Annual Report 2012 - PDF version

Transcription

Allianz Global Assistance
2012
Annual Report
04
18
28
Lines of business
We’re
here to help
International presence
We’re
everywhere
Financial results
We’re
right on track
Helping
people
anytime,
anywhere
Annual report 2012
Contents
2 Executive committee
4We’re
Lines of business
here to help
Turnover
STAFF
(in million euros)
2,238
Key figures
2,054
1 Editorial
1,892
2010
2011
2012
(by region)
9 Travel
Shaped and strengthened
by diversity
24 Asia Pacific
A powerhouse
of potential
26 Europe Middle East Africa
Balancing North,
South, East and West
28We’re
65.2
62.3
67.2
Turnover
(by lines of business)
2010
2011
2012
Combined ratio
(in percentage)
96.0
22 Americas
(in million euros)
Asia
Pacific
44 % 38 % 18 %
2010
2011
2012
Turnover
Travel
Auto
Health,
Home & Life
(by zone)
Total Staff
(number of people)
12,171
everywhere
Americas
96.8
EMEA
NET PROFIT
10,920
18We’re
61 % 23 % 16 %
95.8
A steady,
challenging year
12 Auto
Growth and
innovation
15 Health, Home & Life
Expansion
across the globe
10,783
Financial results
right on track
60 % 23 % 17 %
2010
2011
2012
EMEA
29 Review of operations
for the year 2012
30 Financial statements
of Allianz Global Assistance
20 million
cases handled;
1 every 2 seconds
50 million
calls handled;
3 every 2 seconds
Americas
Asia
Pacific
4 million
text messages
received and sent;
1 every 8 seconds
© Allianz Global Assistance – May 2013 – Production: Group Communications – Concept & design:
– Texts: Victoria Nagel Hauzy, Dixit Marin LLC – Images: Allianz Global Assistance,
Getty, Thinkstock, Shutterstock, Guillaume Leblanc, Pierre Emmanuel Rastoin - Printer: BM, which has earned both Imprim’Vert and PEFC™ certification and has committed to taking continuous
tangible action to reduce harmful emissions, while saving natural resources.
Editorial
2012 – Constant challenges,
continued success
“
Rémi Grenier,
CEO and President
Christof Mascher,
Chairman of the
Supervisory Board
While each year represents a new and different chapter in the life of the
Group, 2012 was in many ways a continuation of 2011. Although the US showed
signs of recovery, 2012 was most notably characterised by a deepening sovereign
debt crisis in Europe. Many natural disasters also continued to plague the planet.
Nevertheless, the Group performed well. We exceeded our revenue target of 2.2bn€,
outperforming growth in 2011 by 9%. Profitability climbed 20.1% to achieve a
landmark operating profit of 113m€. And against a global backdrop where mature
and emerging country markets operate within very different economic landscapes,
the Group reported growth across all regions and lines of business.
We took other strides in 2012 to achieve our 2015 Ambition and maintain
our position as the world’s leading provider of travel insurance and assistance
solutions. Gaining traction in 2011, we pursued our rebranding campaign
and today count a total of 23 subsidiaries that proudly bear the Allianz Global
Assistance name. We completed the integration of NEXtCARE, our health third
party administrator based in Dubai and continued to reinforce our collaboration
with Allianz.
As we take stock of the year’s achievements we would like to salute those who
make us what we are - our greatest asset – our people. Our 12,171 employees
are highly skilled in their fields, and adept at navigating change, understanding
market dynamics, and anticipating future needs; and all of this with a deep and real
commitment to taking care of customers and to helping people anytime, anywhere.”
Contributors
Our customers
sharing their stories
p. 6
Thuyly Abecassis,
Group Director B2C
p. 10
Pedro Semiao,
Willem Hornsveld, National Sales Manager
Erik Heusel,
Business Development Automotive Assistance
Group Market
Manager Travel
& Property
Management Director
p. 11
p. 14
p. 17
Allianz Global Assistance Annual Report 2012
Our employees
explaining
our values
p. 20
1
Annual report 2012
Executive Committee
Helping People,
it’s what we do
“Our story of helping people began more than 60
years ago and has never ceased. Of course as
the world and people’s needs within the world
changed, our ways of helping people also changed.
What once started as a limited offering in travel
insurance in a small European country expanded
into offerings of global reach that now cover well
over 50 countries, millions of beneficiaries and
many fields of expertise. But throughout these
numerous evolutions, helping people has always
remained at the heart of our business, and
indeed the way we ensure optimum results for
our customers. Helping people is part of our DNA
and the reason why customers come to us in the
first place and why they keep coming back year
after year. Here, each of our Executive Committee
members explains what ‘Helping People’ means
from their own business perspective and why, as
the backbone of Assistance, it is so important.”
Rémi Grenier – CEO and President
Please explain what Help and what Helping People
means to you, why it's important, and how it affects
your area of responsability within the company.
“Helping people anytime, anywhere is the essence
of our business. A key role lies with our staff on our
operational platforms. They deal 24/7 with customers
who are often in distress and help them out of
sometimes seemingly impossible situations. We
constantly work on attracting the right kind of people
to tackle this work, and we build the IT platforms and
high-quality supplier networks they need to do a fast,
efficient job for our customers around the globe.”
Ulrich Delius – Chief Operating Officer and Head of HR
Supervisory Board
as of 9th December 2012
President
33 Christof Mascher
Vice President
33 Detlev Bremkamp
Members
33 Bernd Heinemann
33 Klaus-Peter Roehler
33 Jacques Richier
Executive Committee
as of 9th December 2012
President
33 Rémi Grenier
Members
33 Ida Luka-Lognoné
33 Laurence Maurice
33 Marc Staeding
33 Mike Nelson
33 Roland Rykart
33 Ulrich Delius
“Helping people begins with being a financially
sound, profitable, responsible and irreproachable
organisation, without which we would not be able
to advance our assistance profession. In addition
to genuinely caring for others, our ability to do our
job also depends on our solvency and reputation,
and on our capacity to invest sustainably in the
best talent and most innovative technologies. This
is what it means to help our customers and other
stakeholders. This is what they expect from us.”
Laurence Maurice – Chief Financial Officer
“The EMEA region is home to our traditional business
and a gateway to many dynamic emerging growth
areas. Its many country markets have very different
levels of maturity, consumer behaviours and needs,
and they are changing all the time. From this vantage
point, helping people is about accompanying our
customers at every point of the assistance value
chain. It means really listening 24/7 and making sure
that we understand what clients need so that they in
turn can better serve their end customers.”
Ida Luka-Lognoné – Chief Executive Officer, EMEA Zone
2
“Helping people means helping clients and end
customers to solve a range of assistance-related
problems and challenges. Through the provision of
our services and close relations, helping people means
helping business partners achieve their business
objectives, and consequently ensures their overall
satisfaction. Helping people also means that we
improve the quality of life of our end customers and
thereby increase their level of satisfaction and loyalty.”
Marc Staeding – Head of Global Sales
“APAC is the engine of future world growth, and China
will most likely remain the world’s largest consumer
market opportunity. In this context, helping people
means listening to customers’ needs and developing
solutions that will improve the quality of their lives.
To this end we are deepening our local collaboration
with Allianz. Entering new markets and diversifying
our offer in countries where we have a strong
presence like China will enable us to help more
people more often in more ways.”
Roland Rykart – Chief Executive Officer, Asia Pacific Zone
“Helping people means coming to the aid of people
in their moments of greatest need. They may be
sick abroad or their car may have broken down. Our
staff are trained to assist them with empathy,
reassurance and concrete solutions. Their
expectations are very high because the needs are
so great. Our staff are on hand to meet these
expectations whatever they might be. The first
thought on our minds when we pick up the
telephone is and must be « How can I help? ».”
