Atradius has posted a solid set of financials for 2019, with a year-end result of €227.7 million (around CA$335.9 million), up 12.4% from 2018. Total revenue surpassed the €2 billion mark (around CA$3.12 billion).
Insurance premium revenue was up 6.7% year over year, or 6.1% at constant foreign exchange rates. Total insurance premium revenue was €1,759.5 million in 2019. The improvement in credit insurance was stable and consistent in almost every region, with Asia, UK and Ireland, Northern and Central Europe, and North America, along with the global unit, showing the strongest growth rates, Atradius said.
Atradius posted a 43.8% claims ratio in 2019 as a result of fewer large claims than in 2018. The company’s insurance and service result improved 21.3% to €325.4 million from €268.3 million in 2018.
The company expects economic growth to be more moderate in 2020 as trade policy tensions continue to weigh on global trade and economic activity. Eurozone growth is expected to be subdued, while US growth will likely be moderate and Asia will continue to be an engine for global growth.
“2019 was full of uncertainty for international trade,” said Atradius CEO David Capdevila. “However, trade continued to grow and the combination created strong demand for our products and services. The outlook for 2020 looks very similar with modest growth in global GDP and an increase in insolvencies. We expect this to provide a favourable environment for continued growth in our revenues.”
