Annual report 2008 - Mondial Assistance

Transcription

Annual report
2008
Brand values
Caring: a passion for people
We are people who care about people. This
is why the first thing on our minds every day is
your well-being. And to make sure we are getting it
right, we listen to you first to understand what you
need. This open dialogue is second nature to us.
Why? Simply because we really do care. An integral
part of our job is acting on our passion for people.
At the end of the day, it’s about helping you and
making you feel special.
Our passion makes the difference.
Connected: a global
community
We are as diverse and widespread as you are. In fact,
our strength lies in our diversity – the essence of our
global community. Have you ever wondered why
you can reach us and rely on us anytime, anywhere?
It’s simple. Because we are everywhere at all times.
Our vast human and technological connections
and resources make this possible. We use our global
resources to lend a helping hand, wherever you
may be.
Our global reach with our local human touch.
Proactive: going beyond
expectations
We’re never satisfied to just wait for your call. Each
of you and your customers is different. For us, part
of helping you is anticipating what you need before
you call; and offering solutions that exceed your
expectations after you call. Solutions that surprise,
innovate, and reassure above and beyond the call of
duty. When we put our proactivity to work, what we’re
really doing is working to improve the way we serve
you, continuously.
Creating solutions that innovate and surprise,
day in, day out.
Professional: expertise
at your service
We do not keep our wealth of skills and expertise
for ourselves but make them available to you, when,
where and how you need them. Whether you or your
customers need the full story, or just the answer, our
years of professionalism are the foundation of all our
business relationships. We have built a reputation of
excellence, and are proud that you are a part of it.
Our guarantee of excellence at your service.
Trust: to earn it everyday
Trust has to be earned. We know that. Whether
it’s towards a relative, a friend or a customer, we can
win your trust only one way – by showing you that we
are dedicated, honest and reliable every single day.
Our goal is to make sure that each one of your lives
is safer, simpler and more secure. To do this, earning
your trust comes first. Trust truly is at the heart of
what we do.
The heart of who we are.
Contents
A history of helping people and profile 01
Editorial 02
Key figures 04
Lines of business
06
Travel 08
Auto 10
Health & Lifecare 12
Property & others 14
International presence
16
Asia-Pacific 20
Americas 21
Europe, Middle East and Africa 22
Financial results
26
Review of Operations for the year 2008 28
Financial statements
of Mondial Assistance Group 30
Consolidated Balance Sheet 32
Cash Flow Statement 34
Notes to the Consolidated statements 35
Report of the Group auditors 43
Report of the Statutory auditor 46
of Mondial Assistance AG 44
Business years 2007-2008 47
Worldwide addresses 48
Group history
A history of
helping people
In 1950 in Switzerland, when people began traveling more,
a team of forward thinking business pioneers created ELVIA
Travel Insurance. This year marked the beginning of our
story in helping people. Twenty-four years later in 1974,
SACNAS-Mondial Assistance was founded in France; and our
helping reached a new level. The creation of SACNAS-Mondial
Assistance paralleled the development of the assistance business, which, in addition to travel insurance, included roadside,
medical and repatriation assistance. In 1979, AGF became a
shareholder of Mondial Assistance.
During the 80’s and 90’s, still as two separate entities, (Elvia and
Mondial Assistance), we accompanied our corporate clients
through their own changes. As they grew geographically, so did
we, developing first in Europe and then gradually throughout the
rest of the world. In 1995, Elvia joined German’s Allianz Group.
In 2000 Elvia Travel Insurance and SACNAS-Mondial Assistance
successfully merged and created our group as we know it today.
With nearly 80 years of combined experience and know-how, we
became the leading world player in assistance, travel insurance
and customer services.
We acquired World Access in the United States in April 2000 and
Worldcare in Australia a year later.
In 2006, we launched a new Brand identity and values worldwide. This was a long-term strategic step for us. It showed our
dedication to you and your well-being, and reflected our rich,
multi-cultural diversity.
In 2007 we hit a landmark year. On January 1st, our four French
companies – Mondial Assistance, France Secours, Elvia and
SSC – merged to form Mondial Assistance, a unique entity and
brand. In doing so, we confirmed and solidified our position in
France. And true to our goal to grow internationally, we opened offices in Mexico and India. We also acquired Medvantis,
a medical call-centre in Switzerland. We registered our Russian
office in 2007 and began operations there on March 1st, 2008.
Today, we operate under a unique brand name and speak to you
with a single voice. We are present on all 5 continents and feel
right at home in the 28 different countries where we are present. Wherever you go, we are always close by, looking out for you.
We are here to make sure you have our help, anytime, anywhere.
You – our customers, stakeholders and staff members – were,
are and always will be what our business is all about.
ACIF *
50%
50%
* A.C.I.F.: Allianz
Compagnia Italiana
Finanziamenti S.p.A.
Profile
Mondial Assistance, worldwide
leader in assistance services
and travel insurance
40
13.5
million calls
handled
million cases
handled
3,500
people assisted
every hour
Mondial Assistance Annual Report 2008
1
Editorial
Breaking from the string of bad news, we are proud to present
our 2008 results. They aptly reflect the energy and commitment that
the 9,817 talented people who make up our Group demonstrated this past year.
Together, they embody our business mission and passion - helping people,
anywhere, anytime. Our turnover was 1.597 billion euros, up 6%, and our net return
was 62.6 million euros, +9.6% over 2007 ! These results clearly reinforce
our leading world position in assistance and travel insurance.
2008: Growth in a troubled environment
Despite the current economic environment, the tourism market continued to grow slightly, but then slowed due to the volatile
world economy. The automotive industry took a real beating from the compounded effects of the crisis. The financial sector,
also seriously shaken, lost some important players, while a new financial landscape, though still in flux, begins to emerge.
In this complex, unstable context, competition remains fierce on the markets and continents where we are present.
Nevertheless we actively pursued growth in all regions where we currently operate, often despite unfavorable exchange rates.
Our efforts paid off because 2008 proved to be another strong growth year, + 6% with an operating profit of 106.1 millions
euros. Our excellent profitability, with a combined ratio of 94.9%, is the result of our strict, long-term cost control policy.
Innovation and sharing best practices – at the heart of our success
Our four business lines all contributed to sales growth. Tourism activities account for 48% of Group turnover, nearly 50% of
which is generated by e-tourism. The automotive business still represents 39% of overall sales, and today, health & lifecare
services constitute the Group’s third mainstay for development.
Geographic expansion leads to more balanced international sales
We registered our strongest geographic expansion in the Americas (Canada and Brazil) and the Asia Pacific (Japan and
Australia). Both regions, which represent 19% and 9.5% respectively, contribute more and more to Group turnover. In Europe,
71.5% of Group sales, Italy, Belgium, Spain and France registered the strongest growth. Five countries from three continents
(France, USA, Italy, Australia and UK) together represent 57% of Group turnover. This weight illustrates our objective to achieve
more balanced, international sales.
A new subsidiary joins the Mondial Assistance family
We continued to expand in Eastern Europe in 2008 and opened a subsidiary in Moscow, confirming our investment strategy in
BRIC countries (Brazil, Russia, India and China). This geographic expansion strengthens our relations with global customers and
demonstrates our firm commitment to partners who wish to offer innovative, top quality services in every corner of the world.
2009: What lies ahead
Given the international context, we expect 2009 to be a difficult year. However, when signs of the crisis first appeared, we quickly adjusted our strategy to limit costs and help absorb the impact. Today, our policy to balance risks, geographically and in terms of products
and distribution channels, is undeniably one of the Group’s solidifying factors as it allows us to absorb some of the negative effects of
the crisis. While we remain focused on our immediate future, we are also preparing our long-term growth comeback. By launching strategic initiatives outlined in our ambitious “2015 plan”, we will be able to double our turnover. In 2009 we will further develop synergies
2
Mondial Assistance
Executive Committee
President
Rémi Grenier
Members
Jonathan Ansell
Ulrich Delius
Didier Lebret
Ida Luka-Lognoné
Laurence Maurice
Mondial Assistance
AG Board of
Directors
Chairman:
Jean-Philippe Thierry
Vice-President:
Detlev Bremkamp
Vice-President Delegate:
François Thomazeau
Members:
Dr Manfred Knof
Dr Walter Gutberlet
Share capital: CHF 40,000,000
Year of legal foundation: 1999
“In 2008, our 9,817 colleagues, the talented people who make up
our Group, handled more than 13.5 million cases around the world”
across the Group, and support best practices and knowledge sharing. It’s essential that we take full advantage of our innovations,
experience and rich resources to strengthen our competitive edge in our traditional business lines. We will look to leverage opportunities
in counter-cycle activities, such as healthcare, in innovative products like Consumer Specialty Insurance, and in technology.
And we will seize all opportunities in new distribution channels.
Wallisellen and Paris, April 24, 2008
Jean-Philippe Thierry
Chairman of the board of directors of Mondial Assistance AG
Chairman and Chief Executive Officer of AGF
Member of the Board of Management of Allianz SE
Rémi Grenier
President of the Mondial Assistance Executive Committee
3
Key figures
2008 in figures
Turnover (in million euros)
2008
1,597
2007
1,508
Turnover per zone
2006 1,344
19% Americas
9.5% Asia Pacific
71.5% EMEA
Net profit (in million euros)
2008
62.6
2007
57.1
2006
55.9
Turnover per LOB
48% Travel
5% Property & others
39% Auto
Combined ratio (in points)
8% Health & Lifecare
2008
2007
94.9
95.1
Staff per zone
2006
95.2
25% Americas
14% Asia Pacific
Total staff (number of people)
2008
2007
2006
4
9,817
9,356
8,550
61% EMEA
The Mondial Assistance
family grows!
• 1st year completed in Hungary
• Ready to expand in Romania
• New subsidiary opens in Russia
Unique brand name
• We implemented a Chinese
tag-line reflecting our mission
and brand promise.
2008 rewards for innovation
and dedication!
• China: Best China Call Center
• USA: Global Call Center of the Year
• France: Purchasing Decision Award
• Japan: 3-star Call Center
• Belgium: Best Assistance Product
• Germany: Best in class for Travel Insurance
• The Netherlands, the United States
and Canada adopted the new brand
name. They now operate under a
unique brand and speak to you with
a single voice all around the world.
• We launched our new brand
positioning successfully across
the Group.
2008 milestones
5
Lines
of business
6
1
intervention
every
2 seconds
250
million
beneficiaries
24/7
365 days per year
7
Lines of business
Travel
Our historic travel business just keeps booming.
We have been helping people and offering travel insurance
solutions since the 1950s. Our historic line of business is still
growing today and accounts for almost half of our Group turnover.
