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Annual Report 2006

Table of contents

  • Page 1
    Annual Report 2006

  • Page 2
    ... Group Auditors 40 Financial Statements of MA AG 41 Income Statement of MA AG 42 Notes to the financial statements of MA AG 43 Report of the Auditors of Mondial Assistance AG 44 Business years 2005-2006 Mondial Assistance would like to thank all its staff for their kind contribution to this annual...

  • Page 3
    ... + 17% Worldwide leader in assistance, travel insurance and lifecare services, Mondial Assistance counts 8,550 staff members who speak over 40 languages. They work in 26 countries on 5 continents throughout the world in collaboration with a network of 400,000 service providers and 180 correspondents...

  • Page 4
    ... policy allowed the Group to strengthen its position around the world and confirm its worldwide leadership in an increasingly competitive global market. Mondial Assistance maintained organic growth within its 4 business lines. In the travel business, the e-commerce distribution channel experienced...

  • Page 5
    ...their network and connections, and the care with which they deliver top quality services. The Mondial Assistance brand conveys these values, which are shared simultane- ously by staff, clients, service providers and shareholders, and applied coherently throughout the world and in all Group entities...

  • Page 6
    ... assistance, travel insurance and customer services. Mondial Assistance acquired World Access in the United States in April 2000 and Worldcare in Australia a year later. It is now present on all five continents. The Customer was, is and remains at the heart of the Group's business. In 2006, Mondial...

  • Page 7
    .... Active 24 hours a day, this reach empowers clients and customers because no matter where they are, Mondial Assistance is at their side to provide them with quality service solutions. It also empowers employees and the Group's worldwide network providers who know they are supported by this global...

  • Page 8
    ... of Business Lines of Business Mondial Assistance offers an extended range of travel insurance and assistance services. The two historic lines of business combined, travel insurance and automobile assistance, represent nearly 90% of global sales. Healthcare and Lifecare services, the third line of...

  • Page 9
    Travel 24/7, 365 days per year. 250 million beneficiaries i.e. 4% of world population. Automotive 10.5 million cases: +8% 1 intervention every 3 seconds 2,800 people assisted every hour in the world Healthcare and Lifecare 58 million calls handled Over 1,000 hospitals and 140 airports evaluated ...

  • Page 10
    ... 2006, online travel agencies, low cost carriers, airlines, railways and hotels represented our major new partners. ZOOM E-commerce leadership Group strengths and value innovations for our partners and customers have helped reinforce Mondial Assistance's leadership position in Travel insurance and...

  • Page 11
    ..., â- Schengen zone solutions, â- Globe-trotter solutions. Medical excellence In 2006, Mondial Assistance carried out more than 400,000 medical assistance and repatriation interventions. The Group ensures 24/7, multi-lingual assistance by specialists with confirmed medical and travel knowledge...

  • Page 12
    ..., car sales stagnated. Insurance companies focus increasingly on their customers and include more and more assistance services in their insurance offers. ZOOM The network Two years ago, Mondial Assistance Portugal launched an innovative new service for accident management. It allows claims to be...

  • Page 13
    ..., claims management, complaint management, loyalty programs, prevention. â- Technical Excellence State of the art services, including the latest high-tech solutions (SMS, GPS, Satellite, extranets) are crucial for enhancing the Group's offer with added value. Moreover, one of Mondial Assistance...

  • Page 14
    ... also increases and account for the highest costs within national Healthcare services systems. Moreover, urbanisation is spreading and economic trends are fluctuating, generating greater demand for more innovative services. 7% In % of Mondial Assistance's turnover in 2006 + 13.8% in turnover...

  • Page 15
    ...Mondial Assistance Offer â- Expatriation: semi-permanent or long term medical assistance and travel insurance for employees of international companies or students is often required as a condition for obtaining a visa. â- Dependency Programs: short-term and longterm services... Annual Report 2006 13

  • Page 16
    ... to offer solutions that are designed to help its corporate clients and their customers face any situation, anytime, anywhere. 5% In % of Mondial Assistance's turnover in 2006 cases in 2006 4 million 2006 initiatives For the past several years, Mondial Assistance has developed new services that...

