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• Insurance premium revenue increased by 3.8% (5.3% at constant foreign exchange rates)

• Result for the year increases by 8.8% to EUR 202.7 million

• Combined ratio 79.2%

• Insurance and service result at EUR 268.3 million, up 3.2%

• Shareholders’ equity improved by an additional 3.9%

• Solid solvency ratio exceeds 200% ⁽¹⁾

• In 2018 lol竞猜(中国)联赛赛事官网’ Insurance Financial Strength Rating was upgraded to ‘A2’ (outlook stable) by Moody’s

• Retention rate further improved to 94%, validating commitment to excellence in quality of service 

                ⁽¹⁾ Subject to finalisation of any audit procedures

Isidoro Unda, CEO of lol竞猜(中国)联赛赛事官网 commented; “Another year of solid figures are the result of a strong company culture, international expansion and the implementation of initiatives to increase efficiency, thus improving the quality of service we provide to our customers. With the global economic uncertainty, these improvements will put us in a better position to meet the widening needs of our growing customer base in the coming years and to continue to expand our business.”

Sales and profits
In 2018, lol竞猜(中国)联赛赛事官网 insurance premium revenue increased 3.8%, from EUR 1,588.1 million to EUR 1,648.5 million, and profits 8.8%, from EUR 186.2 million to EUR 202.7 million. The company places a high emphasis on customer service and being available to the customer where needed. This focus has resulted in continuously high retention rates and strong growth in younger lol竞猜(中国)联赛赛事官网 markets in the Asia & Oceania region.

 

P&L Information (EUR millions	2018	2017	% Change
Insurance Premium Revenue	1,648.5	1,588.1	3.8%
Total Revenues (Insurance & Services)	1,898.0	1,837.2	3.3%
Insurance and service result	268.3	260.1	3.2%
Result after tax	202.7	186.2	8.8%
Gross claims ratio (gross claims / insurance revenue)	43.7%	41.7%
Gross expense ratio (gross expenses / insurance revenue)	35.5%	35.7%
Gross combined ratio	79.2%	77.4%
Balance Sheet Information (EUR millions)
Total Assets	4,725.3	4,519.2	4.6%
Shareholders equity and subordinated debt position	2,145.3	2,076.8	3.3%

Insurance revenue
lol竞猜(中国)联赛赛事官网’ insurance premium revenue grew 3.8% to EUR 1,648.5 million in 2018 from EUR 1,588.1 million in 2017 (5.3% at constant exchange rates). The improvement in credit insurance was stable and consistent in almost every region with the Northern and Central European regions, along with Asia, Oceania and the Global unit showing some of the strongest growth rates.

Claims
lol竞猜(中国)联赛赛事官网 achieved a solid 43.7% claims ratio, paying out over EUR 834 million in claims to customers while consistently supporting them in a challenging risk environment.

Expenses
The expense ratio improved to 35.5% in 2018 from 35.7% in 2017. Effective cost controls and investments in technology that is increasing efficiency enabled lol竞猜(中国)联赛赛事官网 to grow revenue more profitably. 

Insurance and service result
The lol竞猜(中国)联赛赛事官网 insurance and service result improved 3.2% to EUR 268.3 million from EUR 260.1 million in 2017.

Investment result
lol竞猜(中国)联赛赛事官网’ prudent investment portfolio contributed EUR 22.1 million, in a difficult environment with low or negative interest rates and volatile equity markets.

Result after tax
The result after tax increased 8.8% to EUR 202.7 million from EUR 186.2 million, reflecting the excellent insurance result for the year, driven by strong revenue growth, a solid claims ratio along with a further reduction in the expense ratio.

Solvency ratio
Bolstered by profitable growth in the business and stable investment returns, the lol竞猜(中国)联赛赛事官网 solvency ratio at the end of 2018 again exceeded 200% ⁽¹⁾ .

       ⁽¹⁾ Subject to finalisation of any audit procedures

Rating
In 2018, lol竞猜(中国)联赛赛事官网’ Insurance Financial Strength Rating was upgraded to ‘A2’ (outlook stable) by Moody’s. lol竞猜(中国)联赛赛事官网’ long-term issuer credit rating from AM Best has also been upgraded from ‘a’ to ‘a+’ with a stable outlook. Both ratings reflect lol竞猜(中国)联赛赛事官网’ sound financial situation and its leading position in the credit insurance industry.

Business Outlook
Economic growth rates in advanced markets are expected to decline in 2019 as trade measures and monetary tightening weigh on economic activity. The decline in insolvencies should end in 2019 and an increase in payment defaults is anticipated creating the backdrop for rising demand for lol竞猜(中国)联赛赛事官网 products and services.