Trade credit insurer Atradius is happy to post “strong results with consistent and positive contributions from across the group,” even with its profit falling more than 12% when compared to 2016.
Here’s how the credit management specialist performed
Total revenues – €1.8 billion, up 4.3% (5.1% at constant exchange rates)
Insurance revenue – €1.7 billion, up 2% (2.7% at constant exchange rates)
Profit after tax – €186.2 million, down 12.1% Combined ratio – 77.4% Solvency ratio – more than 200%
“The Atradius insurance and service result improved by 8.8% to €260.1 million in 2017 compared to €239 million in 2016,” reported the insurer.
“The positive developments in all business lines again resulted in an excellent gross combined ratio of 77.4% compared to 78% in 2016.”
As for its 2018 outlook, the firm cited stability – consistent with what chair and chief executive Isidoro Unda said has been a priority, which is building a stable business that clients and partners can rely on.
“The global economy is expected to continue growing in 2018 and with it the insurable sales of our customers,” noted Atradius. “This will continue to put pressure on pricing.
Trade barriers could prompt swift retaliation in global trade while the continued concerns about Brexit present threats to companies with significant export business.
“Despite these concerns, we anticipate a year of stable growth in 2018 with insolvencies, on average, stable.”