Mike Nelson – Director of the Americas Zone
50 %
Ratings
Allianz Europe BV
(NL)
50 %
Groupe Allianz
France
A.M. Best Europe issued top ratings for AGA International in 2011:
A in Financial Strength and an A+ in Credit Rating.
The company also won a high rating AA- in 2012 from Standard & Poor’s
an
3
Thomas Bösl,
Tours RT- Reisen GmbH
Allianz Global Assistance client
Lines of business
We’re
here to help
Life can be complicated and full of the unexpected.
Isn’t it reassuring to know that someone is there for
you, on every road and at every turn if and when the
unpredictable happens? From providing one-time or
year-long travel insurance to roadside assistance on
the motorway; from carrying out medical repatriations
from afar to caring for seniors in their own homes, and
in every other way to help keep life as simple as possible
and ensure that you and your family and home are kept
safe and sound, Allianz Global Assistance is here to help.
Lines of business
True stories
from our customers
“
Our car tyre blew out on the
motorway on our way to
my best friend’s wedding. I
called Allianz Global Assistance
and a technician, Ken quickly
arrived at the scene. He towed
us to a nearby service station,
but finding a replacement tyre
was impossible. When Ken
and my husband drove off on
a desperate search, little did I
know that Ken was on his way
to his own home where a car
like ours sat in his garage. He
removed one of its tyres and
lent it to my husband so we
could get back on the road.
Thank you Ken and Allianz
Global Assistance for caring
that much.”
Mrs T. UK
“
We had planned to take our 8-year old daughter skiing over the
school holiday but before we left she slipped at a school party
and broke her arm. We had to cancel everything. Luckily we had
Travel Cancellation Insurance with Allianz Global Assistance. They
reimbursed our costs in full. I don’t know what we would have done
without them.”
Mr G. Germany
“
My husband and I took our son to Austria over Christmas, but on December 23rd he fell on
the ski slope and badly hurt his leg. Luckily we had taken out an assistance contract. He was
airlifted to a nearby hospital where doctors confirmed the need to operate. A week later we
were on a medical flight to the Netherlands. Thanks to Allianz Global Assistance we made it
home safely and our son is smiling again.”
Mrs J. The Netherlands
“
Early one morning I received a
warning on my mobile phone
that my car was being vandalised.
I contacted the assistance number on
my auto contract and Allianz Global
Assistance took over. They worked
with the police and conducted a
search and rescue via GPS satellite.
My car was found and the culprits
were caught in 6 minutes! Allianz
Global Assistance really is there for
you when you need them.”
Mr S. Italy
Lines of business
Travel
Auto
Health, Home & Life
Around the clock,
around the world
“
Our global lines of business fared well in 2012 despite the crisis in the Euro zone,
and generated 33% of the Group’s total sales, or 730m€ in revenues. The proportion
of Global Sales to total business sales increased by 13.3% over 2011, bearing witness to its
growing importance and good health. Global B2C sales met with the most success, reporting
48.1% growth to reach 60m€. The bank / insurance distribution channel reported 36%
growth; retail climbed 13.7%; auto and online travel were up 12.3% and 12% respectively,
and offline travel grew 4.3%.
With fierce competition across all regions, clients were more price-sensitive. Innovation in
services and products continued to play a major role, both in how we performed and how
we were perceived by our travel and automotive partners, as well as our retail distributors.
Telematics continues to be a priority development area,
and we are leveraging core medical competencies to design
remote health services in line with growing customer demand.
We will continue to build our ability to interact with global
customers, develop models that address needs for global
coordination, and expand our presence in emerging
markets. We will also work hand-in-hand with our market
management teams to continuously improve
our understanding of customers’ needs.”
Marc Staeding,
Head of Global Sales
8
Lines of business
Travel
A steady,
challenging year
Despite numerous market challenges in 2012, our travel line of business
with traditional airline companies stayed on track and sales with Online Travel
Agents (OTAs) remained stable. The US, Germany and The Netherlands drove
our overall travel growth. While the Asian travel market is relatively young and
regulations vary greatly from country to country, we reinforced our Asia Pacific
team in 2012 in anticipation of the region’s huge potential growth.”
Xavier Mauriac, International Travel Sales Director
F
or the global travel industry, 2012
was not an optimum year particularly in the Euro zone where a severe
economic crisis continued. All major
European airlines implemented budget
cuts and as a response to growing competition from low-cost carriers, many of them
created their own low-cost subsidiaries to
assume more flights at the local and regional levels. To protect increasingly fragile
air-space market share, there has also been
an emerging trend among European and
Asian airlines to establish partnerships with
companies in the Middle East. So, within
the airline industry’s reglobalisation process, market players are jostling for new
positions, and the well-established lowcost carriers are occupying a significant
place in the field.
C2C emerges
The online travel business began to
demonstrate signs of maturity in 2012.
Growth tapered to a single digit figure and
European OTAs that merged in 2011 saw
a consolidation of their activities. Today,
online players are trying to maintain their
own position in the market, while the offline
sector continues to decline.
The economic crisis has also triggered the
emergence of another growing phenomenon - third party intermediaries promoting
Consumer to Consumer (C2C) businesses via
digital platforms - players offering customers
a marketplace in which to find holiday package deals, individual holiday rental homes,
home exchanges and rental vehicles.
Mobility - the ticket
to future growth
Mobility gained traction in 2012 to become
an increasingly important component in
the value chain. Most travel companies
today offer customers more than access to
information; they offer them real possibilities
to make purchases via their mobile devices.
This is a revolution in the travel industry and
one the Group is following closely. In order
to effectively accompany travel partners in
their mobile development, it will be necessary to introduce innovative solutions that 111
9
Lines of business
Travel
Our travel offer
• Insurance and
protection against lost
or stolen luggage
• Repatriation due to
illness or injury
• Medical and hospital
expense coverage
when abroad
• Reimbursement of
fares when trips
are cancelled due
to unforeseen
circumstances
• Solutions for business
travellers
• Assistance solutions
for holidays abroad
• Leisure and sports
coverage for activities
including golf & skiing
• Holiday
accommodation
solutions
• Schengen zone
solutions
• Globetrotter solutions
B2C surpasses
expectations
In 2012 Allianz Global
Assistance’s B2C activity
produced outstanding
results, 48% growth
over 2011. The Group
remains the world leader
in online travel insurance
and assistance products
111 can be sold at the ‘last minute’, which is
a different purchasing behaviour compared
with traditional desktops.
The Northern-Southern
divide
Two noticeable consumer trends marked
2012. The first is that Southern Europeans,
primarily in Spain, Italy and Greece, the
three countries hit hardest in the Euro
zone, travelled much less. Meanwhile,
Northern Europeans continued to travel
beyond European borders.
Mobile is an exciting platform for
the Group’s travel line of business because
the mobile device not only serves to
distribute new product offers, but it is also
a channel by which we can propose new
services and also manage claims. Mobile
is a natural place of convergence for the
whole of the Group’s activity.”
Xavier Mauriac
10
for direct customers. It
operates 38 B2C websites
and generates sales in
34 different countries.
B2C presents many
advantages: it is profitable,
quick-to-market,
innovative and a direct
response to growing
customer demand. Thuyly
Abecassis, Group Director
B2C, sets the course for
the months to come:
“In order to maintain our
lead and not lose market
share to the competition,
it is important that we
continue to respond quickly
to consumer demand and
pursue a diversification
strategy in both B2C
product development and
B2C customer access,”
she says.