The international tourism industry has grown significantly since
2005. In fact this trend continued through 2008 when the industry
registered +2% growth.
e-commerce redesigns
the travel business
Our cover is always
personalised
e-commerce has been massively contributing to this development. Many new
players have revolutionized the travel
industry in the past few years. Low
cost carriers have challenged the airline
industry. Online travel agencies have
re-invented the way to buy travel. We
expect some consolidation in this fragmented market; in fact travel industry
players think this will be their main challenge over the next few years. So, when
we think of this market change, we see
the opportunity to keep growing, and
we’ll rely on our solid position to achieve
continued growth.
For the second consecutive year in
the United States, online sales in 2008
exceeded offline sales. Today, all players
considered, e-commerce represents 35%
of the world’s travel market. Compared
to this benchmark, we
performed extremely
well, and reported online sales representing
in turnover
more than 50% of our
Helping and working closely with you,
our client partners, whether you are
travel agents, brokers, tour operators
or online travel specialists, is what we
do best. Our aim is to design innovative, customised, surprising solutions
for you.
Some but not all of these tailored
solutions include insurance and protection against lost or stolen luggage,
repatriation due to illness, medical
and hospital expense coverage when
abroad, reimbursed fares when you or
your customers must cancel a trip due
to unforeseen events, and vehicle repair
in case of a breakdown.
We offer solutions that you can rely on
24/7. Our goal is to make sure you have
our help whoever you are, wherever
you’re from and wherever you’re going.
So, rest assured that you can travel
worry-free and receive exactly the travel
services you expect:
• solutions for business travellers;
• assistance solutions for holidays
abroad;
+2.8%
global travel turnover.
8
48%
of Mondial Assistance
turnover
• leisure and sports solutions for specific
activities such as skiing, golf…;
• holiday accommodation solutions;
• Schengen zone solutions;
• globe-trotter solutions.
Medical excellence – the mark
of our commitment
In 2008, as in previous years, we carried
out more than 670,000 medical assistance and repatriation interventions for
you and your customers. How did we
do this? Thanks to our multi-lingual, travel and medical assistance specialists
who work around the clock, around the
world. You rely on us, but who do we
rely on? On top-quality, certified service
providers in every corner of the globe,
and 180 international correspondents.
Our medical team helps you in more
ways than one. Comprised of doctors with long-standing international
experience, they continually evaluate
hospitals and clinics in countries with
heavy, widespread tourism, and where
the level of medical coverage is weak or
inconsistent. Their aim: to optimize your
healthcare and whatever treatment you
may need with a database built from
first-hand visits. This database provides our 500 doctors and medical staff
with critical information (quality of care,
hygiene, equipment, pathologies treated,
etc.) about the establishments where
patients are likely to be hospitalised
while abroad. Each database-listed
structure receives an annual evaluation
visit. In 2008, the database cited 1,287
hospitals in 458 cities in 122 countries.
Our medical evaluation team regularly
adds new structures to the database.
It also evaluates airport medical structures
to assist airline companies in case of an
aircraft diversion. This program, named
«In-flight Medical Support», kicked off in
2008. We now have 192 evaluated airports in our worldwide database.
There are only a few of us on the international travel market who own such a
database and offer these services. So,
deprive yourself no longer and simply hop
onboard!
Innovation on the online business:
Travel Insurance 2.0
In 2008, we launched Travel Insurance 2.0. This is a real-time, web-services software
developed in-house. It lets us profile your final customers and then offer them specific,
tailor-made products that fit their needs. In doing so, we’re meeting your expectations
better. And in doing that, you can better serve your customers. Another advantage:
conversion rates (ratio number of policies sold/trip sold) increase and revenues are
maximised. We have successfully implemented this new tool in the USA with major
partners. We are planning to deploy it in Europe in 2009.
A solid
international
team to
serve you
We should now tell you that
we’ve set up an international
travel sales team whose job is
to respond to our international
partners’ demands for online
solutions. And you should know
that this team has an essential
mission: to co-ordinate local
business requirements in line
with our partners’ international
strategies to sell and implement
travel insurance and assistance
in several countries via a unique
platform.
p 40 e-commerce correspondents
throughout the world;
p local client management with
a global contract: «Glocal»
e-commerce skills at a local
level;
p secured web services with
the exclusive and innovative
«e-MAGIN» platform.
What you get is a wealth of
international experience and
expertise creating services that
are perfectly adapted to your
local needs.
9
Lines of business
Automotive
We’re always a step ahead of your expectations.
Since 1974, we’ve helped you help your customers with a full
range of roadside assistance solutions. With years of expertise
under our belt, we do our best to anticipate your every need, and
keep perfecting our services so they’re exactly right, every time.
Our help is worldwide. We now offer roadside assistance in more than
50 countries. We are known as an industry leader who “repairs” both
customers and their immobilised vehicles. And we’re proud of this.
A look at the global
environment
2008. What a year! Relative stability, but
growing unease in the first six months
when financial sector concerns mounted
with soaring fuel prices.
Then the fury of the global financial crisis hit the entire auto industry. New car
sales in Europe fell by 7.8% in 2008
and by 19.3% in Q4. US and European
demand dropped, prompting a dramatic slowdown in Asia. Gloomy forecasts
were announced for 2009. While a swift
recovery is unlikely, we must meet the
market challenge.
We will continue to provide competitively-priced, quality services with clear
added value. More than ever, we will
support you with our innovation and
creativity.
Strong, steady
geographical expansion
In 2008, we entered the automotive
market in Russia, and completed our
BRIC strategy by strengthening our local
presence in key markets. We continued
10
to build our international contract portfolio
in Europe with auto and insurer partners
and consolidated our
long, successful relationship with BMW.
We also extended our
in turnover
support to Volvo and
Toyota in Europe.
+8.1%
Our offer goes way beyond
roadside assistance
Flexibility best describes our offer. Each
of you is different, and our offer can be
easily adapted to your differences. We
have a lot of experience setting up dedicated customer platforms. You train
our staff and then they operate your
Knowledge sharing works
• Res@car services: In real
time, our BUs can check
and book a rental car via
the Internet. This saves
precious time all around.
• E-Mission through MIRA
(Golden Argus Award
2007 – Technology
Innovation): Automatic
assistance case dispatch
via GPS tracking to
towers. The result:
less reliance on human
intervention, better
breakdown response
time and deploying
the right resource,
first time.
• SMS Communication on
ETA: As we all know,
waiting 5 minutes for
assistance can feel like
1 hour. With SMS
Communication, you
receive real-time
progress reports about
your assistance case –
who will come and when
will they be there!
• Website communication:
You can now view your
assistance accounts in real
time. How? On a dedicated
Extranet site. The site
provides information on
your assistance cases.
With this, you can quickly
assess customer treatment
and send BUs remarks
and goodwill requests.
We want you to have
the best customer
satisfaction ratings
possible, and your
Extranet portal can help
you get them.
• E-Invoicing and E-Billing
for our providers and
partners. This saves
on administration costs,
reduces billing errors
and ensures our supply
chain is paid accurately
and swiftly.
platforms. It goes without saying that we
help you out with more than just roadside assistance. Whether you’re a car
manufacturer, or a leasing, insurance or
car fleet company – here are just a few
of our flexible solutions:
• Roadside assistance: repair and towing
for broken down/immobilised vehicles;
• Accident management: towing, replacement vehicle, car repair ;
• Used car and extended warranty ;
• Service program management ;
• Telematics: GMS localisation, posttheft notification & tracking, navigation,
remote door unlock, remote controlled
breakdown diagnosis, concierge services (best routes, weather, traffic, legal
assistance…);
• Customer Relationship Management:
telemarketing, customer surveys,
loyalty programs, etc.
Integrated Customer Contact
Management (ICCM)
ICCM is a new customer loyalty service
for our auto clients. Here’s the idea:
We’ve identified a number of contact
opportunities car owners have with their
auto brands: purchase, check-up, MOT
test, breakdown, etc.
With ICCM, we can install a range
of integrated services – new vehicle
delivery time, complete maintenance
management, and proactive claims
management.
This way, we help increase sales for the
brand and reinforce customer loyalty.
39%
turnover
Telematics
For the last ten years we have been one of the major providers of location-based services for
our automotive partners. In 2000 we pioneered with Volvo the first Pan-European Telematics
program. In 2008 we launched several programs with manufacturers and Telematic Service
providers. Our innovations include the remote diagnosis “B” (Breakdown) call for France, and
“pay as you drive” program in Italy.
The Operations Based Automotive Technician (OBAT)
The OBAT is one of our very specialised professions. These experts repair breakdowns
“long distance”. We don’t want to ask you to wait by the roadside during a repair if the repair
can be done more simply. Over the phone, the technician advises the driver what to do;
he coordinates garage repairs and even intervenes on site on behalf of the manufacturer.
All our OBATs have technical experience working for major car manufacturers.
11
Lines of business
Health & Lifecare
We care about your health. And your life.
A few years ago, we launched Health and Lifecare Assistance,
our 3rd business line. It has grown ever since its creation.
Healthcare Assistance focuses specifically on your health.
It offers more specialised services that provide information, comfort,
support and coordination. Lifecare Assistance focuses on your daily
well-being - meeting your personal needs at home or work.
A dynamic year
for a healthy sector
Our offer in a nutshell. We have
the right care for everyone
Around the world populations are getting older and becoming increasingly
dependent. This global trend will fuel our
future growth in the heath sector. As in
previous years, we continue to focus on
“dependency” and on our world’s ageing
population. If you are an elderly person,
chances are you want to stay in your
home for as long as possible. If you are a
supporting family member, chances are
you are looking for a solution that makes
financial and logistical sense. And you
want your relatives to be safe and comfortable in their home.
We are also tuned in to a younger population with entirely different needs. In fact,
our Impatriate Services also enjoyed
steady growth in 2008. This was especially true in Australia
where we are market
leader, mostly due to
our partnering activities
in turnover
with local universities
and schools.
Healthcare
+7.1%
12
• Dependency: These are short or
long-term services to help you recover if you are temporarily dependent,
or stay at home if you are permanently
so. These services are mostly for those
with serious health issues and dependent seniors. But we’re also thinking
about your supporting relatives and
have assistance for them too!
• Personal Response Services. We
know how important it is to be able
to reach someone immediately when
you’re not feeling well. So we offer
state-of-the-art technological devices
that monitor your home and facilitate
communication, location and triggering alarms. These services range from
tele-assistance to tele-medecine. What
you must know is that even if you feel
vulnerable, we’re watching over and
caring for you 24/7.
• Expatriates / Impatriates: We provide
semi-permanent or long-term medical
8%
turnover
assistance and travel insurance for
students and employees because we
know that the unexpected can happen
anywhere. We offer Impatriate coverage in your destination country, mostly
as a condition for granting a visa.
• Disease Management and Patient
Support: If you suffer from a chronic
disease, an impairment or an abnormal
functioning, then you may fully benefit
from these assistance services. They
also target consumers of prescription
drugs. For the best results, we require
active participation on your part.