  • Page 17
    Four lines of business to support Mondial Assistance's clients all over the word Travel Automotive Healthcare and Lifecare Property and others Annual Report 2006 15

  • Page 18
    International presence International presence In 2006, Mondial Assistance continued to accelerate its profitable growth, reflecting the quality of its strategy based on the development of new strategic geographical markets and innovation. All business units contributed to achieving excellent global...

  • Page 19
    ...ambulance companies Americas 180 correspondents (doctors, assistance companies, travel agents, tour operators, security companies, shipping and logistics companies, platforms), covering 170 countries Americas 214 Mâ,¬ Europe, Middle East & Africa 15.7% Asia Pacific 120 Mâ,¬ 8.8% 2006 turnover...

  • Page 20
    ... of the largest of the Group companies - a significant achievement given the company's size when it was acquired in 2001. E-commerce sales of travel insurance solutions and student healthcare services continue to drive growth. The Group increasingly provides foreign students to Australia with health...

  • Page 21
    ... from business in the Americas represents 15.7% of the Group's total sales. In 2006, e-commerce continued to boom in the USA and Canada, thereby reinforcing their travel insurance market share. The Brazilian business units strengthened their roadside assistance position thanks to continued...

  • Page 22
    ... business units + 6.5% demonstrated excellent dynamism by diversifying their products, in turnover and moving to lifecare services, healthcare assistance solutions and specialty insurance products. Austria & SEE experience growth on several fronts 2006 was a very successful year for the Group in...

  • Page 23
    ... in roadside assistance solutions and the signing of new contracts with two major automobile manufacturers helped compensate for the reduction in travel insurance. The introduction of the excellent customer centric IT system improved the speedy integration with partners. Annual Report 2006 21

  • Page 24
    ... as on-line travel providers through e-travel insurance. By creating an innovative services portfolio, particularly in rental vehicles, the automobile assistance team successfully acquired new contracts. Healthcare assistance solutions continued to develop via two distinct networks: the associated...

  • Page 25
    ..., the company reinforced its top position in roadside assistance with car manufacturers and importers. Thanks to this positive growth, the stable claims ratio and tight cost management, the Swiss business unit reported high profitability. In 2006 its core insurance and accounting systems were...

  • Page 26
    ... for travel insurance and an enhanced prescription of e-commerce products in North America, Australia and Europe. The third line of business and services, further expanded with a turnover increase of 14% during the year 2006. Healthcare and lifecare currently represents 7% of the overall Group sales...

  • Page 27
    ... Group structure Several changes in Group structure took place during the year. 2006 saw the completion or initiation of several mergers. Details of these operations can be found in the chapter "Notes to the consolidated financial statements", starting on page 26 of this report. Annual Report 2006...

  • Page 28
    ... statements of Mondial Assistance Group Consolidated Income Statement of Mondial Assistance Group for the Financial Year 2006 in thousand EUR INSURANCE AND ASSISTANCE BUSINESS Total turnover (premiums and service revenue) Written premiums Unearned premium reserve change Earned premiums Claims paid...

  • Page 29
    ... similar income Interest and similar expenses Interest and similar result Financial result Other income / expenses Result before tax Taxes Result after tax Minority interest in the results Group result * refer to Notes for details 2006 For own account 12 910 (1 205) 11 705 3 452 (1 711) 1 741 581...

  • Page 30
    ... companies - current accounts Other accounts receivable Accounts receivable Deferred acquisition costs Cash and cash equivalents Reinsurance deposits Other deposits Other assets Accrued interest Other (prepayments and accrued income) Accruals & prepayments Deferred taxes - assets Total assets 2006...

  • Page 31
    ...financial year Shareholders' equity Minority interest in shareholders' equity Unearned premium reserves and deferred service income Claim reserves...companies - current accounts Other liabilities Deferred income Other liabilities Deferred taxes - liabilities Total liabilities 2006...Annual Report 2006 29

  • Page 32
    Financial results Cash Flow Statement of Mondial Assistance Group for the Financial Year 2006 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 ...