Travel budgets impact
booking path selection
The second consumer trend among active
travellers is an increased arbitration among
ancillary products offered in the booking
paths of airlines and OTAs. Unconsciously
or not, customers are setting a maximum
budget for these purchases; the more
products there are the more customers
are making discerning choices about what
and what not to buy. A double challenge
exists today: to ensure that travel insurance
appears in the best position in the booking
path, and to design the most attractive, value-added ancillary products for customers.
B2C boosts performance
The current industry context took a slight
toll on the Group’s travel line of business,
which represents 44% of its total activity.
Travel posted 5.1% overall growth, a bit less
than in 2011. While online grew in line with
the market at 2.5%, offline continued to stagnate. The Group’s B2C activity remained
healthy and vigorous, posting 48% growth.
Interview
Key figures
1.2 billion
online quotations
44%
+5.1%
Customer needs drive
development
“
in turnover
of turnover
2,817
hospitals in 166 countries
(size of our network)
220,000 650,000
medical
assistance cases
travel insurance
claims handled
Innovation drives success
The launch of smartphone application MyTravelAid was one of several success stories
for the Group’s travel business in 2012. Designed to provide world travellers with instantaneous medical advice and information, it
exists in seven languages. Another success
was the Group’s expanded offer in Events
Ticket Cancellation insurance. Sales of this
product, especially for concerts and athletic
competitions, were particularly strong in the
US and Europe. In close collaboration with
Allianz, the Group also benefited from very
successful B2C online activity in Australia.
2013 and Beyond
In the months ahead, the Group will engage in
actions that help it to reinforce proximity with
customers, identify their immediate, mid and
long-term needs and remain vigilant so as to
be able to seize opportunities when they arise.
It will also begin to develop new products and
explore ways to penetrate new growth areas
such as C2C and the hotel industry. And of
course, the Group will continue to innovate for
the mobile environment.
What specific achievements did The Netherlands
business unit realise in the travel business in 2012?
Our customers and partners recognise the quality of our
products and services, which led the business unit to win
the Best Travel Insurance Company award in 2012. And
for the 2nd consecutive year, the Consumer’s Guide gave
the Best Buy award to our Annual Multi-Trip Travel and
Cancellation Insurance. The country’s leading travel retail
chain chose Allianz Global Assistance Netherlands as
their partner to jointly develop and provide travel related
insurances and assistance services for their customers.
To what do you attribute this success?
When developing new products and service concepts, we
take the end consumer as the starting point. Based on
their needs we develop specific products and services. By
working closely together with our partners, end customers
benefit from this approach and we add value to their
business. Our ability to develop customer-centric private
label solutions adds value to our clients’ market offering;
it helps to strengthen their brand, and builds partner trust
and loyalty for us.
How is your business unit addressing m-commerce
in terms of capabilities and offers, and why is this
important for the future?
Our partners perceive m-commerce as an increasingly
important sales channel. We support this
development by making travel insurance
available for purchase via their mobile
websites or mobile apps. We also developed
our own smartphone mobile app called
HelpMe, which provides emergency
assistance services to customers.
Our partners recognise the added value of
this app, and ask us to work in close collaboration
with them to continuously develop
and improve their own applications.
M-commerce has great potential; it’s
win-win for partners, customers and us.”
Willem Hornsveld,
Business Development Manager Travel,
Allianz Global Assistance The Netherlands
11
Lines of business
Auto
Growth and
innovation
2012 was a good year for our automotive business in top line
and profitability. Despite the structural challenges we faced in Europe,
we grew the business and consolidated our positioning in regional
markets where we remain the roadside assistance leader in China
and Brazil, and the second largest supplier of manufacturer roadside
assistance services in Europe and Australasia.”
Simon Cook, International Automotive Sales Director
N
ew car sales soared to unprecedented heights in 2012,
eclipsing 2011, which itself was
considered a global record year
in new car sales! These sales were particularly strong in China, Brazil and Russia.
India, Australia and the US also saw healthy
growth. Only in Europe, where the economic picture is still bleak, were new car sales
down for the 5th consecutive year averaging a loss of 8% across primary markets
Germany, France, Spain and Italy. Europe
also faced serious structural challenges: an
oversupply of automobiles fighting for too
few customers led to the closing of several
manufacturing plants.
kups and SUVs are thriving because oil
prices have remained fairly low, whereas
in Europe older drivers are heading in a
different direction and are either looking to
downsize or are seeking an alternative to car
ownership. This has sparked a surge in carsharing schemes and very short-term rental
possibilities, which are both classic reactions
to a recession economy and driven more by
individual budget constraints than concerns
for the environment.
Connectivity gets priority
attention
Time, which has become an important
commodity, is driving another trend.
The need to save or gain time has triggered many technological innovations,
Local economies help shape
consumer trends
Against this polarising world stage, 2012
consumer trends reflected specific regional economies. The Y generation in Europe
cannot afford to insure a vehicle, let alone
purchase a new one, so the number of
young drivers or those aspiring to drive is
decreasing. In the US, sales of large pic-
12
Our auto offer
• Roadside assistance:
repair and towing
for broken down/
immobilised vehicles,
conventional new car
inclusion and service
activated (SARA)
• Accident management:
towing, replacement
vehicle, repair
of which the most notorious to date are
smartphones and mobile apps. Their simplicity and efficiency have created more
customer expectations around connectivity, particularly vehicle connectivity. A hot
development topic in the US, it is starting
to catch on in Europe and Asia too. Cus
tomers are beginning to perceive their
vehicles as extensions of their living or
work space. Once inside their vehicles,
they expect instantaneous responses to
everything, including roadside assistance.
Manufacturers are working to evolve vehicles so that customers are able to access
the same services inside them as they
would via their laptop or tablet from their
home or office.
Of course there is also a continuing movement toward electric vehicles and plug-in
hybrids. This movement does not reflect the
rapid growth that was predicted but rather
a slow and steady increase. Consumers are
still concerned about range management
issues, and manufacturers and suppliers are
trying to develop solutions to address the
infrastructure challenge of charging stations.
However, the ultimate green solution, which
many manufacturers will be pushing as early
as 2016, promises to be fuel cell technology
and hydrogen-running hybrids. And last but
not least, computer-controlled, driverless
vehicles are being tested with the aim to enter
the commercial market in less than a decade.
Peak performance
Allianz Global Assistance outperformed the
market in 2012 and significantly grew its
automotive line of business, half of which
came from Europe despite the depressed
economy. The Group’s Auto business, for
which sales increased by 8.8% or nearly
70m€ in 2012, accounts for 38% of total
group activity.
While the core of the Group’s roadside
assistance offer remains the same, the initial route into call centres has changed due
to an increased use of smartphones. This
is altering the way the Group delivers its
roadside assistance services. It is increasingly performing certain assistance services
remotely over the phone, and for those
still administered at roadside, telematics
technologies are allowing for faster, better
service and knowledge sharing. 111
I think our key success factor is our people. Our
customers trust our financial positioning and us.
We are seen as a risk-free supplier, and an honest,
ethical organisation that always proposes solutions
and always delivers on its commitments. Of course,
this would not happen were it not for the quality,
talent and commitment of our people.”
• Extended warranty:
following factory
warranty and used
vehicle warranty
• Service-activated
warranty: a free
12-month extension
for roadside assistance
and certain warrantable
parts to any customer
who received car
maintenance in the
dealer network
• Service and
maintenance
programme
administration
• Telematics: GSM
localisation, posttheft notification and
tracking, navigation,
remote door unlock,
remote controlled
breakdown diagnosis,
and concierge services
• Customer relationship
management:
inbound and outbound
customer contact
activity (telemarketing,
customer surveys,
loyalty programmes,
customer retention
programmes)
Simon Cook
13
Lines of business
Auto
Key figures
Interview
8,600,000
interventions
38%
+8.8%
15,514
391,443
in turnover
of turnover
hotel rooms
booked for Auto
and Travel
replacement
cars rented
Innovative new offers keep
customers ahead
111
Innovation highlights of the year include new
extended warranty offers, the launch of several smartphone applications, and pioneering
work in Australia in the electric vehicle market.