• … and also Medical counselling,
Third Party Health Administration,
Rehabilitation Management, Prevention,
Second Medical Opinion, etc.
Lifecare
• Daily life services: We help you get
through everyday life (babysitting, cleaning, gardening etc.).
• Employment Assistance: Do you
need help finding a first job, or getting a
new one? Do you plan to retire? Do you
need career assessment advice or just
an understanding ear? Our professional
and retirement advisors are on hand to
give you all the support you need.
• Bereavement and Funeral
Assistance.
• Retirement Assistance.
Partnerships for Lifecare services
Our partnership with a major
French bank enhances Lifecare
services
We have built a strategic partnership in
France with one of the country’s largest
banks to enhance Lifecare services for
its customers and networks.
As a joint venture, we have created a
range of dedicated Lifecare services
for people of all ages to help make
their lives simpler, safer and more
secure.
Partnering with telecom company
makes cell phone tele-assistance
a reality
Our global partnership with one of
France’s leading telecom companies
now enables tele-assistance via your
cell phone.
Cell phones are equipped with a “panic
button”. By pressing it, customers
come into immediate contact with one
of our emergency centers. Our center
assesses the situation and organizes
appropriate assistance.
Working with an insurer to enhance
awareness of Alzheimer’s
In collaboration with a leading French
Medical University, we have developed
two Alzheimer programs.
The first helps increase disease
awareness and literacy. Designed for
insurer’s customers between 55 and
65 years old, it helps them adopt and
respect lifestyle attitudes that will
optimize brain ageing.
The second program, for 65-75 year
olds, is in the form of a special kit to
measure the risk of Alzheimer’s. The
customer’s own doctor, who first is
trained by one of our professional
nurses, administers the test. A positive
result does not mean you suffer from
Alzheimer’s. It simply indicates that
you need to follow it up with early
treatment should the disease appear.
Early treatment can give you an extra
18-24 months of normal functioning.
Teaming up with a world
healthcare leader
In 2008 we signed a European
agreement with a 120 year-old world
leader in healthcare, a household
name in most parts of the world.
Our joint program provides assistance
to those of you with severe psoriasis.
After you contact one of our platforms,
our healthcare professional receives
a contact report. With this, he/she can
fully coordinate follow-up actions for
this healthcare company’s innovative
treatment. The program is to help
professionals monitor, educate and
assist you in using the treatment
properly.
13
Lines of business
Property & others
Getting personal: Your property is our concern.
Property “breakdown”. You all know what this means – a broken water
pipe, a faulty electrical system, a branch that falls and damages the
roof. Some of you may have even experienced natural catastrophes.
Whatever your business, whoever your customers, we’re here to help
you help them if adversity strikes.
Property Assistance – two small
words for a great big offer. From a leaky
faucet to a flooded community, we have
a flexible, customized solution to meet
your needs. 24/7. We also offer telesecurity home and office surveillance,
protection services and warranties
for your credit cards and cell phones,
CRM programs, concierge services
and round-the-clock information call
centers for public inquiries. For us, it’s
all about getting closer to you
to take better care of you and your
belongings.
+18.7%
in turnover
5%
turnover
Keeping your children safe
Our risk assessment service provides parents and care-givers
with valuable information about how to keep kids safe and prevent
unnecessary injuries from happening at home.
Event Cancellation
How many of you have bought tickets for something - and missed it
because work, family obligations, health problems or transportation
woes prevented you from going? To find out exactly how you feel
about this problem, we conducted a survey.
The majority said you wanted to be reimbursed if an unforeseen
incident occurred, and 73% expected the insurance cost to be 5%
of the ticket cost. Well, we have good news!
Our event ticket insurance ensures you against the cost of your ticket
plus any associated costs, such as shipping, should you miss an
event. And it costs 5% of the overall ticket!
Let’s just say that we’ve tried to think of everything because
we care and want to make life’s occasional upsets easier to bear.
14
Property assessment
We send a qualified provider to your home to perform a domestic risk
assessment examination and make necessary recommendations.
Our aim is that you have a totally child-friendly home.
Switch/outlet inspection
The provider inspects all electrical switches and outlets for shock
potential and installs 10 childproof outlet covers.
Rearranging furniture
Our provider may rearrange your furniture to reduce potential risks.
Recommendation booklet
A hands-on booklet explains how to prevent accidents (from breaking
bones to ingesting toxic substances) and build an emergency first aid
kit, and provides a vaccination timetable.
“Helping people,
anytime, anywhere
for a simpler, safer
and more secure life”
15
International
presence
16
9,817
staff members
Business units in
28
countries
40
languages
17
Our “provider” selection
criteria ensures you
always get the best:
• 24-hour availability
• Best price/quality ratio
• Official credentials
• Cashless access to services
• Guarantee of appropriate
and well maintained equipment
Americas
Brazil
Canada
Mexico
USA
We cover the world
A worldwide network that’s here to help you !
Our international network:
competent and complete.
The promise we make is that we’re here
to help, wherever you or your customers
happen to be. This is why we work with
more than 400,000 highly qualified
service and assistance providers and
180 correspondents worldwide.
From transport technicians to medical experts, home repairmen to legal
18
advisors, employment and retirement
counsellors to social service workers,
our network of specialists assists you
and your customers with every need, any
time, anywhere. We have an international
dedicated team set up in Paris at Group
headquarters that selects, manages and
controls our network of providers.
Europe, Middle East & Africa
Austria
Belgium
Czech Republic
France
Germany
Greece
Hungary
Ireland
Italy
Poland
Portugal
Reunion Island
Russia
Spain
Switzerland
The Netherlands
Turkey
United Kingdom
Bosnia/Herzegovina
Bulgaria
Romania
Serbia/Montenegro
Croatia
Slovenia
Baltic Countries
Denmark
Finland
Lebanon
Norway
Sweden
Ukraine
Uzbekistan
Moldova
Asia, Pacific
Australia
China
India
Japan
Singapore
Thailand
Countries with
Group offices
(Business units and
commercial offices)
Countries with a
commercial Group
activity
Our Special partner
Taiwan
South Korea
Malaysia
New Zealand
Morocco
19
Asia-Pacific
With modest growth (+7.9%) in 2008, we fell slightly short
of targets. But with strong contributions from Australia and Japan,
our profitability was up (+49.3%) over the same period in 2007.
Signs of commercial slowdown appeared in Q3 when our main auto
and travel partners saw demand fall. The slowdown spanned all
regions, even those that had been enjoying double-digit growth.
Australia: Strengthening
market positions
India: Year one operations
successful
Our Australian business enjoyed +14%
growth, and reinforced its lead position in
core markets – travel insurance, automotive assistance, overseas student health
insurance and international medical assistance. All of these, plus e-travel insurance,
contributed to growth. We improved our
operating profit (+52%) by adopting lower,
cost-base best practices in each respective market. A dedicated team focused
on growth through innovation, notably on
developing customer value.
During our first year in India we focused
on developing roadside assistance for
the auto industry. We signed contracts
with manufacturers, leasing and insurance companies. Today we are the
sector’s market leader. We also launched
CRM and claims notification services
and began to pave the way for travel
insurance in 2009. An added bonus was
recognition for our quality services in a
very challenging market.
China: Reaching out to the auto
and financial industries
We launched several new car manufacturer programs in 2008 and continued to
report strong growth in roadside assistance. Our Chinese BU also focused
on the financial sector. Today, we count
several leading Chinese financial institutions among our partners. Changes in
travel insurance regulations early in the
year adversely affected our bottom and
top line travel insurance results.
20
Japan: Customers pleased
with improved service delivery
2008 was an excellent year for Millea
Mondial. Despite the difficult economic
context, sales revenues climbed 27%
and we exceeded profit targets. Most
growth came from traditional roadside
assistance services. We also launched
innovative pet insurance, automation
projects and improved processes.
Today we offer more
streamlined, affordain turnover
ble customer service
delivery.
+7.9%
9.5%
of Group
turnover
Singapore & South East Asia:
Increased dynamics in travel
insurance
In Singapore, our regional hub, we continued to develop e-commerce travel
insurance, and successfully launched
it in Malaysia. We also concluded travel
insurance programs for hotel-only booking portals. Online booking agents in
Singapore can now get ticket protection
insurance.
Thailand: profit steady despite
difficult times
2008 was a difficult year for Thailand.
The ongoing political crisis and civil
unrest at airports impacted our turnover. However, we still delivered a healthy
profit. How? By fiercely implementing
robust cost containment policies!
Americas
We had a record year in the Americas zone. Revenue growth was
the highest in the Group and online travel insurance defied
the global recession, meeting revenue and profitability goals.
Our teams from the US and Brazil introduced a range of innovative
products and technologies which produced exceptional results.
And 2008 was a transition year in Canada, while Mexico continued
to build its capabilities.
Brazil : A record year
across the board
Our Brazilian business unit performed
extremely well, buoyed by profitable
growth and diversification. We strengthened online partnerships with travel
agencies and airline carriers and promoted our own travel website. We signed
several new partners in our traditional
business lines, solidifying our lead position. We also successfully launched a
win-win solution integrating roadside
assistance with comprehensive CRM
services.
+18.6%
in turnover
Canada:
Improved
governance in a
pivotal year
We indeed had a pivotal year in Canada in
year-over-year performance, employee
engagement and innovation. We consolidated our lead position in online travel
insurance by winning new customers and
offering new products. We strengthened
and built key strategic partnerships in
our distribution and service networks.
And our cost containment initiative paid
off, helping to improve our bottom line
result and position us to move comfortably forward. We also greatly strengthened
internal corporate governance.
19%
of Group
turnover
Mexico:
Expanding
network helps
new clients
Operations grew
steadily in 2008 in
our recently opened Mexican business unit. We now
offer roadside, home, medical, legal and
travel assistance in Mexico to a wide
variety of clients including the automotive, travel and financial industries. We
also strengthened our offer with a 24/7
international platform, supported by a
growing local network of providers.
We are US market leader in online travel
insurance and event ticket insurance.
Despite the economic downturn, our
revenue grew by nearly 20% for the
fourth consecutive year. We continued
to lead the way in credit card enhancements and out-of-country health
services, and also launched many innovations. These include a new, patented
“intelligent” technology that offers personalized products to customers in an
online environment.
In 2008, our customer service center
received the coveted “Global Call Center
of the Year” award. Employees in the US
also led the group with the highest score
for job satisfaction.
USA: Double-digit growth for
fourth consecutive year
Our American business had another
successful and record year. Impressive
growth, customer satisfaction and innovation were keys to success. Our American
business unit is the second largest in the
group, and the largest in travel insurance.
21
Europe, Middle East
and Africa
The EMEA zone is still our main contributor. It generated
71.6% of global turnover in 2008. Our e-commerce sales continued
to boom in the travel segment. And because we are always looking
for better ways to help you, we continued to innovate. We acquired
and launched new services in domestic healthcare, and introduced
online business models in many countries.
