Access America 2010 Annual Report Download - page 8

Edito
On the heels of one of the global economy’s most difficult
years to date, 2010 presented its own set of challenges
EDITORIAL
Indeed, it was another tough year.
Theshockwaves from the 2009 crisis
continued to ripple across the globe;
theautomotive industry struggled to rebuild
itself, and a series of natural catastrophes
- the volcanic ash cloud over Iceland and
unseasonably bad weather at the end
of theyear - heavily impacted the travel
industry.
Unwavering focus leads to growth
Nevertheless, we remained focused on our
ambitious objectives and did not let the year’s
trials and tribulations deter us from achieving
our goals. The group generated 1.9 billion
Euros in revenues, representing a double-digit
increase of +13% over 2009; operating profit
was up 3.6% and we reduced our combined ratio
by 0.1%. Despite numerous industry setbacks
and increased competition, each of our 3 lines
ofbusiness posted double-digit growth, with
star performer Health/Lifecare up +18%.
Growth drivers anchored in all
regions and sectors
The Asia Pacific posted a +43.2% performance
with exemplary results in both China and India.
The US and Brazil were also big contributors
with respective growth figures of +24.7% and
+19.3%, and France, one of our most mature
markets, remains the bedrock of our European
business reporting +9% growth over 2009.
Revenues grew with financial service
companies in Europe, South America and
Asia Pacific, and sales of healthcare solutions
accelerated in Australia, Germany and the
Netherlands. New automotive contracts
fortified our portfolios in China and Australia,
and offline and online travel products
progressed, particularly in the US, but also in
Canada, Germany and Australia. Thanks to our
tenacious, innovative spirit, and our consistent
sharing of knowledge and best practices, we
proudly remain the uncontested leader in
travel insurance and assistance across the
global marketplace. Congratulations to all
members of Allianz Global Assistance for your
tireless efforts and contributions, which helped
to produce our excellent results.
Our many achievements
On top of the figures, we realised many
significant achievements in 2010. The group
launched numerous new solutions and
services, (Smartphone applications, new
Consumer Speciality Insurance products like
extended warranties for brown and white
goods, etc.), and continued to develop and
promote its People Strategy, designed to
grow talent, win hearts and minds and foster
high performance. One of the year’s most
noteworthy achievements was the successful
launch and completion in some countries of
our brand migration. Many more business
units will transition from Mondial Assistance
toAllianz Global Assistance in 2011.
Ambition 2015 - building
asustainable future
Our 2010 achievements are integral to
the various strategic initiatives we have
implemented to allow us to realise our 2015
Ambition - to generate 3 billion Euros in
profitable revenues. Having launched most
of these initiatives in 2010, we are poised to
push them even further in 2011. In the months
ahead we will be focusing on IT convergence,
improved globalisation, the implementation
of Solvency II regulations across Europe, and
promoting growth in new markets. All of these
priorities are part of the equation to make sure
that we meet our goals for a sustainable and
profitable future.
Adapting skilfully to change
Change is experienced across more markets,
activities and societies than ever before, and
indeed is accelerated by the widespread
development and use of new technologies,
which themselves are constantly changing.
We are able to ensure a powerful, competitive
edge because of our ability to adapt quickly to
these changes, to appropriate and integrate
new technologies into our business, and to
simultaneously think ahead and on our feet.
The combination of these qualities helps to
keep us out in front and up on top. For this
reason, change management and continuous
improvement are part of our corporate and
operational fibre. They enable us to remain
flexible when the unpredictable happens, and
to create greater proximity with our customers.
We embrace change as a new growth
opportunity and a new opportunity to innovate,
thereby continually improving our portfolio of
competitive solutions.
4–Allianz Global Assistance / Annual Report 2010