Partnering with one of its automotive clients,
a precursor in electric vehicle development,
our Australian business unit helped design an
‘on-wheels’ infrastructure solution in the form
of trailer-towed recharging stations so that drivers can easily and safely recharge their electric
vehicles in the country’s main city centres.
2013 and beyond
Collaborating more closely with Allianz Global Automotive, the Group will strive in 2013
to generate broader growth in extended
warranty and telematics, particularly as it
relates to connected vehicle services. It will
also focus on tapping into growth opportunities with players in the leasing and financial
sectors. With aggressive competitors now in
every market and mounting client concerns
over costs, the Group will also work to ensure
supply chain management and call-centre
efficiency. To stay ahead of the competition
and maintain their well-earned trust, meeting customers’ expectations in terms of cost,
creativity and quality is the top priority.
14
Optimising the
automotive experience
“
Where do you see the automotive business going
in Australia?
New car sales should climb year on year between now
and 2016 as customers continue to replace their vehicles
more frequently resulting in a reduced average age of
the Australian car parc. Also, the strong Australian dollar
is contributing to the increased affordability of imported
vehicles. Within this context, our roadside assistance (RSA)
offer has become a key component of Original Equipment
Manufacturers (OEM) retention strategies and a key focus
for our business.
How do you think consumer trends will evolve?
The transparent purchasing environment enabled by
the Internet has empowered customers. They are more
knowledgeable about products, services and pricing
and the process has evolved to become a customer-led
sales environment. Subsequently, they expect RSA to be
included in the transaction. Furthermore, our OEM clients
are beginning to focus more on the development of selfdiagnosing vehicles, thereby creating a need for partners
who can offer robust telematics capabilities.
What must we do to respond to these trends?
Our value proposition must be clearly articulated
and understood by decision makers. We
need to optimise the customers’ online
experience and purchase path, remain price
competitive and reinforce our innovative
positioning so that we continue to be their
partner of choice. And of course it’s all about
our service; ensuring that all touch-points
remain ‘positive’ experiences to drive
both client and customer loyalty.”
Pedro Semiao, National
Sales Manager Automotive
Assistance & Property,
Australia
Lines of business
Health, Home & Life
Expansion
across the globe
The global healthcare market is expanding, and customer demands continue
to evolve to reflect the world’s diverse regional economies and demographics.
In this decidedly complex landscape, Allianz Global Assistance responded to major
health trends and grew its health business in 2012. The Group’s home and property
offer, which made impressive gains in Central and Eastern Europe, is becoming
an increasingly dynamic and innovative driver of growth.”
Erik Heusel, Group Market Management Director
I
t is no surprise that healthcare trends
identified in 2011 were reinforced in
2012. Populations in Europe, Japan and
the US continue to get older, and with
them come certain chronic diseases associated with old age. This reality continues
to tax long-established healthcare systems
with escalating care demands and costs.
It is one thing to meet these challenges
when economies are thriving and quite
another to take them on in a recession.
State funded coverage in Europe is shrinking, heralding a growing need for public
and private players to join forces to ensure
that healthcare systems in mature markets
continue to deliver quality care to citizens.
Healthcare adopts
a “remote” approach
The burden western demographics have
caused to hospitals, clinics and even individual doctors has fed a need for a more creative and innovative approach to healthcare,
which has led to the development of more
remote medical and health-related services.
These cover everything from emergency
assistance to medical advice, and from
second opinions to information on how to
self-administer treatments. Due to a need
to respond to a growing number of people
while simultaneously containing costs, remote medical services are by far the most
significant health trend and growth driver in
Europe. These types of services are catching
on in other regions as well.
Increased demand
for quality care
In developing countries like Brazil, China, India
and the Middle East, the middle class continues to emerge, as do populations of high
net worth individuals whose demands for
quality medical care continue to rise. In these
countries, where health and medical infrastructures are less developed, the challenge
is to match increasing demand with limited
available medical expertise. And finally, the
global mobile workforce is expanding, requiring that governments work with public and
private sector providers to develop seamless
access to health solutions that defy local borders, languages and even customs. 111
15
Lines of business
Health, Home & Life
Our offer
Health
• dependency: short or longterm
• personal response services:
24/7 tele-assistance and
telemedicine
• expatriates / impatriates:
semi-permanent or longterm medical assistance to
employees
• youth mobility assistance
cover: health protection
for youths between
12 and 28 years old
• disease management
and patient support
• triage & screening services,
nurse triage, employee
health assistance, medical
counselling, health third
party administration,
rehabilitation management
Life
• daily life services including
babysitting, cleaning,
gardening, food preparation
• employment assistance
• bereavement and funeral
assistance
• retirement assistance
Home and property
• maintenance and repairs
• surveillance
• extended warranty for
appliances and electronic
equipment
Dawning of the digital age
in Home and Property
111
Technological innovation is not only reserved for the healthcare field. Digital and
mobile devices are increasingly driving
growth and helping to shape the home
and property markets. The evolution of
distribution channels is also supporting
development of the home offer. While
traditionally customers have purchased
appliances and appliance protection at
a physical point of sale, today there is
acceleration toward a ‘click and mortar’
approach. Consumers are now more likely
to visit a retailer to select an item and
then return to their homes to purchase
it online as the Internet affords access to
the best prices.
Players besides retailers and telcos are also
beginning to step into the distribution arena. Insurers, utilities, banks and property
management and construction companies
realise they can differentiate from compe-
As we move forward we remain committed to
addressing the changing healthcare needs of
our customers across our four main initiatives:
homecare, health TPA, international health coverage
for mobile populations and remote medical
assistance. We will strive to continuously improve
upon our existing offers and expand them into new
country markets in the months ahead.”
Linda Jouyaux-Hammache,
Strategic Marketing & Planning Development Manager
16
titors by including added value services
like home appliance protection and home
repair in their own offers.
Stellar performance
Although the healthcare business in 2012
slowed somewhat compared to 2011, sales
nevertheless climbed 19.3%, due in part to
NEXtCARE, the Group’s recently acquired
Dubai-based expert in health third party
administration (TPA). Without NEXtCARE
the business still posted 8.2% growth.
Home and property made impressive
gains, championing growth with +24% and
more than 29m€ in sales. Health accounts
for 11% of the Group’s total business and
home and property for 7%.
Health & Life highlights
span the globe
The Group continued to forge a steady
inroad in the field of remote medical assistance in 2012. Allianz Global Assistance
launched a much anticipated telephone
medical consulting service in France as well
as a hospital accompaniment program that
provides patients and their families with
support before, during, and after hospitalisation. The group also staked a claim in the
Brazilian healthcare market with the launch
of several health services.
Homecare and adaptation services are gaining ground in Australia for army veterans
and in Japan. Home assistance has also expanded into Poland. The Group continues
Interview
Key figures
6.7 million
interventions
18%
Health & Life
Home &
Property
+50%
of turnover
+24.1%
in turnover
+19.3%
Innovation is critical
for success
“
in turnover
in appliance
protection
sales
to serve expatriate customers and overseas
students in Germany and Australia with health
insurance protection. And of course, 2012 saw
the successful integration of NEXtCARE, a key
asset to the Group’s healthcare platform. The
Group aims to leverage the NEXtCARE model
globally, beginning with a pilot project that is
now up and running in Malaysia.
Geographical footprints help
Home and Property gain around
Sales in Appliance Protection grew 50% over
2011. Most of this growth came from retail
partners in Switzerland, Czech Republic and
Turkey. Although many competitors already
crowd the market, Allianz Global Assistance
is the only one that can provide appliance
protection in as many countries as it does.