Austria & SEE: New Products
and an eye to expand
Despite the difficult market and economy,
we enjoyed moderate +4% growth in
the traditional travel business in Austria.
The new premium Comprehensive product launched in January 2008 partially
contributed to this. December 2008
marked the end of our first full and satisfactory business year in Hungary where
50% of sales came from our traditional
business lines, and 50% from e-commerce travel insurance. We succeeded
in winning key accounts in the travel
(including air lines) and automotive sectors. Now our Austrian
business unit is ready
to take a further step
into the SEE and
in turnover
enter the Romanian
market. So far, we’ve
+4.1%
22
established contacts with travel agents
and tour operators. We’ve completed a
home web page, installed an electronic
booking system and developed tailored
travel products.
Belgium: Creativity for growth
Our Belgian business unit showed leadership and product creativity once
again by winning the «Best Assistance
Product» award given by a jury of nonlife insurance experts. Another triumph
– we ran an innovative, award-winning
communication campaign! Our strong
relations with you, our travel agent and
insurance broker partners, were reinforced by several successful network
events. We also concluded new agreements for healthcare services, which
helped increase our profitable turnover
by +14%.
Czech & Slovak Republics:
Our 10th anniversary
Our business unit in Prague celebrated
its 10-year anniversary by successfully
transferring its entire business activity
to our new Mondial Assistance brand.
We continued to actively develop and
improve our vehicle, travel and domestic assistance and insurance offers. The
result: we considerably grew our client
portfolio!
We continued to work closely with
Allianz-Slovenska Poistovna, the leading Slovak insurer, and expanded our
collaboration in vehicle assistance, travel insurance and reinsurance. We also
worked together to penetrate the home
assistance and healthcare markets.
In 2008 our relations with our Slovak
business partners were dominated by
the country’s entry to the Euro zone.
We launched some major IT projects,
designed to help you - customers and
staff – and make your lives easier! These
include a new, locally designed e-com
sales tool, a new management information system, a data warehouse and web
access to assistance files. Our reward
for our positive results? We’ll be moving
to new offices in Prague in 2009!
France: Market leader
for the first time!
Our French business unit enjoyed
+7,8% growth in 2008. And for the
first time in our history, we are now leader on the French assistance market!
So, where did we grow commercially?
In the bank-insurance sector particularly with home assistance services. We
also signed many new contracts with
mutual insurance companies, renewed
agreements with major auto manufacturers, and signed new contracts with
car rental companies. Our e-travel business continued to grow. And so did our
penetration into several new segments:
business travel, hotel bookings, and
events ticketing. Enhanced guarantees
for our tourism clients have met with
great success. We invested significantly
to promote direct online sales of telesurveillance and tele-security products.
And this paid off because 1/3 of our
new customers come from online! Local
communities continued to subscribe to
our tele-assistance services, boosting
growth in this area. We worked relentlessly to successfully optimize purchasing
agreements with rental car companies,
airlines and our network of vehicle repair
providers. These
efforts also paid off.
Our innovation
strategy to develop
of Group
lifecare services
turnover
got an operational
boost when we
71.6%
created a dedicated business line, launched the “servissimes” platform with one
of France’s biggest banks, and implemented two new electronic devices for
healthcare and lifecare providers. We’re
recognized as a pioneer in tele-assistance, and specialized in helping the
elderly population. This expertise led
to us receiving the 2008 «Recognition
for lifecare services» award from the
National Center for Lifecare Services.
But we didn’t stop here. For the first
time in France, we supervised a “dependency” questionnaire for people over 70;
we also developed new services to help
healthcare assistants. Today we are
proud of our wide range of dependency
assistance solutions.
Germany: Travel and
Assistance sales consolidation
In 2008, we successfully strengthened
and streamlined the organization of
our German business units. How? By
consolidating all insurance carriers and
setting up a new structure for all assistance activities. These changes in 2008
helped bring about remarkable success
in both sales and profit. We succeeded
in being the first assistance company to
offer a complete range of annual travel
insurance policies. This product generation was judged “best-in-class” by a
very important German consumer survey. Our earned premiums increased in
2008 by 62% over the previous year. But
2008 was also very challenging because
the German travel insurance market is
highly competitive, made even more
so by aggressive new players. To compensate for the traditional flat tourism
business, our travel entity focused on
developing travel insurance offers for
financial institutions, insurance companies and brokers. We also worked
closely with new customers to develop
for their distribution channels a range of
innovative products for students. In line
with current trends, we continued to shift
our business model from offline to online.
The most important change for us in
2008 was our name transition to the
Mondial Assistance brand.
Our assistance entity continued to
co-develop with Allianz new domestic
healthcare products for the senior market.
And to meet your growing expectations,
we also pursued efforts to improve quality
and productivity standards for our roadside assistance activities.
Greece: New legislation
and popular B2C solutions
Greek roadside assistance legislation
changed a lot in 2008. At our local business unit, we aligned ourselves with the
new laws, which are much more demanding, and also met our financial targets!
We increased turnover by +6,2% over
2007 and achieved a combined ratio of
less than 95%. Where did we focus to
increase sales and profitability? Mostly
on B2B2C and roadside assistance
renewal schemes for importers. We
also launched e-Mondial.gr, and B2C/
white label travel insurance solutions.
These are currently very popular with
online travel agencies, and show promising growth. We’re pleased to say that
we’ve maintained our lead position in
the Greek automotive market and have
been boosted by a rapid growth in travel
insurance.
Italy: Proactivity leads to
growth and profitability
In Italy, we enjoyed +11.6% growth in
2008, generated mostly from the travel industry. We paid close attention
to managing our portfolios proactively;
and closed off the year on a good roll
by signing new contracts with several
Italian tour operators, which we hope
will boost our 2009 sales! We also took
23
time to carefully review our B2C website and asked ourselves how we can
help you, our direct customers, better?
The answer is in our new online product
offers like cell phone insurance and
roadside assistance! 2008 was a key
partnering year with Allianz. We worked
closely with their new management team
to build a best-in-class way to manage
operations and ensure transparency
between us. In a similar vein we renewed
our commitment to the values of corporate social responsibility and launched
www.mondiality.it. This won us SA8000
certification! And we have a newcomer
to our Group - Mondial Contact Center
Italia. Here we manage contact center
services for our customers and even
ourselves!
Netherlands: innovation
in a mature market
The vehicle assistance market in the
Netherlands continued to climb in 2008.
On this wave, we strengthened our operational productivity. We continued to
focus efforts on promoting our popular
annual travel insurance products. We
also observed a shift from the travel
industry toward the insurance industry
as a distribution channel. As one of our
goals is to further help our individual
consumers, we successfully launched
a roadside assistance solution just for
them. And of course, as in other countries, we transitioned very successfully to
the new Mondial Assistance brand!
Poland: Dynamic sales
and innovative healthcare
The assistance market in Poland grew
by 30% in 2008 – and it was an excellent year for our Polish business unit.
We achieved high sales growth despite a more competitive environment.
We now have a 33% share of the
country’s assistance market and are
24
considered a domestic leader. We have
also built a strong base to foster future
growth. How? By improving our core
business and successfully launching
new domestic products targeting the
mass market. Our innovative healthcare
products and additional concierge services have also been very successful.
Reunion Island: A diversified
client portfolio
We sustained over 5% growth in our
Reunion Island business unit in 2008.
CRM services remain the main line
of business; that being said, the
assistance activity is picking up vigorously. It combines emergency hotline
solutions with services and claims
handling (i.e. car fleets, insurance
claims and real estate management…).
In response to this growth, we recently
launched several innovative solutions for
our customers. Our client portfolio has
grown as well and now includes several
public sector entities.
Russia & CIS: a bold beginning
for travel insurance and
roadside assistance
On March 1st, 2008 we kicked off our
new Russian activities and had a very
promising first year. Our 24/7 assistance
platform, which also covers medical
requests, helped many people and
handled over 5,000 files in 10 months!
We’re also pleased to announce that our
Russian team is now complete. Our core
activities in this vast market are travel
insurance and roadside assistance. So
far we have built a roadside assistance
network in 80 Russian cities and we’re
actively developing our core offer for the
CIS (Commonwealth of Independent
States) and Bulgaria. We’re currently
in close contact with insurance companies in the Ukraine, Kazakhstan and
Armenia.
Spain: Quality improvements
and a bright “green” attitude
With 68% female staff, our Spanish
business unit increased sales by 14.3%
in 2008, mostly from the tourism industry. But who was the real star? A product
line for travel agencies whose revenues
climbed by 30%! We created a new
computer-assistance service, which
works by phone, email or chats, and
offers a remote access option as well.
2008 was a very “green” year for us in
Spain. We extended a caring hand to the
environment and reduced our consumption of paper and paper products by
50%! We also launched a hefty roadside
assistance program in Madrid with 3 tow
trucks – this should let us handle more
than 6,500 cases in our capital a year.
And because you are always on the top
of our mind, we set out to improve the
quality of our roadside assistance services and our ability to design specific
customized solutions for you. How, you
might ask? Through Neoasistencia,
a subsidiary company that focuses
exclusively on these challenges.
Switzerland: new distribution
channels key for future growth
We enjoyed another successful year in
our Swiss business unit. Revenues grew
by 17.3% and we increased our share in
all key markets! We worked in a sound
economic environment into Q3, which
led to a higher loss ratio as people traveled more and paid more to do so. This
trend reversed in Q4. Overall our profit
grew in line with revenues and our combined ratio reached an excellent 94%.
A major change for us in 2008 was the
distribution landscape. For the first time,
a major retail chain is now selling our travel insurance and roadside assistance
products. Car dealers are also offering
travel insurance at the time of a new
car purchase. These new distribution
channels will be key for our future growth.
We also saw a big boost in demand for
healthcare. Popular among newcomers
are medical consulting, medical triage
and disease management products.
Turkey: We’ve come a long way...
We’ve come a long way with our Turkish
business unit, and 2008 was a fine
example of the progress we’ve made.
Our turnover grew by more than 30%
and we achieved a combined ratio of
93%! Perhaps equally as rewarding – we
received a prize for Home Assistance!
We can confidently say today that we are
looking forward to sustainable growth
in the future. We’ve set our sights on
wider horizons too. With our new entity,
Mondial Assistance Insurance, we have
entered the insurance sector and will
soon have full insurance capability. We
are pursuing the medical and assistance
businesses in regions like Azerbaijan
and Georgia. Through an internal IT
tool, the Eureka Project, we made great
cost containment achievements in the
medical sector. As a result, our business
units in Germany, France, Holland and
Belgium come through us to manage
their medical and technical files.
We continue to make gains in both the
banking and automotive sectors, and
recently signed agreements with two
major automobile brands. This positive
dynamic is not just a feeling. It’s real,
reflected in our improved NPS rating and
growing staff.
