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Annual report 2007

Table of contents

  • Page 1
    Annual report 2007

  • Page 2
    "Each of the 9,356 talented employees at Mondial Assistance embodies the group's mission: providing help, anytime and anywhere, to make life safer, simpler and more financially secure." Mondial Assistance Worldwide leader in assistance services and travel insurance

  • Page 3
    ...Travel 08 - Automotive 10 - Healthcare & Lifecare services 12 - Property and others 13 - International presence 16 - Asia-Pacific 18 - Americas 20 - Europe, Middle East and Africa 25 - Financial results 26 - Review of Operations 28 - Financial Statements of MA Group 30 - Consolidated Balance Sheet...

  • Page 4
    ... the new Group worldwide as a leader in 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. In 2006, Mondial Assistance launched a new brand identity and values worldwide, a long-term...

  • Page 5
    ...Motor Industry Approved Training Centre of the Year Award 2007 New subsidiaries created around the world French entities merge into one: Mondial Assistance France New subsidiaries open their doors in India and Mexico A successful acquisition: Swiss-based Medi24 Marco Polo 160 airports evaluated as...

  • Page 6
    ... assistance and travel insurance, registered another year of sustainable growth with a two digit increase in its 2007 turnover which totalled 1.523 billion euros, and reported a net profit of 52.5 million euros. Mondial Assistance AG Supervisory Board Chairman: Jean Philippe Thierry Vice-President...

  • Page 7
    .... It also clearly confirms Mondial Assistance's investment strategy in BRIC countries (Brazil, Russia, India and China). The Group also opened a new business unit in Mexico, and launched its first roadside assistance operations in November 2007, thereby reinforcing Group presence and development in...

  • Page 8
    ... 2006 2007 9,356 8,550 Total Staff (number of people) 55.9 2005 2006 2007 8,100 52.5 Net Profit (in million euros) 47.8 CAGR* +4.8% 2005 2006 2007 Staff per Zone 13% 24% 63% 95.8 95.6 Combined Ratio (in points) 95.2 Asia Pacific Americas EMEA 2005 2006 2007 *Compound Annual Growth...

  • Page 9
    ... grounded due to heavy fog and our customer was very disappointed because he could not attend this prestigious tennis tournament. He called our concierge platform to inform us of the situation. His "cancellation solution"included with his ticket purchase guaranteed full reimbursement. I told him we...

  • Page 10
    Employment Assistance Mondial Assistance helps unemployed, discouraged manager get back on track My name is Marie, I specialise in helping senior managers reposition themselves in the job market and I was proud to help a top executive who had lost his job in the industrial sector. He had read ...

  • Page 11
    ... range of travel insurance and assistance services. Travel insurance and automobile assistance, the two historic lines of business represent the majority (87%) of global sales. Healthcare and Lifecare services, created in 2004 have grown by almost 20% in 2007 and account for 8% of Group revenue. The...

  • Page 12
    ..., including travel agents, brokers, tour operators and on-line travel specialists, Mondial Assistance continues to design increasingly innovative and customised solutions for the travel industry. Some but not all of these specialised solutions include insurance and protection against lost or stolen...

  • Page 13
    ... insurance and assistance should a problem occur. Mondial Assistance, world leader in travel insurance and assistance solutions, understands this. It has the infrastructure, products, strength and expertise to provide solutions tailored to companies needs to keep their people safe and protected...

  • Page 14
    ... and insurers. Insurance companies throughout all regions have strengthened their focus on providing their customers with a greater range of assistance services. Talented people: The Automobile Technician The automobile technician is a very specialised profession at Mondial Assistance. These...

  • Page 15
    ..., customer surveys, claims management, complaint management, loyalty programs, prevention. The Integrated Customer Contact Management (ICCM) The Mondial Assistance Group offers its automotive manufacturer partners a new customer loyalty service called « Integrated Customer Contact Management...

  • Page 16
    ..., while Healthcare Assistance offers more specialised, health-related services based upon the provision of information, comfort, support and coordination. 2007 results reflect dynamic growth of a healthy sector Healthcare and Lifecare Services represent 8% of the Group's turnover in 2007. Ageing...

  • Page 17
    ...Medical Opinion, etc. Lifecare offer • Daily life services: supporting people in their everyday tasks (baby sitting, cleaning, gardening etc.). • Employment Assistance: helping people to find their 1st job, or to find a new one. Mondial Assistance offers professional support with job and career...

  • Page 18
    ... credit cards, cell phones and even brown & white products. The Mondial Assistance offer Mondial Assistance offers its corporate clients and their customers a wide range of property assistance and other product solutions. These include home repair, telesecurity, property assistance, CRM services for...

  • Page 19
    ... homes. Many panicked people called the property assistance platform, requesting home repairs, or simply needing a place to sleep. We contacted our network of local service providers. Roofers and cleaners were the most urgent, so we pooled our resources and dispatched them to different villages...

  • Page 20
    Healthcare Assistance Australian surfing accident causes studentʼs mum to panic the details of the policy and then reassured her on the high quality standards of the Australian health care system. I immediately arranged a guarantee with the hospital to cover the charges and provided the mother ...