  • Page 33
    ...the annual accounts of Mondial Assistance AG and subsidiaries, which are prepared in accordance with the accounting and valuation principles of the Mondial Assistance Group. Consolidated subsidiaries are listed further in the notes to the consolidated financial statements. The holding company SACNAS...

  • Page 34
    ... account grouping. Loans The account liabilities to banks cash advance & short term deposits (6.9 million euros) is grouped newly in loans instead of other liabilities. Deferred income The account provision for deferred service income (19.0 million euros) is reclassified to unearned premium reserves...

  • Page 35
    ... 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 36
    ... business, liabilities with associated companies (current accounts), deferred income and other liabilities. Income statement Turnover Turnover includes insurance premiums and service revenue. Premiums earned Premiums written for travel insurance are reported proportionately as income over the...

  • Page 37
    ... equalisation reserves Claim equalisation reserves and catastrophe reserves are not allowed under Mondial Assistance Group accounting policies because they do not represent a present obligation towards third parties. Claims reserves Under Mondial Assistance Group accounting policies, claims reserves...

  • Page 38
    ... Purpose: Services FS2A S.A., Paris Purpose: Insurance Mondial Assistance France S.A., Paris Purpose: Services and broker Mondial Assistance France S.A.S., Paris Purpose: Services and broker Fragonard Assurance S.A., Paris Purpose: Insurance Mondial Assistance S.A.S, Paris Purpose: Holding SACNAS...

  • Page 39
    ...Munich Purpose: Service Great Britain MONDIAL Assistance United Kingdom Ltd, Croydon Surrey Purpose: Assistance and services World Access Europe Ltd, London Purpose: Assistance and services Greece POLY - Assistance & Services A.E., Athens Purpose: Assistance and services Hungary ELVIA Assistance Kft...

  • Page 40
    ... broker USA Travel Care Inc., Richmond 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 SOUTH AMERICA...

  • Page 41
    ... General Meeting of Mondial Assistance AG, Wallisellen As group auditors, we have audited the consolidated financial statements rendered on pages 26 - 38 (income statement, balance sheet, cash flow statement and notes) of Mondial Assistance AG for the year ended December 31, 2006. These consolidated...

  • Page 42
    Financial results Financial statements of Mondial Assistance AG Balance Sheet of Mondial Assistance AG of December 31st, 2006 Assets in thousand CHF Fixed assets Other intangible assets Participations Loans Total fixed assets Current assets Cash and cash equivalents Receivables Accrued income ...

  • Page 43
    ... Income Statement of Mondial Assistance AG for the financial year 2006 in thousand CHF Financial Income General expenses Profit for the financial year before taxes Taxes Profit for the financial year 2006 29 535 (5 395) 24 140 0 24 140 2005 45 968 (3 528) 42 440 1 42 441 Annual Report 2006 41

  • Page 44
    ... 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 liabilities 5. Mondial Assistance AG belongs to the Allianz Suisse Insurance value added tax group and is...

  • Page 45
    ... As statutory auditors, we have audited the accounting records and the financial statements rendered on pages 40 - 42 (income statement, balance sheet and notes) of Mondial Assistance AG for the year ended December 31, 2006. These financial statements are the responsibility of the board of...

  • Page 46
    ... results Business years 2005 - 2006 Mondial Assistance Group Income Statement in million EUR Total turnover (premiums and service revenue) Net earned premiums and service income Claims Costs Operating result Investment result Financial result and other income / expenses Result before tax Taxes...

  • Page 47
    ... worldwide Zone Country Brazil Canada USA Australia Business Unit Mondial Assistance Brazil World Access Canada World Access Service Corporation Mondial Assistance Australia Mondial Assistance (Beijing) Services Co., Ltd. Address Al. Santos, 745 - 2° andar - cj. 22 01419-001 - São Paulo...

  • Page 48
    Mondial Assistance SAS 37, rue Taitbout 75009 Paris, France Tél. : +33 1 53 25 53 25 Fax : +33 1 53 25 54 04 www.mondial-assistance.com Dxit Corporate Copywriting, Phénix Communication - Photo Credits: Allianz, Mondial Assistance, Getty, Jupiter, Photodisc, X.