UK and Ireland: Booming
e-commerce and streamlined
processes
2008 was a challenging year for our
UK and Irish business units due to the
economic downturn. But in the end
we maintained our final annual results.
We made new business wins throughout
the year. Among them is one of the UK’s
leading tour operators. We’ve been very
successful in developing sales of our
on-line warranty and travel insurance
products. Continuous improvement is
part of our daily vocabulary and for 2008
this was no exception. So that we can
help you better and faster, we significantly improved our call centre efficiency
and automatic dispatch processes to our
technicians in the field. Today, our UK
business unit is among the region’s top
three providers of dedicated roadside
assistance, travel insurance administration and automotive warranty. You should
also know that we focused a great deal
in 2008 on developing our people and in
investing in technology. HR and Internal
Communications offered strong support
for in-house training. The old adage «a
little goes a long way» is absolutely
true. Our simple actions reinforced
staff Engagement and Loyalty, and
maximized productivity. Today we are
recognized for our excellent customer
services and successfully implementing
innovative change; staff turnover is way
down, well below the industry average,
and our operating results are strong.
Middle East & Africa:
Reinforcing the core business
Throughout 2008, we supported Allianz
in developing its activities in Africa and
the Middle East by providing quality travel insurance. Our aim is to help as many
people as possible, so we took appropriate action. We furthered our relations
with existing partners in the Near East,
including Lebanon, Jordan and Egypt.
And we began developing services for
new partners in the Gulf countries, focusing particularly on insurers, banks and
airlines.
25
Financial
results
26
1,597
million € turnover
+6%
growth
62.6
million € net profit
27
Financial results
Review of Operations
For the year 2008
Turnover (Premiums and Service Revenue)
In 2008, Mondial Assistance reached
its targets by achieving 1.6 billion euros
gross turnover with a combined ratio
below 95%. This good result was possible
thanks to the insurance business whose
written premiums increased by +8.1%
compared to last year, along with stable
service revenues.
48% of the revenues come from travel
insurance products, such as trip cancellation, medical costs coverage and medical
assistance. This line of business had a
growth of +2.8% in 2008 with a clear trend
to internet online business through travel
agents and airlines companies.
The business contributing to the half of
the total growth was automotive. Representing 39% of the total group revenues,
with mainly roadside assistance products, the line of business automotive
had a growth of +8.1%.
The remaining part of the business is
split between the third line of business
health and lifecare services, representing
8% of the total revenues, and the fourth
one property & others with 5% revenue
share. The corresponding products
sold mainly on the finance market had
respectively turnover increases of +7.1%
and +18.7%.
Geographically, the Americas and EMEA
regions were the main contributors
to the growth of revenues in volume,
respectively with +18.6% and +4.1%,
followed by Asia Pacific with +7.9%.
The strong growth, mainly coming
from France, Brazil, Italy and the USA,
was heavily impacted by -40.7 million
euros resulting from important foreign
exchange rates fluctuations during the
year 2008, the major impacts being with
the British pound, the US dollar and the
Australian dollar.
Claims and expenses
Compared to last year, the claims ratio
improved by 1.4% point from 58.4% to
57.8%. This comes from both a slight
improvement of the current year claims
ratio and also a better run-off from previous year claims.
Globally the commission ratio gross of
reinsurance moved from 20.7% in 2007
to 20.5% in 2008, which is very stable
as during last years and mostly driven by
the insurance business ratio of 23.9%.
In addition to those improvements, the
efficient control of the costs has to be
emphasized as the general expenses
increased by only +5.1% to 565.2 million
euros and the general expenses ratio
decreased from 37% in 2007 to 36%
in 2008. In parallel, Headcounts increased
by +4.9% and full time equivalent
increased by +6.1%.
As a consequence of the above mentioned improvement, the combined ratio,
as a mix of insurance and service businesses, improved to 94.9%.
Investments and financial results
At December 31st, 2008, the Group’s
financial investments amounted to
581.6 million euros, which represent
40.5% of the total assets, compared to
562.4 million euros and 41% in 2007.
In 2008 there were 45 million euros less
long term bank deposits than in 2007,
28
especially in UK, and 52.3 million euros
more securities available for sale, mainly
coming from more cash invested in
money market mutual funds.
The investments and financial results
decreased by -9.4 million euros in 2008
to 24.1 million euros, thereof -7.6 million
euros coming from exchange rates
result especially on contracts in British
pound, US dollar, Canadian dollar and
euro against Swiss franc. Furthermore,
the result from investments was lower
than in 2007 due to the economic crisis
and the impairment of some bonds.
Turnover per zone
Turnover
(in million euros)
2008
48%
Travel
5%
Property
& others
39%
Auto
19%
Americas
1,597
2007
Turnover per LOB
9.5%
Asia
Pacific
71.5%
EMEA
1,508
2006 1,344
8%
Health
& Lifecare
Combined ratio
Net profit
Total staff
2008
2008
2008
(in points)
2007
2006
94.9
95.1
95.2
(in million euros)
62.6
(number of people)
2007
57.1
2007
2006
55.9
2006
9,817
9,356
8,550
Result before and after tax, and return on equity
The result generated by the operating
activities increased by +11.9% compared to 2007 to 79.9 million euros.
Thanks to this operating result, Mondial
Assistance could achieved 103.1 million
euros result before tax in 2008 which is
higher than in 2007 by +1%. Without
any negative translation impact due
to fluctuations in currency exchange
rates since year-end 2007, this consolidated profit could have been
hypothetically 3.5 million euros higher.
Deducting the taxes on profits of
38 million euros, lower than in 2007
by 5.1 million euros due to a one-off
increase in 2007 following a change
in the Switzerland’s tax legislation, profit
after taxes ended up at 62.6 million
euros, which is 5.5 million euros better
than in 2007.
Correspondingly, the return on equity
throughout the twelve-month period
ended December 31st, 2008 increased
to 17.3% in 2008.
Changes in Group structure
As during previous years, some changes
in Group structure took place during the
year 2008. In addition to new consolidations, a legal restructuring of the Group
has started in 2008 and following steps
are expected in 2009 and following
years. Details of these 2008 operations
can be found in the chapter “Notes
to the consolidated financial statements”,
starting on page 35 of this report.
29
Financial results
of Mondial Assistance Group
Consolidated Income Statement
2008
GROSS
2008
CEDED
2008
FOR OWN
ACCOUNT
2007
FOR OWN
ACCOUNT
RESTATED
RESTATEMENT
2007
FOR OWN
ACCOUNT
INSURANCE AND ASSISTANCE BUSINESS
Total turnover (premiums and service revenue)
1,596,951
10,388
1,586,563
1,495,385
(15,301)
1,510,686
Written premiums
Unearned premium reserve change
Earned premiums
1,227,565
(19,808)
1,207,757
10,388
186
10,574
1,217,177
(19,994)
1,197,183
1,126,292
(34,823)
1,091,469
(15,301)
(1,119)
(16,420)
1,141,593
(33,704)
1,107,889
(442,626)
(3,676)
(438,950)
(406,566)
(406,566)
(124,100)
(113,586)
(113,586)
(146,174)
(709,224)
(92,226)
(129,453)
(649,605)
(85,479)
(129,453)
(649,605)
(85,479)
(10,716)
(9,446)
(9,446)
123,268
20,326
(2,826)
(691,724)
(287,753)
217,706
109,669
14,744
(2,329)
(637,190)
(259,614)
194,665
109,669
14,744
(17,630)
(652,491)
(259,614)
195,784
369,386
1,582
370,968
(43,547)
(34,818)
369,093
(4,741)
364,352
(27,384)
(45,203)
(174,050)
(162,222)
118,553
129,543
(370,945)
(27,836)
(15,675)
(6,405)
(144,358)
308,865
(256,354)
(343,705)
(22,324)
(13,555)
(11,802)
(146,643)
285,253
(252,776)
79,905
71,432
IN THOUSAND EUR
Claims paid current year
Transferred claims administration
expenses (ICHC) CY
Change in current year reserves
Claims incurred current year
Claims paid previous year
Transferred claims administration
expenses (ICHC) PY
Change in previous year reserves
Claims incurred previous year
Other technical income / expenses
Total claims
Commission paid (Insurance Business)
Insurance margin
Service revenue
Service income deferred change
Service revenue earned
Other service income / expenses
Commission paid (service business)
Transferred service administration
expenses (ISHC)
Service Margin
Staff costs
IT costs
Telecommunication costs
Fees for group services
Other administration costs
Transfer of ICHC and ISHC
General expenses after transfer
Operating result
30
(124,100)
(147,613)
(714,339)
(95,425)
(1,439)
(5,115)
(3,199)
(10,716)
129,767
23,626
(2,826)
(693,539)
(289,238)
224,980
6,499
3,300
0
(1,815)
(1,485)
7,274
15,301
15,301
(1,119)
7,966
7,966
369,093
(12,707)
356,386
(27,384)
(45,203)
(162,222)
7,966
121,577
(343,705)
(22,324)
(13,555)
(11,802)
(146,643)
285,253
(252,776)
6,847
64,585
2008
GROSS
2008
CEDED
2008
FOR OWN
ACCOUNT
2007
FOR OWN
ACCOUNT
RESTATED
17,289
(1,141)
16,148
3,436
(2,081)
1,355
0
(6,401)
(6,401)
11,102
115,935
(123,427)
(7,492)
21,750
(1,205)
20,545
13,053
(948)
103,112
(37,997)
65,115
(2,551)
62,564
14,223
(737)
13,486
2,999
(1,802)
1,197
76
(851)
(775)
13,908
23,875
(23,761)
114
20,363
(859)
19,504
19,618
(2,873)
102,085
(43,064)
59,021
(1,937)
57,084
IN THOUSAND EUR
Financial operations
Current income investments
Current expense investments
Current investment result
Realised gains
Realised losses
Realised result
Write-ups
Write-offs
Net write offs
Result from investments
Exchange rate fluctuation gains
Exchange rate fluctuation losses
Exchange rate result
Interest and similar income
Interest and similar expenses
Interest and similar result
Financial result
Other income/expenses
Result before tax
Taxes
Result after tax
Minority interest in the results
Group result
RESTATEMENT
6,847
(2,263)
4,584
4,584
2007
FOR OWN
ACCOUNT
14,223
(737)
13,486
2,999
(1,802)
1,197
76
(851)
(775)
13,908
23,875
(23,761)
114
20,363
(859)
19,504
19,618
(2,873)
95,238
(40,801)
54,437
(1,937)
52,500
31
Financial results
Consolidated Balance Sheet
2008
2007
RESTATED
Goodwill
19,497
19,176
Other intangible fixed assets
23,371
28,455
Intangible fixed assets
42,868
47,631
IN THOUSAND EUR
RESTATEMENT
2007
ASSETS
28,455
0
47,631
7,706