In addition to its geographical footprint, the
Group has the added advantage of its experience in e-commerce, and its reputation for
value-added customer service, a direction
that retailers are keen to pursue.
Home repair, a long-standing service offer
covering everything from plumbing to property maintenance, and Smart Home, a new
initiative for intelligent living that will enable
people to monitor their homes from a distance, will be other focus areas for growth
in the future.
What role does innovation play in driving
the business?
Changing customer behaviour, which is increasingly digital
and mobile based, market needs and technology trends all
drive the need to innovate. In 2012 we started to roll-out
proven innovative business concepts such as, for example,
extended warranty for our automotive market and
appliance protection solutions. We also further invested
in our marketing and B2C capabilities.
What technologically innovative solutions were
launched in 2012 to meet customer demands?
We addressed new opportunities in the field of remote
health services in France and Brazil. We supported our
core auto and travel lines with the launch of several mobile
applications, and we launched Smart Home concept
development, whereby automated/self-service elements
are combined with value adding services for the home,
property and family.
Why is innovation essential for the Group
as it moves toward 2015 and beyond?
The digital revolution is accelerating. Automotive,
home and health technologies will open up new
opportunities to deliver assistance and insurance
solutions. In the not-too-distant future
smartphone triggered services or integrated
car solutions may be the norm, and
connected homes will move closer to
mainstream. Remote health services
and the online and mobile devicepurchasing trends in travel will continue
to grow. We must leverage our existing
capabilities today in order to deliver added
value to consumers, partners and
shareholders tomorrow.”
Erik Heusel,
Group Market
Management Director
17
Ellie Spiers,
Allianz Global Assistance employee
We’re
everywhere
Helping people anytime, anywhere, beyond
boundaries, borders and limits. Globally connected,
locally involved. More than 12,000 strong, speaking
40 languages, operating 34 country business units,
and supported by 118 correspondents and over
400,000 service providers on six continents. That’s
who we are - Allianz Global Assistance - always
open and always ready to assist, support and advise
you wherever you are, from North America to the
expanses of China, from the land down under to
Continental Europe, from the streets of Brazil to the
reaches of Russia and everywhere else in between.
Our employees
sharing our values
“
CARING: Our greatest asset is the customer,
our goal is to treat each customer as if they
are the only one and to show them that we really
care about their situation. People don’t care how
much you know, but they know how much you
care by the way you listen.’
Marlies Roelofs, Netherlands
“
“
Connected: The Allianz Global Assistance
network covers all locations, languages
and cultures worldwide. People around you have
so much knowledge. Don’t be afraid to talk
to them.”
Suzanne Bolton Hull, Canada
Professional:
Delivering a superlative
customer experience
during every touch point
of customer interaction
consistently is what defines
our approach. This is
where our value of being
professional steers us
during every assistance
and drives us to provide
that “WOW” experience
to our customers.”
Rajesh Sethi, India
“
Proactive: I believe
being proactive in my
every day role allows me to
understand the challenges my
team faces and ensures we are
adaptive to change.”
Daniel McLean, Australia
“
Trust: By being the one
person customers can rely
on from beginning to end we
earn trust and deliver a unique
customer experience.”
Kalandra Smither, USA
americas
“
The economies of the countries in the Americas continued to recover
from the recession and achieved modest growth in 2012. The US, Canada
and Brazil all posted about 2% gross domestic product (GDP) growth, while
Mexico grew faster at 3.5%.Growth in our business units, however, was stronger
than that of GDP. Revenue grew 6% while profits grew 8% (measured in constant
currency). Within the zone, Mexico and Brazil grew strongly at 40% and 12%
respectively. Growth was more modest in Canada and the US, at 6% and 3%
respectively. Profit growth was driven by the US, which improved operating
profits by 38% thanks to strong cost control.
Strong revenue growth in Brazil and Mexico was driven by new clients and
expansion of our business with Allianz in Brazil. Revenue growth in the US was
weakened by regulatory changes that impacted conversion rates with certain
e-commerce clients. Sales of automobiles and travel are healthy within the Americas
and competition is stable. The primary challenges are consolidation among our
client base (particularly US airlines) and an evolving regulatory environment.”
Mike Nelson
Director of the Americas Zone
22
OVERVIEW
Shaped and
strengthened
by diversity
Travel stands its ground
Travel demand in the US was solid in 2012, but high
airfares negatively impacted leisure travel. Sales were
also impacted for some of our largest clients due
to regulatory changes that impacted the way Travel
Insurance is sold. The US was able to drive modest
growth despite these challenges. An important
trend in e-commerce is that a significant number of
bookings are now occurring on mobile devices, up to
20% with some of our major clients. To take advantage
of this trend, the US recently launched a mobile
optimised offering and TicketMaster is the first client
to implement it. Early results are very strong.
Roadside Assistance
carries its weight
Brazil recovered very well from the loss of two large
clients in 2011. A significant piece of new business and
more business with Allianz drove very strong second
half growth and more than offset the client losses. Also,
market trends in general remained strong as most of
our insurance and auto clients continue to experience
strong organic growth.
Health and Home
make inroads
Mexico has developed a keen ability to identify and build
growth opportunities. One of the primary growth drivers
in 2012 was the business units successful work with
local governments to develop customised health and
home offerings for Mexican citizens and government
employees. One of these niche offerings that is proving
to be very successful is funeral assistance.
Where to go from here
Key figures
12 million
+10%
calls
handled
in turnover
23%
Countries
with
group offices
of Allianz
Global
Assistance
turnover
33 Brazil
33 Canada
33 Mexico
33 USA
Countries
with
commercial
activity
33 Argentina
33 Chile
33 Columbia
Milestones
united states continued to
diversify beyond travel
insurance and signed a
partnership with one of
the largest online sports
registration and events
companies in the country.
Since introducing its new
‘Registration Protector
Insurance’ in November,
business is booming.
Mexico achieved profitability
in its fifth year of operation.
Built from the ground up
without the benefit of a
strong presence in Roadside
Assistance because Allianz
does not offer auto insurance
in Mexico, this business unit
has a diversified assistance
portfolio of Travel, Health and
Home solutions.
Brazil launched an Allianz
Global Assistance branded
B2C website to increase B2C
travel sales using the Allianz
brand. Initial results are very
promising.
Canada demonstrated
superior customer service
by winning several
accolades including the
ICMI’s Call Centre of the
Year Award, a silver medal
for Quality and the IQPC
Best Contact Learning and
Recognition Program.
Efforts across the region will focus on product
innovation, new distribution, improving our direct to
consumer capabilities, and penetrating new markets.
Roadside Assistance in Brazil and Travel in the US
and Canada will continue to be the primary drivers
of the zone. Brazil is making good progress with new
lines of business, especially in the medical and home
areas. Mexico is continuing to find unique insurance
and assistance opportunities. Canada and the US
are focused on winning new business, capitalising
on mobile booking trends, and penetrating adjacent
markets such as endurance sports.
23
Asia pacific
“
Once again Asia Pacific is the world’s primary growth engine. Its regional equity markets
outperformed the world index in 2012 with a 22.5% return on the new APAC index. Though still
posting healthy growth, each of the Group’s eight country markets faced unique challenges in 2012.
China in particular felt the repercussions of the Euro zone crisis and the sluggish recovery in the US.
New car sales were lower than expected and restrictions on new vehicle registrations increased.
Thailand, which once benefitted from incentives to purchase new cars, lost these incentives in 2012.
