Access America 2007 Annual Report Download - page 36

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26
Review of Operations
For the year 2007
Turnover (Premium and Service Revenue)
This year again, Mondial Assistance achieved double
digit growth with a 11.5% increase in turnover (growth
written turnover, both insurance premiums and service
revenue) to 1,523.1 million euros throughout the twelve
month period ended December 31st, 2007. Service
revenue contributed to this increase with a 14.5%
growth, whereas insurance premiums grew by 10.6%.
The three main lines of business – travel
insurance, automotive 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 turnover split primarily between Western
European countries, North America and
Australia, where e-commerce grew by +
59%. The second line of business,
automotive, represents 38.2% of total
Group turnover. In 2007, automotive reported
a 7.7% growth in turnover primarily in
Europe where the UK and France represent
more than 50% of the business.
Healthcare and lifecare services continued its
expansion with a turnover increase of +19.0%.
After representing 6% in 2005 and
7% in 2006, it nows represents 7.9% of
overall Group sales.
From a geographical perspective, sales
development was positive everywhere and
even strong in certain markets, with growths
comparable to those in 2006. Turnover
increased in the Asia-Pacific region by
+25.7%, in the Americas by +15.1%, and
in the EMEA zone by +4. 9%.
The fluctuation in currency exchange rates
in 2007, especially regarding the US dollar,
had a negative impact on Group turnover.
In a hypothetical situation of constant
exchange rates in 2006, Group turnover in
2007 could have been 16.8 million euros
higher. In addition to the US dollar, the main
negative currency fluctuations concerned
the Swiss franc and the British pound.
However these same fluctuations had a
positive impact on the Australian dollar and
the Brazilian real.