Euler Hermes Group Announces Q3 Results

Paris (PRWEB) November 7, 2005

Euler Hermes’ consolidated turnover for the first three quarters of 2005 came in at 1,450.7 million euros, up 7.3% at constant consolidation and exchange rates compared to the first three quarters of 2004.

In the euro zone (*), Euler Hermes posted a turnover increase of 43.6 million euros in the first three quarters of 2005, up 4.2% despite a difficult macroeconomic environment for the German, Italian and French economies, the three major ones within the euro zone. In the UK, the activity is up 4% (at constant exchange rate) and the USA is boosted by an extremely dynamic growth (+21.7%).

During the first nine months of 2005, the rise in turnover in new markets amounted to 31.6 million euros, up 40.3% over the same period of 2004.

The steady sustained turnover growth in the first three quarters reinforces the confidence Euler Hermes has to exceed its commercial objectives for the full year 2005.

(*) including the Northern European countries

Turnover by country (based on earned premium):

in millions of euros

Change

2005/2004

Change

2005/2004

pro-forma

Germany

30/09/2005 527,5

30/09/2004 (1) 510,3

30/09/2004 (2) 510,3

3,4% 3,4%

France

30/09/2005 277,2

30/09/2004 (1) 267,3

30/09/2004 (2) 267,3

3,7% 3,7%

Italy

30/09/2005 160,5

30/09/2004 (1) 154,5

30/09/2004 (2) 154,5

3,8% 3,8%

UK

30/09/2005 161,9

30/09/2004 (1) 152,3

30/09/2004 (2) 155,7

6,3% 4,0%

USA

30/09/2005 94,3

30/09/2004 (1) 78,4

30/09/2004 (2) 77,5

20,3% 21,7%

Belgium

30/09/2005 55,4

30/09/2004 (1) 54,4

30/09/2004 (2) 50,9

1,9% 8,9%

Netherlands

30/09/2005 34,2

30/09/2004 (1) 30,2

30/09/2004 (2) 30,2

13,3% 13,3%

Nordic countries

30/09/2005 29,8

30/09/2004 (1) 28,4

30/09/2004 (2) 27,8

4,9% 7,0%

Sub-total main countries

30/09/2005 1 340,7

30/09/2004 (1) 1 275,7

30/09/2004 (2) 1 274,1

5,1% 5,2%

Of which Euro zone

30/09/2005 1 084,5

30/09/2004 (1) 1 045,0

30/09/2004 (2) 1 040,9

3,8% 4,2%

Sub-total new markets

30/09/2005 110,0

30/09/2004 (1) 79,6

30/09/2004 (2) 78,4

38,2% 40,3%

Euler Hermes

30/09/2005 1 450,7

30/09/2004 (1) 1 355,3

30/09/2004 (2) 1 352,5

7,0% 7,3%

Note: (1) Published data reallocated by region.

(2) Pro forma data adjusted for movements in exchange rates and consolidation: Euler Hermes consolidated

turnover is based on average exchange rates prevailing for each currency during the first nine months of 2005.

Euler Hermes is the worldwide leader in credit insurance and one of the leaders in bonding and guarantees. With 5,400 employees in 40 countries, Euler Hermes offers a complete range of services for the management of customer receivables.

Euler Hermes, subsidiary of AGF and a member of the Allianz group, is listed at Euronext Paris. The group and its principal credit insurance subsidiaries are rated AA- by Standard & Poor’s.

Contacts:

Investor relations / Euler Hermes Group :

Benoît des Cressonnières: +33.1.40.70.50.31

benoit.descressonnieres@eulerhermes.com

Euler Hermes Group :

1, rue Euler 75008 Paris – France- http://www.eulerhermes.com

Press office / Euler Hermes Group :

Nadia Mounier : +33.1.40.70.54.31 / +33.6.74.09.97.04

nadia.mounier@eulerhermes.com

These assessments are, as always, subject to the disclaimer provided below.

Cautionary Note Regarding Forward-Looking Statements:

Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words ‘may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue’ and similar expressions identify forward-looking statements.

Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in the Allianz Group's core business and core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) the extent of credit defaults (vii) interest rate levels, (viii) currency exchange rates including the Euro-U.S. Dollar exchange rate, (ix) changing levels of competition, (x) changes in laws and regulations, including monetary convergence and the European Monetary Union, (xi) changes in the policies of central banks and/or foreign governments, (xii) the impact of acquisitions, including related integration issues, (xiii) reorganization measures and (xiv) general competitive factors, in each case on a local, regional, national and/or global basis.

Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. The matters discussed herein may also involve risks and uncertainties described from time to time in Allianz AG’s filings with the U.S. Securities and Exchange Commission. The Group assumes no obligation to update any forward-looking information contained herein.

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