On the travel front, complex regulations and lobbying practices are making it more difficult to
develop the travel business in the region. Competition is intensifying with other global contenders
and many aggressive local players trying to carve out their own piece of the proverbial pie. For its
part Australia suffered from a weaker influx of foreign students in 2012, thereby causing a hit to the
health industry and to overseas student health coverage (OSHC).
Although these economic and political factors took a toll, the region still posted +13% overall
revenue growth. China got the lion’s share with +29% and India and Japan each weighed in
with +23%. Australia, challenged by a difficult local context, posted 9% growth, which translates
into 0% if the impact of the positive foreign exchange rate is excluded. Despite slower than expected
growth, the region still promises huge potential for the Group.”
Roland Rykart
Chief Zone Executive Officer, Asia Pacific
24
OVERVIEW
A powerhouse
of potential
N° 1 in Roadside Assistance
Despite fewer new car sales in the region, the
automotive line of business reported revenue growth
in 2012 of 26% over 2011. This growth reflects the
Group’s solid leadership in roadside assistance, where
it maintained its number one position in Thailand,
India, Japan and China. The Group will continue to work
closely with other Allianz group entities and colleagues
in the region to enlarge its automotive offer and meet
growing customer demands.
Key figures
10 million
+13%
calls
handled
in turnover
17%
Countries
with
group offices
of Allianz
Global
Assistance
turnover
33 Australia
33 China
33 India
33 Japan
33 Malaysia
33 New Zealand
33 Singapore
33 Thailand
Countries
with
commercial
activity
33 Indonesia
33 Philippines
33 South Korea
33 Taiwan
33 Vietnam
Milestones
Travel business growth is slower but
remains a development priority
Group’s travel line of business posted 4% growth. While
travel is mature in Australia (and we secured our number
one position), it is much less so in the other country
markets where the Group is keen to gain a foothold and
become a significant player. Travel development in APAC
remains a priority focus in the months ahead.
Home and Property
continue to grow
Ticket cancellation, events protection and extended
warranty for brown and white goods, launched in 2011
in Japan and Thailand, continue to perform well, and
generated 22% revenue growth in 2012. The successful
introduction in 2011 of homecare solutions for ageing
army veterans in Australia saw sales of this innovative
product line rise by 70%.
new hub Allianz Global
Assistance finalised the
installation of its new
regional hub in Singapore.
This not only represented
a geographic shift from
previous years – the team had
been based in Australia – but
it also represented a huge
evolution in people terms.
Several top managers and
staff - experts in Sales, the
Travel industry and Market
Management - left their
positions in Paris and moved
across the world to start a
whole new chapter in the life
of the Group. Talented local
experts also joined the team.
new team New CEOs
were appointed to
lead the Chinese,
Japanese, Australian and
Singaporean/Malaysian
business units and
coordination among all
entities in the region has
improved significantly.
“I am very proud to be here
in Singapore with the new
team,” Roland Rykart explains.
“We now have the right
people in place to face the
future and a strong dynamic
to really develop our potential
in this region and deliver on
our ambition.”
In addition to diversifying into travel, the Group
continues to build a solid presence in New Zealand,
which is becoming an increasingly important market
for Allianz Global Assistance. It will also pursue growth
opportunities through acquisitions and geographical
expansion, notably in Indonesia and Korea.
25
Europe Middle East Africa
“
Against a backdrop of multiple economies and markets, the political landscape in
the EMEA region shifted in 2012 while it continued to face another very challenging
year. With a persistent sovereign debt crisis, economic growth in Spain, Italy, Portugal and
Greece took a nosedive, triggering higher unemployment and deeper consumer unease.
Repercussions of the 2011 Arab Spring continued to hurt the European tourism industry
in 2012 and automotive manufacturers saw their new car sales in Europe decline for a 5th
consecutive year. While GDP performance varied greatly across the region, the Group’s
well-balanced portfolio between the north, south, east and west enabled it to deliver strong
results. Sales of all types of assistance and insurance products accelerated via new distribution
channels, notably banks and other financial institutions and retailers. Increased business with
Allianz and stronger pan-European partnerships with automotive manufacturers were also
part of the positive equation. With NEXtCARE now fully integrated into the Group, the health
third party administration (TPA) business expanded in the Gulf as well as in North Africa.
The Group as a whole performed well in the region despite the difficult context. Overall growth
was up 7.6% fuelled by the performance in France (+12%), the German-speaking countries
(+12%), Northern Europe (+8%) and Eastern Europe (+30%). Both the Czech Republic and
Turkey posted remarkable growth at 48% and 37% respectively.”
Ida Luka-Lognoné
Chief Executive Officer, EMEA Zone
26
OVERVIEW
Balancing North,
South, East and West
Roadside Assistance on top
Although new car sales were down, the roadside
assistance business was up (+7.2%) particularly for
assisting second hand vehicles. Three distribution
channels - banks, bank-insurance and insurance
companies, drove growth. The Group signed new
contracts or extended existing ones with automotive
manufacturers and expanded its geographic coverage,
particularly into Central and Eastern Europe.
Key figures
28calls
million
handled
60%
of Allianz
Global
Assistance
turnover
+8%
in turnover
Countries with group offices
Health, Life, Home pick up speed
Thanks to NEXtCARE sales, TPA services in 2012
contributed more than 22m€ to the Group’s healthcare
business. France and Switzerland both launched
medical tele-consulting services; and Appliance
Protection, part of the home offering and distributed
primarily through retailers, drove stellar growth,
particularly in the Czech Republic.
Travel is quiet
The Group reported solid travel gains in 2012 in
Scandinavia, Germany and The Netherlands. But the
business took a hit elsewhere, particularly in Southern
Europe due to the depressed economy, and in Egypt
where the political climate is still uncertain.
With another economically uncertain year ahead
in the region, the Group will focus on increasing its
already strong collaboration with Allianz, particularly
for extended warranty in the automotive sector. Efforts
will also focus on further diversifying with appliance
protection, promoting the health TPA business even
more and driving higher B2C sales.
33 Austria
33 Belgium
33 Czech Republic
33 Egypt
33 France
33 Germany
33 Greece
33 Ireland
33 Italy
33 Kingdom of
33 Russia
33 Spain
33 Switzerland
33 The Netherlands
33 Turkey
33 United Arab
Emirates
33 United
Kingdom
Saudi Arabia
33 Lebanon
33 Mauritius
33 Poland
33 Portugal
33 Reunion Island
Countries
with
commercial
activity
33 Bahrain
33 Bosnia/
Herzegovina
33 Bulgaria
33 Croatia
33 Denmark
33 Estonia
33 Finland
33 Hungary
33 Kuwait
33 Latvia
33 Lithuania
33 Luxembourg
33 Moldova
33 Morocco
33 Norway
33 Oman
33 Qatar
33 Romania
33 Serbia
33 Slovak Republic
33 Slovenia
33 Sweden
33 Ukraine
33 Uzbekistan
Milestones
UK launched My Travel
Checklist, a free mobile
app and the essential travel
companion for time-pressed
business travellers, allowing
them to create and customise
their own virtual “to-do” list
before leaving.
Switzerland won the Swiss
Service Barometer for the
4th time. A measuring tool
for the service industry, it
uses mystery calls to test
waiting time, greeting style,
expert knowledge and sales
orientation.
FRANCE was granted ISO
14001 certification in
October for its environmental
management system, part
of a larger commitment to
reduce its carbon footprint
and continuously improve the
company’s environmental
performance.
27
Financial results
We’re
right on track
Reaching challenging targets. Maintaining healthy
profitability. Expanding successfully into new markets
and geographies. These were some of the Group’s
goals in 2012, which it achieved with flying colours.
Allianz Global Assistance once again delivered the
performance of a true global leader.
