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Annual report
2008

Table of contents

  • Page 1
    Annual report 2008

  • Page 2
    ... open dialogue is second nature to us. Why? Simply because we really do care. An integral part of our job ...work, what we're really doing is working to improve the way we serve you, continuously. Creating solutions that innovate and surprise, day in, day out. Professional: expertise at your service...

  • Page 3
    ... for the year 2008 28 Financial statements of Mondial Assistance Group 30 Consolidated Balance Sheet 32 Cash Flow Statement 34 Notes to the Consolidated statements 35 Report of the Group auditors 43 Report of the Statutory auditor 46 Financial statements of Mondial Assistance AG 44 Business...

  • Page 4
    ... and SACNAS-Mondial Assistance successfully merged and created our group as we know it today. With nearly 80 years of combined experience and know-how, we became the leading world player in assistance, travel insurance and customer services. We acquired World Access in the United States in April...

  • Page 5
    Profile Mondial Assistance, worldwide leader in assistance services and travel insurance 13.5 million cases handled million calls handled 40 3,500 people assisted every hour Mondial Assistance Annual Report 2008 1

  • Page 6
    ... represent 57% of Group turnover. This weight illustrates our objective to achieve more balanced, international sales. A new subsidiary joins the Mondial Assistance family We continued to expand in Eastern Europe in 2008 and opened a subsidiary in Moscow, confirming our investment strategy in BRIC...

  • Page 7
    ... 24, 2008 Jean-Philippe Thierry Chairman of the board of directors of Mondial Assistance AG Chairman and Chief Executive Officer of AGF Member of the Board of Management of Allianz SE Rémi Grenier President of the Mondial Assistance Executive Committee Mondial Assistance Annual Report 2008 3

  • Page 8
    ... per LOB 48% Travel 5% Property & others Combined ratio (in points) 2008 2007 2006 94.9 95.1 95.2 39% Auto 8% Health & Lifecare Staff per zone 25% Americas 14% Asia Pacific Total staff (number of people) 2008 2007 2006 9,817 9,356 8,550 61% EMEA 4 Mondial Assistance Annual Report 2008

  • Page 9
    ...The Netherlands, the United States and Canada adopted the new brand name. They now operate under a unique brand and speak to you with a single voice all around the world. • We launched our new brand positioning successfully across the Group. 2008 milestones Mondial Assistance Annual Report 2008 5

  • Page 10
    Lines of business 6 Mondial Assistance Annual Report 2008

  • Page 11
    1 250 million beneficiaries 365 days per year intervention every 2 seconds 24/7 Mondial Assistance Annual Report 2008 7

  • Page 12
    ... your customers. How did we do this? Thanks to our multi-lingual, travel and medical assistance specialists who work around the clock, around the world. You rely on us, but who do we rely on? On top-quality, certified service +2.8% global travel turnover. 8 Mondial Assistance Annual Report 2008

  • Page 13
    ...perfectly adapted to your local needs. Innovation on the online business: Travel Insurance 2.0 In 2008, we launched Travel Insurance 2.0. This is a real-time, web-services software developed in-house. It lets us profile your final customers and then offer them specific, tailor-made products that...

  • Page 14
    ... reports about your assistance case - who will come and when will they be there! • Website communication: You can now view your assistance accounts in real time. How? On a dedicated Extranet site. The site provides information on your assistance cases. With this, you can quickly assess customer...

  • Page 15
    ... the manufacturer. All our OBATs have technical experience working for major car manufacturers. Integrated Customer Contact Management (ICCM) ICCM is a new customer loyalty service for our auto clients. Here's the idea: We've identified a number of contact Mondial Assistance Annual Report 2008 11

  • Page 16
    ... since its creation. Healthcare Assistance focuses specifically on your health. It offers more specialised services that provide information, comfort, support and coordination. Lifecare Assistance focuses on your daily well-being - meeting your personal needs at home or work. A dynamic year for...

  • Page 17
    ... telecom companies now enables tele-assistance via your cell phone. Cell phones are equipped with a "panic button". By pressing it, customers come into immediate contact with one of our emergency centers. Our center assesses the situation and organizes appropriate assistance. Working with an insurer...

  • Page 18
    ..., we have a flexible, customized solution to meet your needs. 24/7. We also offer telesecurity home and office surveillance, protection services and warranties for your credit cards and cell phones, CRM programs, concierge services and round-the-clock information call centers for public inquiries...