  • Page 21
    ... Indian and Mexican business units. Extensions of new international contracts in the auto and travel lines of business show the importance of collaboration between Group entities. Many innovative product developments were another contributor to overall Group results. Americas EMEA Asia Pacific 16...

  • Page 22
    ...Reunion Island Russia Slovak Rep. Spain Switzerland The Netherlands Turkey UK Bosnia/Herzegovina Bulgaria Romania Serbia/Montenegro Croatia Slovenia Baltic Countries Denmark Finland Lebanon Norway Sweden Ukraine Uzbekistan Moldova Morocco Countries with Group offices (Business units and commercial...

  • Page 23
    ... highly qualified service and assistance providers and 180 correspondents worldwide. From transport technicians to medical experts, home repairmen to legal advisors, employment and retirement counsellors to social service workers, our network of specialists assists you and your customers, any time...

  • Page 24
    ... for travel insurance more than threefold in 2007, and forecasts continued strong growth in 2008. Arrival in India Mondial Assistance started operations in India on November 1st with the launch of roadside assistance services for a leading international auto manufacturer. The Group's entry into...

  • Page 25
    ... the Group's e-commerce travel insurance capabilities throughout the region. With a number of ...unit also rationalised some unprofitable activities in 2007. ZOOM Mondial Assistance opens Indian office On November 1st Mondial Assistance announced the opening of its Indian office. Mondial Services...

  • Page 26
    ...well. A new business unit, Mexico, was set up, illustrating the growth potential in this zone. +15.1% in turnover Brazil: e-commerce reshapes the travel insurance business Mondial Assistance, a pioneer in on-line travel insurance in Brazil, registered exceptional growth in 2007, especially in this...

  • Page 27
    ... health services markets. It also became the American market leader in event ticket insurance with a partnership that will bring new opportunities for Mondial Assistance companies around the world. The American business introduced a number of leadingedge technologies, including a patented, real...

  • Page 28
    ... insurance brokers and greatly contributed to the increase in profitable turnover (+10%). The Czech & Slovak Republics celebrate business unit's 10th anniversary The business unit in Prague successfully launched a new Mondial Assistance Travel Insurance Branch, thereby completing the standard Group...

  • Page 29
    ...important partners. Mondial Assistance also developed a new accident support and claims management product for insurance companies, notably for motor vehicle insurance. In 2007 the business unit celebrated its 10th anniversary, which was marked by a transition to the Mondial Assistance brand. France...

  • Page 30
    ... and 2-digit growth in 2007. The year was marked by several important business developments and innovations provided by the team of talented people. Mondial Assistance Portugal signed a partnership agreement to provide healthcare services to a major international health group. The travel business...

  • Page 31
    ... insurance solutions continue to drive growth. Customer acquisition was extremely successful reaching all airline targets, as well as the main on-line travel providers, thereby reinforcing the business unit's leadership on the web. The roadside assistance activity developed an automatic service...

  • Page 32
    ...for the Group's business unit in Switzerland, with revenue posting a remarkable 39.7% growth. In June Mondial Assistance Switzerland acquired Medvantis AG, which is the country's leading medical call centre. It provides services to health insurers and doctors, and employs 85 people. This acquisition...

  • Page 33
    ... GMS SOS device alerts Mondial Assistance to customerʼs health danger My name is Paul, I work on the French platform. One morning, a customer had to make an emergency stop on the side of the road. He was doubled over the wheel in excruciating pain. Luckily his vehicle was ...

  • Page 34
    Travel Assistance Mondial Assistance intervenes after bus accident My name is Ines, I work on the Belgian platform. One day, at 5h30 a.m., we received a call for a serious bus accident in Germany involving 42 passengers. We worked with our German colleagues and immediately dispatched a medical ...

  • Page 35
    ... +11.5% growth In 2007, Mondial Assistance reached a double digit growth with a 11.5% increase in turnover to 1 ,523 million euros through the twelve month period. Service revenue contributed to this increase with a 14.5% growth, whereas insurance premiums grew by 10.6%. 25 Financial results

  • Page 36
    ... and healthcare & lifecare services, participated in generating this growth. The first line of business, travel insurance, saw its sales increased by +12.2% in 2007 compared to 2006 and therefore maintains an overall 48.9% share of the Group's total turnover. The Group is present worldwide with...

  • Page 37
    ..., this generated claims with a longer run-off period and higher average costs than assistance activities. Compared to 2006, Mondial Assistance Group's reported global commission ratio (gross of reinsurance) modestly increased in 2007 by +0.3 points to 20.7% (both for insurance and service activities...

  • Page 38
    F i n a n c i a l r e s u l t s Financial statements of Mondial Assistance Group Consolidated Income Statement of Mondial Assistance Group for the Financial Year 2007 in thousand EUR 2007 Gross 2007 Ceded 2007 For own account 1 510 686 1 141 593 (33 704) 1 107 889 (406 566) (113 586) (129 453)...