Key figures
Growth
(%)
+9.0
TURNOVER
(in Euros)
2.238
billion
Net profit
(in Euros)
65.2
million
Financial results
Review of operations
for the year 2012
Turnover (Premiums and Service Revenue)
In 2012, Allianz Global Assistance achieved 2.2 billion Euros gross
turnover which represents a 9.0% growth versus 2011 (6.2%
growth at constant exchange rates, in real terms). This good result
was possible thanks to insurance business which increased by 6.7%
and to service business with a 19.3% growth compared to last year.
With 993 million Euros of revenues, travel insurance products (for instance: trip cancellation, medical assistance…) represents 44% of total
Group revenues and present a 5.1% growth compared to the previous
year. This growth has been mainly driven by the B2C tourism market.
38% of the revenues come from roadside assistance which is a
comparable share versus last year. This line of business has grown
by 8.8% compared to 2011 and is driven by both the automotive
and finance markets (banks, insurers).
Health and lifecare services grew 19.3% in 2012 and represents
11% of total revenues. Property & other products grew 24.1% in
2012 and maintains a 7% total revenue share. These products are
sold mainly through the finance market but also through specialised markets such as telecommunication and retail.
Geographically, the strongest growth came from the Asia Pacific and Americas regions respectively with +13.0% and +10.3%,
followed by Europe with +7.6%. The three largest contributors to
Group turnover France, USA and Australia together accounted for
46.8% of the total in 2012, against 45.8% in 2011. In France, Allianz
Global Assistance has benefited from growth in the finance market
sector and with roadside assistance products when the US growth
was driven by travel insurance. In Australia, growth remains supported by travel, health and life-care.
Claims and Expenses
In 2012 the Group achieved a 86.2 million Euros technical result
with a combined ratio total of 96.0%, 0.8pts improvement compared to last year. Including 26.2 million Euros of operational financial result (see below), the Group operating profit is established at
112.4 million Euros.
12.2% in 2011 to 11.8% and 8.2% in 2012. The Americas still show
a two digit growth at 10.3% even though the share in Group operating profit has slightly decreased from 19.4% to 17.9%.
Investments and financial results
In 2012 Group financial investments amounted to 799 million
Euros, representing 40.8% of total assets against 43.3% in 2011, and
up by 6.8 million Euros (0.9%) versus last year. This increase has
been mainly driven by 121.8 million Euros fixed-interest securities,
of which 99 million Euros are corporate bonds in AGA International.
In the meanwhile, long term bank deposits have decreased by 96.9
million Euros mainly from Australia and UK, other investments of 19
million Euros and loans of 5.3 million Euros mainly from Germany.
The financial result reached 27.8 million Euros in 2012 with a
decrease of 0.6 million Euros versus the previous year, thereof 1.5
million Euros versus 2011 coming from the exchange rates result (a
loss in 2012 to be compared to a profit in 2011) and -2.7 million Euros
versus 2011 coming from impairment on Greek investments in 2011.
Result before and after tax
The group achieved a 112.4 million Euros operating profit in 2012
with a 21.5% growth compared to 2011. Taking into account -9.7
million Euros of non-operating items (mainly restructuring costs
in Australia and US) the result before tax amounts is 102.6 million
Euros in 2012.
Deducting the income tax on profits of 36.8 million Euros, 41.4%
above the prior year, profit after taxes ended up at 65.9 million
Euros, 3.2% better than in 2011.
Minority interest in earnings are negative and amount to -0.6 million Euros in 2012 above the amount of -1.5 million Euros recorded
in 2011. After minority interest, net income reached 65.2 million
Euros, 4.7% above prior year.
Return on equity
Based on an average net asset value of 494.2 million Euros, throughout the 12-month period ending December 31st, 2012 the
return on equity establishes at 13.2%.
France still contributes to Group operating profit for more than
30% while Asia Pacific regions and the German speaking countries
share in Group operating profit is down from resp. 18.0% and
29
Financial results
Financial statements
Consolidated Income Statement
for the Financial Year 2012
2012
2011
1,744,638
1,589,460
Gross premiums written
1,800,102
1,686,292
Ceded premiums written
(30,033)
(13,835)
Change in unearned premiums
(25,431)
(82,997)
(1,027,865)
(956,974)
(1,061,061)
(989,873)
(241,076)
(201,413)
32,581
33,080
(11,493)
(12,344)
615
(181)
(632,219)
(570,363)
(525,892)
(443,936)
(101,071)
(77,156)
(106,327)
(126,427)
in thousand EUR
Premiums earned net
Claims and insurance benefits incurred (net)
Claim current years
− thereof expenses by destination
Claim previous years
Other technical reserves
Acquisition and administrative expenses (net)
Acquisition costs
Administrative expenses
(107,638)
(124,369)
Insurance Technical Result
84,554
62,123
Fee and commission income
425,973
367,511
438,315
367,701
− Gross service written
− Change in deferred services revenues
(12,342)
(190)
(424,316)
(367,133)
Service Margin
1,657
378
Interest and similar income (net)
31,472
30,465
Fee and commission expenses
− thereof External dividends
− thereof Intragroup dividends
30
7
184
695
1,413
in thousand EUR
Trading operating
Investment expenses
− thereof foreign exchange result net
2012
2011
–
–
(4,395)
(69)
(3,653)
(790)
(721)
743
(922)
(391)
Loan loss provisions
–
–
Other income
–
–
Interest expense
Other expenses
0
0
Operating profit
112,366
92,506
Trading non operating
846
(1,053)
Realised gains/losses, impairments (net)
794
(523)
(136)
(255)
(11,232)
(827)
102,638
89,848
Income taxes
(36,758)
(25,990)
Income after taxes and before minorities
65,880
63,858
(645)
(1,549)
65,235
62,309
(35,000)
(35,000)
2,170,611
1,956,971
Amortization of intangible assets
Restructuring charges
Income before taxes and minorities
Minority interests in earnings
Net income
Dividends paid *
Income from ordinary activities
* Refers to dividends paid regarding the result of the year, and paid the following year.