7,973
7,973
Other tangible fixed assets
44,942
47,400
47,400
Tangible fixed assets
52,648
55,373
216
24
24
317,429
304,626
304,626
80,480
41,161
41,161
398,125
803
776
345,811
4,700
284
0
0
0
148,930
193,890
193,890
Land and buildings
Shares
Fixed-interest securities
Other Investments
Securities - available for sale
Investments - fair value through profit & loss
Participations
Mortgages
Long term bank deposits
Loans
0
0
0
0
55,373
345,811
4,700
284
32,957
17,743
Mortgages, long term deposits and loans
Investments
181,887
581,591
211,633
562,428
Accounts receivable - direct business
121,097
100,504
100,504
69,995
67,031
67,031
2,310
8,074
8,074
Accounts receivable - indirect business
Accounts receivable from associated companies current accounts
17,743
0
0
211,633
562,428
Other accounts receivable
203,855
176,262
Accounts receivable
397,257
351,871
0
351,871
Deferred acquisition costs
Cash and cash equivalents
36,991
239,643
28,568
225,046
0
0
28,568
225,046
5,430
29,873
Reinsurance deposits
Other deposits
5,547
5,407
Other assets
10,977
35,280
176,262
29,873
5,407
0
35,280
8,431
10,537
Other (prepayments and accrued income)
33,456
26,680
Accruals & prepayments
41,887
37,217
0
37,217
31,187
1,435,049
29,099
1,372,513
4,089
4,089
25,010
1,368,424
Accrued interest
Deferred taxes - assets
Total assets
32
19,176
10,537
26,680
2008
2007
RESTATED
25,509
25,509
IN THOUSAND EUR
RESTATEMENT
2007
SHAREHOLDERS’ EQUITY AND LIABILITIES
Share capital
Additional paid in capital
Other reserves
25,509
30,633
30,633
30,633
210,227
211,363
211,363
Retained earnings brought forward
59,747
33,937
Correction of an error related to previous years
(9,275)
(13,859)
(13,859)
62,564
379,405
57,084
344,667
4,584
(9,275)
52,500
353,942
10,324
9,416
0
9,416
13,364
Net profit for the financial year
Shareholders’ equity
Minority interest in shareholders’ equity
Unearned premium reserves and deferred service income
419,599
436,201
Claim reserves
183,483
170,355
Other technical provisions
Technical provisions and deferred service income
41,413
46,787
644,495
653,343
33,937
422,837
170,355
46,787
13,364
639,979
Personnel provisions and similar liabilities
48,413
44,556
44,556
Provision for income taxes and similar taxes
22,067
25,822
25,822
Other non-technical provisions
10,411
12,521
Non-technical provisions
80,891
82,899
180
226
226
Loans
11,954
17,120
17,120
Liabilities - direct business
36,875
16,806
16,806
Liabilities - indirect business
13,033
10,813
10,813
8,100
579
579
217,865
201,116
201,116
Deposits received from reinsurers
Liabilities to associated companies - current accounts
Other liabilities
12,521
0
82,899
Deferred income
12,827
19,928
Other liabilities
300,834
266,588
0
266,588
19,100
15,601
0
15,601
1,055,644
1,435,049
1,027,847
1,372,513
13,364
4,089
1,014,483
1,368,424
Deferred taxes - liabilities
Total liabilities
Total shareholders’ equity and liabilities
19,928
33
Financial results
Cash Flow Statement
IN THOUSAND EUR
Net result of the period
Change in unearned premiums reserve
Change in claims and claim handling costs
Change in other technical reserves
Change in deferred acquisition costs
Change in deposits held by others under reinsurance business assumed
Change in deposits held under reinsurance business ceded
Change in accounts receivable / payable on reinsurance business
Change in loans and advances to banks and customers
Change in liabilities to banks and customers
Change in other receivables and liabilities
Change in deferred tax assets / liabilities
Adjustment for investment income/expenses not involving movements of cash
Adjustments to reconcile amortization of goodwill
Depreciation and amortization expense
Other
Minority interests
Cash flow from operating activities
Change in securities available for sale*
Change in real estate
Change in other investments
Acquisition of subsidiaries net of cash acquired
Change in fixed tangible and intangible assets
Cash flow from investing activities
Cash inflow from capital increases
Dividend payouts
Other from shareholder equity and minority interests
Cash flow from financing activities
Effect of exchange rate changes on cash and cash equivalents
Change in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
* Including unrealised loss/gain reserves on investments available for sale.
34
2008
2007
62,564
(16,601)
13,128
(5,374)
(8,422)
24,443
(46)
(745)
(15,214)
14,812
(22,793)
(315)
0
34
22,692
(13,786)
2,551
56,928
5,038
0
0
(1,572)
(10,436)
(6,971)
0
(25,650)
(9,710)
(35,360)
0
14,597
225,046
239,643
52,500
32,533
19,196
880
(2,454)
(4,746)
(3)
(4,768)
111
9,781
(55,764)
219
0
0
24,768
4,888
1,937
79,078
(6,940)
0
0
(20,996)
(27,382)
(55,318)
0
(16,859)
150
(16,709)
0
7,051
217,995
225,046
Notes to the consolidated financial statements
Consolidation scope
The consolidated financial statements
of Mondial Assistance Group comprise
the annual accounts of Mondial
Assistance AG and subsidiaries, which
are prepared in accordance with the
accounting and valuation principles of the
Mondial Assistance Group. Consolidated subsidiaries are listed further in
the notes to the consolidated financial
statements.
In 2008, the following companies
were founded: Neoasistencia Manoteras S.L. (Spain), Mondial Assistance
Sigorta Aracilik Hizmetleri Ltd Sirketi
(Turkey) and Atencion Integral a la
Dependencia S.L. (Spain). The first
two were consolidated in the Mondial
Assistance Group; whereas the last
one is a joint venture held at 50% and
is accounted for according the Equity
method.
In 2008, one Italian company Mondial
Contact Center Italia S.r.l. was acquired
and has been consolidated into Mondial
Assistance Group.
Finally, the Spanish subsidiary Mondial
Assistance Seguros y Reaseguros de
Riesgos Diversos was closed, and
replaced by a new branch: Elvia Travel
Insurance Spain.
Consolidation principles
Subsidiaries have been recorded according to the full consolidation method
when subject to the majority control of
the Mondial Assistance Group.
All intra-group transactions and balances
have been eliminated.
Interests in joint ventures are recognised
by including the accounts using the
equity consolidation basis.
Equity investments in which the Mondial
Assistance Group owns at least 20%
of the voting rights are accounted
for using the equity method, except
for investments in which the Mondial
Assistance Group is not able to exercise
significant influence, in which case the
cost method is used.
Participations in which the company
owns less than 20% are accounted for
under the cost method.
The equity and net income attributable
to minority shareholders’ interests are
disclosed separately in the balance sheet
and income statement respectively.
The purchase method of accounting is
used for acquired businesses, including
entities under common control of
Mondial Assistance AG’s ultimate holding
company. Companies acquired or
disposed of during the year are included
in the consolidated financial statements
from the date of acquisition or to the
date of disposal respectively.
Foreign currency
translation
The Group’s reporting currency is the
euro (€). The functional currency for each
Group company is the currency of the
environment where the enterprise carries
on its activities. Assets and liabilities are
translated at the closing rate on the balance
sheet date. Expenses and income are
translated at the annual average rate from
the functional currency into the reporting
currency. Translation differences between
the functional currency and reporting
currency, including those arising in the
process of equity consolidation, are taken
to shareholders’ equity without affecting
earnings. Translation differences between
the transaction currency and functional
currency are reported in earnings.
Exchange rates of principal currencies
BALANCE SHEET YEAR END RATE
(AGAINST 1 EURO)
Australia (AUD)
Japan (JPY)
Brazil (BRL)
United Kingdom (GBP)
Switzerland (CHF)
USA (USD)
2008
2007
2.0274
126.1400
3.2436
0.9525
1.485
1.3917
1.6757
164.9300
2.6217
0.7334
1.6547
1.4721
2008
2007
1.7432
152.3492
2.67854
0.79705
1.58694
1.47109
1.6351
161.247
2.6648
0.6846
1.6427
1.3705
INCOME STATEMENT AVERAGE RATE
(AGAINST 1 EURO)
Australia (AUD)
Japan (JPY)
Brazil (BRL)
United Kingdom (GBP)
Switzerland (CHF)
USA (USD)
35
Financial results
Restatement of 2007
A detailed actuarial review performed
during 2008 has shown that the income
recognition policy for certain contracts
in the US, Australian, and Portuguese
Business Units requires adjustment
and this has led to a restatement being
required of the 2007 results.
These entities used to recognize the premium income in full when the policy was
CONVERTED TO EUROS
(12.2008 EXCHANGE RATE)
31.12.2006
31.12.2007
31.12.2008
(1,605)
(11,712)
(6,894)
(20,211)
(3,096)
(8,234)
(6,328)
(17,658)
(3,478)
(9,258)
(7,313)
(20,049)
Portugal
Australia
USA
Total
The tax rates applied to these adjustments are :
• Portugal: 26.50%;
• USA: 35%;
• Australia: 30%.
2.5 months and health medical care
for foreign students with an average
duration of 3-4 years;
• for Portugal: roadside (yearly policy)
and automotive maintenance contracts (average duration 4.5 years).
The total reserve adjustment required
can be summarized as follows:
DEVIATION RECORDED
2007
2007
(1,491)
3,478
566
2,553
(1,729)
(2,565)
(4,294)
RESTATEMENT
DEVIATION
2008
(1,491)
5,207
3,131
6,847
(382)
(1,025)
(985)
(2,391)
recognition, other intangible fixed assets
are measured at cost less accumulated
amortisation and any accumulated
impairment losses.
finance expense for each accounting
period. The depreciation policy for
leased assets is consistent with that for
other depreciable assets.
Investments
Accounting
and valuation policies
Other intangible fixed assets are amortised using the straight-line method over
their estimated period of benefit with a
maximum of 5 years.
BALANCE SHEET
Tangible fixed assets
Intangible fixed assets
Intangible fixed assets include goodwill
and other intangible assets such as
exclusivity fees and software purchased
from others or developed in-house.
Goodwill represents the difference
between the purchase price of subsidiaries and the proportionate share of
their net assets valued at the current
value of all assets and liabilities at
the time of acquisition. Goodwill is
recognised as an asset in the balance
sheet and is not amortised.
The Mondial Assistance Group periodi cally evaluates the recoverability of
Goodwill and takes into account events
or circumstances that indicate the existence of an impairment. Impairment
testing for goodwill is carried out at
least annually, at the end of the year. The
impairment is recognized through the
income statement and the reversal of an
impairment loss is prohibited.