  • Page 39
    Financial statements in thousand EUR 2007 For own count 14 223 (737) 13 486 2 999 (1 802) 1 197 76 (851) (775) 13 908 23 875 (23 761) 114 20 363 (859) 19 504 19 618 (2 873) 95 238 (40 801) 54 437 (1 937) 52 500 2006 For own account 12 910 (1 205) 11 705 3 452...

  • Page 40
    ... bank deposits Loans Mortgages, long term deposits and loans Investments Accounts receivable - direct business Accounts receivable - indirect business Accounts receivable from associated companies - current accounts Other accounts receivable Accounts receivable Deferred acquisition costs Cash and...

  • Page 41
    ... Retained earnings brought forward Net profit for the financial year Shareholdersʼ equity Minority interest in shareholdersʼ equity Unearned premium reserves and deferred service income Claim reserves Other technical provisions Technical provisions Personnel provisions and similar liabilities...

  • Page 42
    ... t s Cash Flow Statement of Mondial Assistance Group for the Financial Year 2007 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...

  • Page 43
    ... integrated in the Mondial Assistance Group: Mondial Services (India) Private Limited (IN), Mondial Assistance France Services à la Personne (FR), Mondial Servicios S.A. de C.V. (MX) and Mondial Mexico S.A. de C.V. (MX), Mondial Assistance Russia (RU). In 2007, the following companies were acquired...

  • Page 44
    .... The Mondial Assistance Group periodically evaluates the recoverability of Goodwill and takes into account events or circumstances that indicate the existence of an impairment. Impairment testing for goodwill is carried out at least annually, at the end of the year and at each reporting date...

  • Page 45
    ... 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 46
    ... in accordance with the prudence principles. Premium receivables / claims payable Premium receivables from fronting transactions are shown net of claims payable. Acquisition costs Under Mondial Assistance Group accounting policies acquisition costs are capitalised and amortised over the term of...

  • Page 47
    ... added tax group to the Swiss Federal Tax Administration. 6. Participations with at least 20% of voting rights or capital share EUROPE Austria Mondial Assistance GmbH, Vienna Purpose: Assistance and services Belgium Société Belge d'Assistance Internationale S.A., Bruxelles Purpose: Insurance Soci...

  • Page 48
    ...2007 France Secours International Assistance S.A., Bagnolet 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...

  • Page 49
    Notes to the consolidated financial statement 2007 Poland Mondial Assistance Sp.z o.o., Warsaw Purpose: Services Portugal Mondial Assistance Portugal Servicos de Assistencia LDA, Lisbon Purpose: Services Russia Mondial Assistance sarl Purpose: Services Spain Mondial Assistance Seguros y Reaseguro ...

  • Page 50
    ...: Assistance and services Jefferson Insurance Company Purpose: Insurance World Access Service Corp., Richmond Purpose: Assistance and insurance agency Mexico Mondial Servicios S.A. De C.V. Purpose: Services Mondial Mexico S.A. De C.V. Purpose: Services SOUTH AMERICA Argentina Mercosul Assistance...

  • Page 51
    ...the Group Auditors Report of the Group Auditors to the General Meeting of Mondial Assistance AG, Wallisellen As group auditors, we have audited the consolidated financial statements rendered on pages 28 to 40 (balance sheet, income statement, cash flow statement and notes) of Mondial Assistance AG...

  • Page 52
    ... financial year Total shareholders' equity Total liabilities and shareholders' equity 315 1 595 1 910 459 1 363 1 822 40 000 357 977 0 56 828 454 805 456 715 40 000 357 977 3 660 24 140 425 777 427 599 Income Statement of Mondial Assistance AG for the financial year 2007 in thousand CHF Financial...

  • Page 53
    ... AG, Wallisellen Purpose: Insurance and assistance Mondial Assistance S.A.S, Paris Purpose: Holding 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 2007 Share capital Share...

  • Page 54
    ... As statutory auditors, we have audited the accounting records and the financial statements rendered on pages 42 and 43 (balance sheet, income statement and notes) of Mondial Assistance AG for the year ended December 31st, 2007. These financial statements are the responsibility of the board of...

  • Page 55
    ... Total turnover (premiums and service revenue) Net earned premiums and service income Claims Costs Technical result Investment result Financial result and other income/expenses Result before Tax Taxes Result after Tax Minority interest in the results Group result 2007 1 523.1 1 464.3 (652.5) (747...

  • Page 56
    ... like to thank all its staff for their kind contribution to this annual report. © Mondial Assistance - May 2008 - Production: Group Communications - Concept & design: Brief&nous - Texts: Dixit - Photos: Jupiter, D.R. This Annual Report is printed on a 100% certified PEFC and FSC paper, acid-free...

  • Page 57
    ... VA 23294 Website www.mondial-assistance.com.br www.mondial-assistance.ca AMERICAS Brazil Canada Mexico USA www.mondialusa.com Australia Mondial Assistance Australia Mondial Assistance (Beijing) Services Co., Ltd. Mondial Services (India) Pvt Ltd Millea Mondial Co., Ltd Mondial Assistance Asia...

  • Page 58
    Mondial Assistance SAS 37, rue Taibout 75009 Paris, France Tél. : +33 1 53 25 53 25 Fax : +33 1 53 25 54 04 www.mondial-assistance.com