31
Financial results
Consolidated Balance Sheet
of Allianz Global Assistance Group
of December 31st, 2012
ASSETS
in thousand EUR
2012
2011
Goodwill
20,294
18,926
Other intangible fixed assets
29,188
33,193
49,482
52,119
Intangible fixed assets
Land and buildings
Other tangible fixed assets
Tangible fixed assets
Shares
Fixed-interest securities
Other Investments
Securities - available for sale
Investments - fair value through profit & loss
6,532
6,588
54,426
43,314
60,958
49,902
360
356
608,554
486,804
14,573
33,547
623,487
520,707
7,203
4,554
Participations
9,463
5,981
Long term bank deposits
95,361
192,223
Loans
63,684
68,951
Mortgages, long term deposits and loans
159,045
261,174
Investments
799,198
792,416
155,914
171,560
26,173
32,938
Accounts receivable - from policyholders and from agents
Accounts receivable - from reinsurers
Other accounts receivable
251,867
207,416
433,954
411,914
Deferred acquisition costs
88,450
77,768
Cash and cash equivalents
432,954
345,385
Accounts receivable
Reinsurance deposits
14,643
21,716
14,643
21,716
3,774
5,495
26,666
22,359
Accruals & prepayments
30,440
27,854
Deferred taxes - assets
46,433
49,227
1,956,512
1,828,301
Other assets
Accrued interest
Other (prepayments and accrued income)
Total assets
32
SHAREHOLDERS’ EQUITY AND LIABILITIES
in thousand EUR
2012
2011
Share capital
77,112
77,112
180,086
180,086
69,810
55,010
124,550
97,242
65,235
62,309
516,793
471,759
9,079
8,254
Additional paid in capital
Other reserves
Retained earnings brought forward
Net profit for the financial year
Shareholders’ equity
Minority interest in shareholders’ equity
Total Shareholders’ equity
525,872
480,013
Unearned premium reserves and deferred service income
661,031
617,834
Claim reserves
235,207
217,766
42,141
47,804
Other technical provisions
Technical provisions
938,379
883,404
Personnel provisions and similar liabilities
93,537
66,256
Provision for income taxes and similar taxes
22,490
15,458
Other non-technical provisions
28,687
27,037
144,714
108,751
2,923
2,229
Loans
20,420
35,811
Liabilities - direct business
48,505
39,831
8,544
8,875
224,419
225,787
Deferred income
14,470
13,992
Other liabilities
319,281
326,525
28,266
29,608
Total liabilities
1,439,719
1,356,542
Total shareholders’ equity and liabilities
1,956,512
1,828,301
Non-technical provisions
Deposits received from reinsurers
Liabilities - indirect business
Other liabilities
Deferred taxes - liabilities
33
Financial results
Consolidated Cash Flow Statement
in thousand EUR
Consolidated result before taxes
Realised gain/losses on investments
Amortizations (net)
Change in acquisitions costs
Change in depreciations
Net Dotations in technical liabilities relative to insurance contracts and financial contracts
Dotations (net) other provisions
Variation of the fair value of investments and other financial instruments
booked at fair value through P&L (excluded cash and cash equivalent)
Other elements without cash payment included in operating profit
Total of elements included in operating profit not relating to cash flows
and reclassification of financial and investments flows
2012
2011
102,638
89,848
(969)
(220)
136
179
(10,914)
(10,312)
175
2,412
63,641
72,942
1,019
(328)
(1,842)
1,540
995
(487)
52,241
65,726
Variation of operating receivables and payables
96,480
(49,144)
Variation of values given or received in pension
13,033
21,400
Cash flows coming from other receivables and payables
22,723
40,920
Tax paid
(35,851)
(32,224)
Cash flows from operating activities
251,264
136,526
449
(449)
Acquisitions of consolidated companies
Sales of consolidated companies
Acquisitions in associated companies
Sales in associated companies
–
–
(3,390)
(1,413)
(36)
–
Cash Flows from scope variations
(3,517)
(1,862)
Sales of financial investments and derivatives
223,229
606,806
(870)
800
Sales of real estate held for investment
Sales of financial investments and derivatives from activities other than insurance
Cash Flows from sales and payback of investments
Acquisition of financial investments and derivatives
–
–
222,429
607,660
(290,946)
(698,280)
Acquisition of real estate held for investment
–
–
Acquisition or issuance of financial investments and derivatives from activities other than insurance
–
–
(290,946)
(698,280)
Cash Flows from acquisitions and issuance of investments
Sales of tangible and intangible assets
Acquisition of tangible and intangible assets
Cash Flows from acquisition or sales of tangible and intangible assets
5,598
7,823
(43,891)
(40,932)
(38,293)
(33,100)
(110,327)
(125,582)
Membership fee
–
–
Issuance of capital instruments
–
–
Payback of capital instruments
–
–
Transaction on self owned equity
–
–
(36,140)
(36,337)
Cash Flows from investing activities
Dividends paid
Cash Flows from transactions with shareholders
(36,140)
(36,337)
Cash generated by issuance of debts of financing
–
–
Cash allocated to the payback of debts of financing
–
–
Interests paid on debts of financing
–
–
Cash Flows from Group financing
–
–
Cash Flows from financing activities
(36,140)
(36,337)
Cash and Cash equivalent as at January 31st
345,385
360,914
Cash Flow from operating activities
251,264
136,526
Cash Flow from investing activities
(110,327)
(125,582)
Cash Flow from financing activities
(36,140)
(36,337)
Effect of exchange rate changes on cash and cash equivalent
(17,228)
9,864
Cash and Cash equivalent as at December 31 st
432,954
345,385
34
Business years 2011-2012
Income Statement
2012
2011
2,238,417
2,053,993
Net earned premiums and service income
2,170,611
1,956,971
Insurance claims
(1,027,865)
(956,974)
Costs
(1,056,535)
(937,496)
86,211
62,501
in thousand EUR
Gross total turnover (written premiums and service revenues)
Operating result
Financial operating result
26,155
30,005
Operating profit
112,366
92,506
Result after taxes
65,880
63,858
(645)
(1,549)
65,235
62,309
2012
2011
Intangible fixed assets
49,482
52,119
Tangible fixed assets
60,958
49,902
Investments
799,198
792,416
Accounts receivable
433,954
411,914
Cash and cash equivalents
432,954
345,385
179,966
176,565
1,956,512
1,828,301
516,793
471,759
9,079
8,254
Technical provisions
938,379
883,404
Non-technical provisions
144,714
108,751
Other liabilities
319,281
326,525
Minority interests in earnings
Group Result (Net Income)
Balance Sheet
in thousand EUR
ASSETS
Total remaining assets
Total assets
EQUITY AND LIABILITIES
Shareholders’ equity
Minority interest in shareholders’ equity
Deferred taxes - liabilities
Total shareholders’ equity and liabilities
28,266
29,608
1,956,512
1,828,301
35
Group history
1950
2000
1974 –1979
2002 – 2009
In the 1950s travelling became an increasingly popular pastime. Seizing this wave of opportunity, a team
of forward thinking Swiss business pioneers created ELVIA Travel Insurance. Unknown to them at the time, this
was a symbolic date for the small company. It marked
the commencement of what would become our Group
today, and the beginning of our story about helping
people, which is at the heart of everything we do.
Our helping others reached new heights in 1974
when SACNAS-Mondial Assistance was created in
France. This occurred at the time that the assistance
business (travel insurance, roadside, medical and repatriation assistance) began to thrive. In 1979 AGF became
a shareholder of Mondial Assistance.
1980 –1999
For the next two decades Elvia and Mondial Assistance remained separate entities, while we accompanied our corporate clients through many growth changes.
Their geographical expansion paralleled our own, which
began in Europe and gradually reached to the rest of the
world. In 1995, Elvia joined Germany’s Allianz Group.
36
In 2000 the two operating companies successfully
merged to forge the Mondial Assistance Group and
the world’s number one player in assistance, travel insurance and customer services. In April of the same year
World Access, the US leader in travel insurance, joined
the Group, followed one year later by Worldcare in Australia. These two exceptional additions further reinforced our portfolio of top performing companies.
Over the next several years, the Group continued
its geographic expansion, and opened business units
in China (2003), Mexico and India (2007) and Russia
(2008). It also acquired a medical call centre in Switzerland (2007), known today as Medi-24.
In 2006 the Group took a strategic step forward and
launched a new brand identity and five core values
worldwide. In 2007 it began what would become, quite
simply, a landmark year for the Group. The four French
companies - Mondial Assistance, France Secours, Elvia and
SSC – came together into one; Mondial Assistance France.
The decade culminated in
the Group operating under
a single brand, Mondial
Assistance, that spoke in one
cohesive voice and was united
by the same values across 5
continents and in the 28 different countries where the
Group was present.
2010 – 2012
2010 was the beginning of another remarkable year
during which we began our worldwide brand transition from Mondial Assistance to Allianz Global Assistance. On January 1st, 2011, the Group’s legal name became Allianz Global Assistance SAS and a few months later,
under its new name, it acquired Dubai-based NEXtCARE,
an expert in health third party administration. Eighteen
months later, on December 31st 2012, 23 of the Group’s
34 business units had successfully rebranded.
Helping people
anytime, anywhere
For further information,
please visit our website:
www.allianz-global-assistance.com
37, rue Taitbout
75009 Paris, France
Tel:+33 1 53 25 53 25
www.allianz-global-assistance.com

Annual Report 2012 - PDF version

Transcription

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