  • Page 19
    "Helping people, anytime, anywhere for a simpler, safer and more secure life" Mondial Assistance Annual Report 2008 15

  • Page 20
    International presence 16 Mondial Assistance Annual Report 2008

  • Page 21
    9,817 staff members Business units in 28 countries 40 languages Mondial Assistance Annual Report 2008 17

  • Page 22
    ...social service workers, our network of specialists assists you and your customers with every need, any time, anywhere. We have an international dedicated team set up in Paris at Group headquarters that selects, manages and controls our network of providers. 18 Mondial Assistance Annual Report 2008

  • Page 23
    ... Moldova Asia, Pacific Australia China India Japan Singapore Thailand Countries with Group offices (Business units and commercial offices) Countries with a commercial Group activity Our Special partner Taiwan South Korea Malaysia New Zealand Morocco Mondial Assistance Annual Report 2008 19

  • Page 24
    ... Online booking agents in Singapore can now get ticket protection insurance. China: Reaching out to the auto and financial industries We launched several new car manufacturer programs in 2008 and continued to report strong growth in roadside assistance. Our Chinese BU also focused on the financial...

  • Page 25
    ... consecutive year Our American business had another successful and record year. Impressive growth, customer satisfaction and innovation were keys to success. Our American business unit is the second largest in the group, and the largest in travel insurance. Mondial Assistance Annual Report 2008 21

  • Page 26
    ...! Our strong relations with you, our travel agent and insurance broker partners, were reinforced by several successful network events. We also concluded new agreements for healthcare services, which helped increase our profitable turnover by +14%. +4.1% 22 Mondial Assistance Annual Report 2008

  • Page 27
    ... 1/3 of our new customers come from online! Local communities continued to subscribe to our tele-assistance services, boosting growth in this area. We worked relentlessly to successfully optimize purchasing agreements with rental car companies, airlines and our network of vehicle repair providers...

  • Page 28
    ... unit increased sales by 14.3% in 2008, mostly from the tourism industry. But who was the real star? A product line for travel agencies whose revenues climbed by 30%! We created a new computer-assistance service, which works by phone, email or chats, and offers a remote access option as well. 2008...

  • Page 29
    ...took appropriate action. We furthered our relations with existing partners in the Near East, including Lebanon, Jordan and Egypt. And we began developing services for new partners in the Gulf countries, focusing particularly on insurers, banks and airlines. Mondial Assistance Annual Report 2008 25

  • Page 30
    Financial results 26 Mondial Assistance Annual Report 2008

  • Page 31
    1,597 million â,¬ turnover +6% growth 62.6 million â,¬ net profit Mondial Assistance Annual Report 2008 27

  • Page 32
    Financial results Review of Operations For the year 2008 Turnover (Premiums and Service Revenue) In 2008, Mondial Assistance reached its targets by achieving 1.6 billion euros gross turnover with a combined ratio below 95%. This good result was possible thanks to the insurance business whose ...

  • Page 33
    ... restructuring of the Group has started in 2008 and following steps are expected in 2009 and following years. Details of these 2008 operations can be found in the chapter "Notes to the consolidated financial statements", starting on page 35 of this report. Mondial Assistance Annual Report 2008 29

  • Page 34
    ... Mondial Assistance Group 2008 GROSS 2008 CEDED 2008 FOR OWN ACCOUNT 2007 FOR OWN ACCOUNT RESTATED RESTATEMENT 2007 FOR OWN ACCOUNT IN THOUSAND EUR INSURANCE AND ASSISTANCE BUSINESS Total turnover (premiums and service revenue) Written premiums Unearned premium reserve change Earned premiums Claims...

  • Page 35
    ...Financial result Other income/expenses Result before tax Taxes Result after tax Minority interest in the results Group result 2008 FOR OWN ACCOUNT 2007 FOR OWN ACCOUNT RESTATED RESTATEMENT 2007 FOR OWN ACCOUNT...873) 95,238 (40,801) 54,437 (1,937) 52,500 Mondial Assistance Annual Report 2008 31

  • Page 36
    ... term 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 37
    ... 16,806 10,813 579 201,116 19,928 266,588 15,601 1,014,483 1,368,424 25,509 30,633 211,363 33,937 Mondial Assistance Annual Report 2008 33

  • Page 38
    ... claim handling costs Change in other technical reserves Change in deferred acquisition costs Change in deposits held by others under reinsurance business assumed Change in deposits held under reinsurance business ceded Change in accounts receivable / payable on reinsurance business Change in loans...

  • Page 39
    ... venture held at 50% and is accounted for according the Equity method. In 2008, one Italian company Mondial Contact Center Italia S.r.l. was acquired and has been consolidated into Mondial Assistance Group. Finally, the Spanish subsidiary Mondial Assistance Seguros y Reaseguros de Riesgos Diversos...

  • Page 40
    ...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 periodi cally evaluates the recoverability of Goodwill and takes into account events or circumstances that indicate the existence of an...

  • Page 41
    ... criteria and reported under claims incurred and service administration expenses. 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...

