised over the term of policy. Income statement Turnover Turnover includes insurance premiums and service revenue. Premiums earned Premiums written for travel insurance are reported proportionately as...

  • Page 16
    ... France Secours International Assistance S.A., Bagnolet Purpose: Services FS2A S.A., Paris Purpose: Insurance Mondial Assistance France S.A., Paris Purpose: Services Fragonard Assurance S.A., Paris Purpose: Insurance Mondial Assistance S.A.S, Paris Purpose: Holding SACNAS International S.A., Paris...

  • Page 17
    ... 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., Richmond Purpose: Assistance and insurance agency Luxembourg SACNAS Re, Luxembourg...

  • Page 18
    ..., cash ï¬,ow statement and notes) of Elmonda (Mondial Assistance Group) for the year ended December 31st, 2005. These consolidated financial statements are the responsibility of the board of directors. Our responsibility is to express an opinion on these consolidated financial statements based on...

  • Page 19
    ... 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. Loans to associated companies 4. Accounts receivable and payable with associated companies Other accounts receivable Other...

  • Page 20
    ..., Corbis, D.R. Mondial Assistance Group would like to thank all its staff for the kind contribution to this annual report. Key Figures Return on equity Return on earned premiums and service income (before taxes) Combined ratio 2) Growth earned premiums and service income 2005 16.8% 6.6% 96...