Other intangible fixed assets are measured initially at cost and are recognised
if it is probable that the future economic
benefits that are attributable to the asset
will flow to the Group and the cost of the
asset can be measured reliably. After initial
36
issued without considering the period of
the contract because the unearned premium was believed to be immaterial.
The contracts requiring these adjustments are:
• for US: mainly travel insurance contracts with an average duration of
3 months;
• for Australia: travel insurance contracts with an average duration of
Tangible fixed assets include property
and other tangible fixed assets such as
equipment.
Property used for own use and equipment is stated at cost and depreciated
using the straight-line method over the
shorter of the estimated life of the asset
or the lease term. Land is not depreciated. Buildings are depreciated over a
maximum of 50 years in accordance with
the useful life of the building, while other
tangible fixed assets are depreciated over
the period of their estimated useful life at
the date of purchase which is between
3 and 10 years.
The Group recognises finance leases as
assets and liabilities in the balance sheet
at the amount equal at the inception of
the lease to the fair value of the leased
property. Initial direct costs incurred are
included as part of the asset. Lease
payments are apportioned between
the finance charge and the reduction
of the outstanding liability. The finance
charge is allocated to periods during the
lease term so as to produce a constant
periodic rate of interest on the remaining
balance of the liability for each period.
A finance lease gives rise to depreciation expense for the asset as well as a
Investments include securities available
for sale, investments at fair value through
profit & loss, mortgages, long term bank
deposits and loans.
Securities available for sale are
accounted for at fair value. Positive and
negative differences between market
value and cost or amortised cost are
included in a separate component of
shareholders’ equity, net of deferred tax.
Realised gains and losses are principally
determined by applying the average cost
method.
Investments at fair value through profit
& loss are accounted for at fair value.
Changes in fair value are included in
profit and loss.
Mortgages, long term bank deposits
and loans are valued at cost less any
necessary value adjustment.
Accounts receivable
Accounts receivable are carried at nominal
value less any necessary value adjustment.
Deferred acquisition costs
Deferred acquisition costs, which are
incurred in connection with the acquisition or renewal of insurance policies,
are capitalised and amortised through
the income statement over the term of
the policies.
This item includes balances with banks
payable on demand, cash on hand and
bank deposits with a maturity of three
months or less at the date of purchase.
The carrying amount of cash with banks
and cash on hand corresponds to the
fair value. Cash funds are stated at their
face value, with holdings of foreign notes
and coins valued at year-end closing
rates.
Deferred tax
The calculation of deferred tax is based
on temporary differences between the
carrying amounts of assets or liabilities
in the published balance sheet and their
tax basis, and on differences arising from
the application of uniform valuation policies for consolidation purposes. The tax
rates used for the calculation of deferred
taxes are the local rates applicable in
the countries concerned. Substantively
enacted changes in tax law are already
taken into account as at the balance
sheet date.
Impairment of assets
All assets are reviewed regularly to
ensure that no further value adjustments
are required. Valuation write-downs are
charged to the income statement if an
other than temporary diminution in value
is identified. Write-downs are based on
the relevant estimated recoverable
amounts.
Accounting for operating leases
Equipment and vehicles held under
operating leases, whereby the risks
and benefits relating to ownership of
the assets remain with the lessor, are
not recorded in the balance sheet and
all related expenses are accounted for
in the income statement in the period
they arise.
Technical provisions and deferred
service income
Technical provisions and deferred service
income unearned premium reserves,
deferred service income, claim reserves
and other technical provisions.
Premiums written and service income
attributable to future periods are deferred
under unearned premium reserves respectively under deferred service income
on a pro-rata basis, over the period of
the contract on a daily basis.
Claim reserves are assessed according to
local regulatory requirements, on a case
by case basis and are supplemented
by IBNR reserves (reserves for claims
Incurred But Not Reported) based on
management and statistical estimates.
Non-technical provisions
These include personnel provisions and
similar liabilities, provision for income
taxes and other non-technical provisions.
Pension and similar reserves are calculated taking local circumstances into
account as well as expected future
trends in salaries and wages, retirement
rates and pension increases.
Defined benefit plans are recognised
using the method of accruing actuarial
gains and losses through income.
Provisions for income taxes are calculated in accordance with the relevant
local tax regulations.
Other liabilities
EXPLANATION OF THE
ACCOUNTING AND
VALUATION POLICIES
DIFFERING
FROM SWISS LAW
The most important differences are summarised below.
Investments available for sale
(afs investments)
Investments available for sale are shown
in the balance sheet at market value
with the unrealised gains / losses being
included under other reserves in shareholders’ equity.
Investments are recorded at the lower of
cost and market value under the Swiss
Code of Obligations.
Claim equalisation reserves
Other liabilities include deposits retained
from reinsurers, loans, liabilities direct/
indirect business, liabilities with associated companies (current accounts),
deferred income and other liabilities.
Claim equalisation reserves and catastrophe reserves are not allowed under
Mondial Assistance Group accounting
policies because they do not represent
a present obligation towards third parties.
INCOME STATEMENT
Claims reserves
Turnover
Under Mondial Assistance Group
accounting policies, claims reserves
usually are lower than under statutory
accounting principles as they are calculated at the best estimate of the ultimate
cost. The Swiss Code of Obligations
requires a conservative calculation in
accordance with the prudence principles.
Turnover includes insurance premiums
and service income.
Premiums earned
Premiums written for travel insurance are
reported proportionately as income over
the term of the insurance contract on a
daily basis.
Claims and service administration
expenses (internal claims handling
costs ICHC and internal service
handling costs ISHC)
Claims and service handling costs are
assessed according to business management criteria and reported under
claims incurred and service administration expenses.
Ordinary result
Interest income and interest expense
are recognised on an accrual basis.
Dividends are recognised as income
when received.
Interest on finance leases is recognised
as interest expense over the term of the
respective lease.
Income Taxes
Income tax expense includes current
income taxes and deferred income
taxes.
Premium receivables /
claims payable
Premium receivables from fronting
transactions are shown net of claims
payable.
Acquisition costs
Under Mondial Assistance Group
accounting policies acquisition costs
are capitalised and amortised over the
term of policy.
Goodwill
Goodwill with an indefinite useful life is
not amortised under Mondial Assistance
Group accounting policies. Impairment
testing for goodwill is carried out at least
annually and if impairment is applicable,
it is recognised through the income
statement.
Goodwill is usually amortised under the
Swiss Code of Obligations.
37
Financial results
VALUATION ANALYSIS INVESTMENTS
IN THOUSAND EUR
2008
2007
FIXED-INCOME SECURITIES AND OTHER INVESTMENTS
Acquisition cost of portfolio
395,463
343,099
Fair value per end of period
397,909
345,787
2,446
2,688
Aquisition cost of portfolio
212
17
Fair value per end of period
216
24
4
7
Difference
Shares
Difference
INTANGIBLE AND TANGIBLE FIXED ASSETS
IN THOUSAND EUR
Balance value as of January 1st
Exchange rate change
Additions
Change scope of consolidation
Disposals
Amortisation / Depreciation
Change in accounting policies
Balance value as of December 31st
INTANGIBLE
FIXED ASSETS
OTHER TANGIBLE
FIXED ASSETS
REAL
ESTATE
TOTAL
47,631
(451)
5,400
(765)
(731)
(7,488)
(728)
42,868
47,400
(3,179)
21,429
132
(8,227)
(12,613)
7,973
0
0
0
(185)
(82)
44,942
7,706
103,004
(3,630)
26,829
(633)
(9,143)
(20,183)
(728)
95,516
Real Estate
Tangible fixed Assets
The gross capitalised values totalled
10.987 thousand euros at the beginning
of the year and 10.801 thousand euros
at the end of the year. The decrease is
due to a reclassification through building used by third parties. Accumalated
depreciation amounted to 3.014 thousand euros at the beginning of the year
and 3.096 thousand euros at the end of
the year.
The gross capitalised values totalled
132.904 thousand euros at the beginning of the year and 137.988 thousand
euros at the end of the year.
Accumalated depreciation amounted to
85.504 thousand euros at the beginning
of the year and 93.046 thousand euros
at the end of the year. Expenditures
to restore the future economic benefits from the assets are capitalised if
they extend the useful life of the asset,
otherwise they are recognised as an
expense.
Intangible fixed Assets
Goodwill (net) amounted to 19.176
thousand euros at the beginning and
19.497 thousand euros at the end of
the period. Other intangible fixed assets
(net) totalled 28.455 thousand euros at
the beginning of the year and 23.371
thousand euros at the end of the year.
CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY
IN THOUSAND EUR
Shareholders’ equity as of January 1st
2008
2007
344,667
323,352
Exchange rate differences
(5,969)
(1,061)
62,564
57,084
Unrealised gains on afs investments
4,328
(695)
Unrealised losses on afs investments
2,978
(1,716)
(25,650)
(16,859)
Dividends to shareholders
Others movements
(3,513)
Shareholders’ equity as of December 31st
38
(1,579)
(13,859)
Correction of an error related to previous years
379,405
344,667
DISCLOSURES OF ARTICLE 663 A/B CO, SUPPLEMENTED BY VOLUNTARY INFORMATION
IN THOUSAND EUR IF NOT OTHERWISE INDICATED
1.
2.
3.
4.
5.
2008
2007
Contingent liabilities
34,236
51,031
Assets pledged as security for own obligations
178
Leasing obligations
82,326
83,682
Mondial Assistance International AG and Mondial Assistance AG belong to the the Allianz Suisse Insurance value added tax group and are
therefore jointly and severably liable for all value added tax liablities of the value added tax group to the Swiss Federal Tax Administration.
Participations with at least 20% of voting rights or capital share
2008
2007
Share capital in ATS
Share
15,000,000
100%
15,000,000
100%
Share capital in EUR
Share
Share
7,709,000
94.14%
74,400
94.99%
7,709,000
94.14%
74,400
94.43%
Share capital in CZK
Share
30,000,000
100%
30,000,000
100%
Share
Share
Share
Share
Share
Share
329,008
99.97%
720,000
99.98%
7,584,077
95.00%
37,207,660
95.00%
20,088,900
99.99%
72,510
99.91%
329,008
99.97%
720,000
99.98%
7,538,390
94.43%
35,688,980
94.43%
20,088,900
99.99%
72,510
99.91%
174,750
174,750
Share
Share
56.00%
340,000
95.00%
56.00%
340,000
94.43%
Share
Share
50,000
50.99%
128,000
38.19%
50,000
50.00%
128,000
37.44%
Share capital in GBP
Share
Share capital in GBP
Share
1,360,940
99.99%
100
99.99%
1,360,940
99.99%
100
99.99%
EUROPE
Austria
Mondial Assistance GmbH, Vienna
Purpose: Assistance and services
Belgium
Société Belge d’Assistance Internationale S.A., Brussels
Purpose: Insurance
Société Belge de Services Téléphoniques S.A., Brussels
Purpose: Services
Czech Republic
Mondial Assistance s.r.o., Prague
Purpose: Services
France
Mondial Assistance Réunion S.A., Saint Denis (Reunion Island)
Purpose: Services
Gestion de Télésécurité et de Services S.A., Châtillon
Purpose: Services
Mondial Assistance France S.A.S., Paris
Purpose: Services and broker
Fragonard Assurance S.A., Paris
Purpose: Insurance
Mondial Assistance S.A.S., Paris
Purpose: Holding
TEL2S , SARL
Purpose: Services
Société Européenne de Protection et de Services
d’Assistance à Domicile S.A., Paris
Purpose: Security and others
Mondial Assistance France Services à la personne S.A.S.
