Mondial Assistance made a net profit of €67.2m for the full year of 2010, up 16.9% on 2009’s figure.
The insurer, which is in the process of rebranding as Allianz Global Assistance, posted a combined ratio of 95.8% for 2010. Turnover increased 13.1% to €1.9bn from €1.7bn.
Mondial Assistance in the UK is to become Allianz Global Assistance by the end of 2012.
“In 2010, Mondial Assistance began its transition to Allianz Global Assistance and realised an excellent year,” said Allianz Global Assistance chief executive Remi Grenier in a statement.
Allianz Global Assistance is aiming to achieve €3bn in turnover and €200m in operating profit by 2015.
The assistance and travel insurance division – the company’s largest, accounting for 46% of group turnover – saw revenue increase by 10.9%. While the unit was hit by a general slowdown in airline activity due to the volcanic eruption in Iceland early in 2010 and the continuing negative effects of the financial crisis, the increase was driven by a growth in online sales and traditional sales channels.
The automobile assistance division, which represented 38% of group turnover, saw growth of 14.9% compared with 2009. This was caused in part by Allianz Global Assistance signing new contracts with car manufacturers, particularly in China and Australia.
Healthcare, property assistance and personal services, which accounted for 16% of total turnover in 2010, posted a 15.4% increase over 2009. The company attributed this to favourable demographic trends.
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