  • Page 42
    ...942 REAL ESTATE 7,973 0 0 0 (185) (82) 7,706 TOTAL 103,004 (3,630) 26,829 (633) (9,143) (20,183) (728) 95,516 Real Estate ...2008 344,667 (5,969) 62,564 4,328 2,978 (25,650) (3,513) 2007 323,352 (1,061) 57,084 (695) (1,716) (16,859) (1,579) (13,859) 344,667 38 Mondial Assistance Annual Report 2008

  • Page 43
    ... Mondial Assistance Réunion S.A., Saint Denis (Reunion Island) Purpose: Services Gestion de Télésécurité et de Services S.A., Châtillon Purpose: Services Mondial Assistance France S.A.S., Paris Purpose: Services and broker Fragonard Assurance S.A., Paris Purpose: Insurance Mondial Assistance...

  • Page 44
    ...ELVIA Assistance Kft., Budapest Purpose: Services Ireland Assistance and Services Corporation of Ireland Ltd, Dublin Purpose: Services Italy Mondial Service Italia S.r.l., Milan Purpose: Services Mondial Assistance Italia S.p.A., Milan Purpose: Insurance and reinsurance Mondial Contact Center Italia...

  • Page 45
    ... Insurance broker USA Travel Care Inc., Richmond Purpose: Assistance and travel agency World Access Inc., Richmond Purpose: Holding ELVIA WA Building Purpose: Assistance and services Jefferson Insurance Company Purpose: Insurance World Access Service Corp., Richmond Purpose: Assistance and insurance...

  • Page 46
    ... for services Other accounts receivable Liabilities from insurance business Deposit retained on reinsurance ceded Rendering of service debts Other liabilities 18,344 1,627 17,472 53,000 25,010 936 0 9,190 31,626 25,960 9,024 18,034 17,961 936 6 1,496 42 Mondial Assistance Annual Report 2008

  • Page 47
    Report of the Group Auditors on the consolidated financial statements to the Board of Directors of Mondial Assistance AG, Wallisellen As group auditor, we have audited the accompanying consolidated financial statements on pages 30 to 42 of Mondial Assistance AG, which comprise the balance sheet, ...

  • Page 48
    Financial results Financial statements of Mondial Assistance AG Balance Sheet of Mondial Assistance AG IN THOUSAND CHF 2008 2007 ASSETS Fixed assets Other intangible assets Participations Loans to group companies Total fixed assets Current assets Cash and cash equivalents Receivables Receivables ...

  • Page 49
    ... as follows: From available profit Allocation from unrestricted reserves Proposal for dividend distribution Balance carried forward Available profit 48,276 25,974 74,250 48,276 40,706 40,706 16,122 56,828 2008 32,154 16,122 48,276 2007 56,828 56,828 Mondial Assistance Annual Report 2008 45

  • Page 50
    ...due to fraud or ...company's articles of incorporation. We recommend that the financial statements submitted to you be approved. KPMG AG Ian Sutcliffe Licensed Audit Expert Auditor in Charge Cécile Martenet Licensed Audit Expert Zurich, March 24, 2009 46 Mondial Assistance Annual Report 2008

  • Page 51
    ... and service income (before taxes) Combined ratio 1) Growth on net earned premiums and service income 17.3% 6.6% 94.9% 7.7% 17.1% 7.0% 95.1% 9.9% 15.5% 6.5% 95.6% 10.6% 1) Claims and all costs as a percentage of net earned premiums and service income. Mondial Assistance Annual Report 2008 47

  • Page 52
    Worldwide addresses COUNTRY Australia BUSINESS UNIT Mondial Assistance Australia Mondial Assistance Austria Mondial Assistance Belgium Mondial Assistance Brazil Mondial Assistance Canada Mondial Assistance (Beijing) Services Co., Ltd. Mondial Assistance Mondial Assistance France S.A.S. SEPSAD Soci...

  • Page 53
    ... PHONE +52 55 53 77 3800 FAX +52 55 53 77 3810 WEB SITE www.mondial-assistance.com.mx Morocco * Mondial Assistance Morocco (ISAAF S.A.) +212 22 95 93 00 +212 22 95 93 37 www.mondial-assistance.ma Netherlands Mondial Assistance Netherlands Mondial Assistance Sp. z o o. Mondial Assistance...

  • Page 54
    ... Paris, France Tél. : +33 1 53 25 53 25 Fax : +33 1 53 25 54 04 © Mondial Assistance - May 2009 - Production: Group Communications - Concept & design : SEQUOÏA FRANKLIN - Texts: Dixit - Photos: Jupiter Images, Getty, Van Beek image, Mondial Assistance, Jean Lionel Dias. Printed by IME on 100...