Purpose: Services
Germany
Mondial Assistance Deutschland GmbH, Munich
Purpose: Services
REHACARE GmbH, Munich
Purpose: Service
Great Britain
Mondial Assistance United Kingdom Ltd, Croydon Surrey
World Access Europe Ltd, London
39
Financial results
2008
2007
Share
60,000
50.99%
60,000
50.99%
Share capital in HUF
Share
3,000,000
100%
3,000,000
100%
Share
146,050
99.99%
146,050
99.99%
Share
Share
Share
98,000
100%
7,908,216
100%
17,370
70%
98,000
100%
7,908,216
100%
95,000
100%
Share
Share
454,000
100%
23,156,868
100%
454,000
100%
23,156,868
100%
Share capital in PLN
Share
3,800,000
100%
3,800,000
100%
Share
1,600,000
100%
1,600,000
100%
Share capital in RUB
Share
48,000,000
99.99%
48,000,000
100%
Share
Share
Share
210,350
99.99%
19,006
99.99%
300,000
50.00%
210,350
99.99%
Share capital in CHF
Share
Share capital in CHF
Share
25,000,000
100%
125,450
100%
25,000,000
100%
125,450
100%
Share capital in TRY
Share
Share capital in TRY
Share
206,785
96.99%
25,000
97.05%
206,785
95.99%
1,103,000
99.99%
1,103,000
99.99%
Greece
POLY - Assistance & Services A.E., Athens
Hungary
ELVIA Assistance Kft., Budapest
Purpose: Services
Ireland
Assistance and Services Corporation of Ireland Ltd, Dublin
Purpose: Services
Italy
Mondial Service Italia S.r.l., Milan
Purpose: Services
Mondial Assistance Italia S.p.A., Milan
Purpose: Insurance and reinsurance
Mondial Contact Center Italia S.r.l.
Purpose: Call center
The Netherlands
Mondial Assistance B.V., Amsterdam
Purpose: Reinsurance and services
ELVIA Travel Insurance International N.V., Amsterdam
Purpose: Insurance
Poland
Mondial Assistance Sp.z o.o., Warsaw
Purpose: Services
Portugal
Mondial Assistance Portugal Servicos de Assistencia LDA, Lisbon
Purpose: Services
Russia
Mondial Assistance OOO
Purpose: Services
Spain
Sociedad Mundial de Asistencia S.A., Madrid
Purpose: Services
Neoasistencia Manoteras
Purpose: Services
Atencion integral a la dependencia
Purpose: Services
Switzerland
ELVIA Reiseversicherungs-Gesellschaft AG, Zurich
Purpose: Insurance and assistance
MEDVANTIS
Purpose: Services
Turkey
SAT S.A., Istanbul
Purpose: Services
Mondial Sigorta Aracilik Hizmetleri Limited Sirketi
Purpose: Insurance
AFRICA
Mauritius Island
Mascareignes Services Assistance Ltd, Port Louis
Purpose: Services
40
Share capital in MUR
Share
2008
2007
Share capital in AUD
Share
Share capital in AUD
Share
11,000,000
100%
11,000,000
100%
11,000,000
100%
11,000,000
100%
Share
1,780,000
99.99%
1,780,000
99.99%
Share capital in INR
Share
300,000,000
89.66%
120,202,360
99.99%
Share capital in JPY
Share
100,000,000
50.00%
100,000,000
50.00%
Share capital in SGD
Share
2,050,000
100%
2,050,000
100%
Share capital in THB
Share
20,408,200
46.55%
20,408,200
44.10%
Share capital in CAD
Share
Share capital in CAD
Share
1,394,484
100%
1
100.00%
1,394,484
100%
1
47.37%
Share capital in USD
Share
Share
Share
Share
Share
25,000
100%
74
100%
2,500
100%
10,453,700
100%
5,000
100%
25,000
100%
74
100%
2,500
100%
10,453,700
100%
5,000
100%
Share capital in MXN
Share
Share capital in MXN
Share
50,000
99.99%
50,000
100.00%
50,000
100%
50,000
100.00%
Share capital in ARS
Share
212,000
100.00%
212,000
100.00%
Share capital in BRL
Share
Share capital in BRL
7,641,918
99.99%
10,000
7,641,918
99.99%
10,000
99.98%
99.98%
ASIA PACIFIC
Australia
Mondial Assistance Australia Holding (Pty) Ltd, Toowong
Purpose: Holding
ETI Australia (Pty) Ltd, Toowong
Purpose: Services
China
Mondial Assistance Beijing Services Co. Ltd., Beijing
Purpose: Services
India
Mondial Services (India) Private Limited
Purpose: Services
Japan
Millea Mondial Co Ltd, Tokyo
Purpose: Services
Singapore
World Access Asia (PTE) Ltd, Singapore
Thailand
Mondial Assistance (Thailand) CO Ltd., Bangkok
Purpose: Services
NORTH AMERICA
Canada
World Access Canada Inc., Waterloo
World Access Insurance Broker Ltd, Waterloo
Purpose: Insurance broker
USA
Travel Care Inc., Richmond
Purpose: Assistance and travel agency
World Access Inc., Richmond
Purpose: Holding
ELVIA WA Building
Jefferson Insurance Company
Purpose: Insurance
World Access Service Corp., Richmond
Purpose: Assistance and insurance agency
Mexico
Mondial Servicios S.A. De C.V.
Purpose: Services
Mondial Mexico S.A. De C.V.
Purpose: Services
SOUTH AMERICA
Argentina
Mercosul Assistance Argentine S.A., Buenos Aires
Purpose: Services
Brazil
Mercosul Assistance Participacoes Ltda, São Bernardo do Campo
Purpose: Services
Mondial Protection Corretora de Seguros Ltda,
São Bernardo do Campo
Purpose: Broker
Share
41
Financial results
6.
7.
42
2008
2007
50%
29.8%
10.1%
10.1%
50%
29.8%
10.1%
10.1%
Receivables, payables and liabilities from insurance business with associated companies:
Accounts receivable from insurance business
Deposit retained on reinsurance assumed
Accounts receivable for services
Other accounts receivable
18,344
1,627
17,472
53,000
31,626
25,960
9,024
18,034
Liabilities from insurance business
Deposit retained on reinsurance ceded
Rendering of service debts
Other liabilities
25,010
936
0
9,190
17,961
936
6
1,496
Shareholders with more than 5% votes
Allianz Compagnia Italiana Finanziamenti S.p.A.
AGF Holding S.A., Paris
AGF Iart S.A., Paris
AGF Vie S.A., Paris
Share
Share
Share
Share
Report of the Group Auditors
on the consolidated financial statements to the Board
of Directors of Mondial Assistance AG, Wallisellen
As group auditor, we have audited the accompanying consolidated financial statements on pages 30 to 42 of
Mondial Assistance AG, which comprise the balance sheet, income statement, cash flow statement and notes for the year
ended December 31, 2008.
Board of Directors’ Responsibility
The board of directors is responsible for the preparation of the consolidated financial statements in accordance with the requirements of Swiss law and the consolidation and valuation principles as set out in the notes. This responsibility includes designing,
implementing and maintaining an internal control system relevant to the preparation of consolidated financial statements that
are free from material misstatement, whether due to fraud or error. The board of directors is further responsible for selecting
and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.
Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our
audit in accordance with Swiss law and Swiss Auditing Standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of
material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments,
the auditor considers the internal control system relevant to the entity’s preparation of the consolidated financial statements in
order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the entity’s internal control system. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the
consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements for the year ended December 31, 2008 comply with Swiss law and the
consolidation and valuation principles as set out in the notes.
Report on Other Legal Requirements
We confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) and independence
(article 728 CO and article 11 AOA) and that there are no circumstances incompatible with our independence.
We recommend that the consolidated financial statements submitted to you be approved.
KPMG AG
Ian Sutcliffe
Licensed Audit Expert
Auditor in Charge
Cécile Martenet
Zurich, March 24, 2009
43
Financial results
of Mondial Assistance AG
Balance Sheet of Mondial Assistance AG
IN THOUSAND CHF
2008
2007
Fixed assets
Other intangible assets
Participations
Loans to group companies
Total fixed assets
398
398,511
8,910
407,819
876
398,511
0
399,387
Current assets
Receivables
Receivables from group companies
Accrued income
Total current assets
Total assets
32
7,921
32,092
370
40,415
448,234
47,889
9,115
17
307
57,328
456,715
343
862
776
1,981
315
588
1,007
1,910
40,000
357,000
977
16,122
32,154
446,253
448,234
40,000
357,000
977
0
56,828
454,805
456,715
2008
2007
37,512
(1,539)
(3,341)
(478)
(5,358)
32,154
0
32,154
61,103
(1,612)
(2,198)
(424)
(4,234)
56,869
(41)
56,828
ASSETS
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Accruals and deferred income
Other liabilities
Other liabilities to group companies
Total liabilities
Share capital
Other legal reserve
Legal reserve
Retained earnings brought forward
Total shareholders’ equity
Total liabilities and shareholders’ equity
Income Statement of Mondial Assistance AG
IN THOUSAND CHF
Financial Income
Personnel expenses
Administrative expenses
Depreciation
General expenses
Profit for the financial year before taxes
Taxes
Profit for the financial year
44
Notes to the financial statements of Mondial Assistance AG
DISCLOSURES UNDER ART. 663B CO, SUPPLEMENTED BY VOLUNTARY INFORMATION
IN THOUSAND CHF (IF NOT OTHERWISE INDICATED)
1.
2.
Participations with at least 20% of voting rights or capital share:
Mondial Assistance International AG, Wallisellen
(formerly Elvia Reiseversicherungs-Gesellschaft AG,
Wallisellen, renamed November 2008)
Purpose: Insurance and assistance
Share capital
Share
Mondial Assistance S.A.S., Paris
Share capital in thousand EUR
Purpose: Holding
Share
Mondial Assistance AG belongs to the Allianz Suisse Insurance
value added tax group and is therefore jointly and severably liable
for all value added tax liabilities of the value added tax group to the
Swiss Federal Tax Administration
Risk assessment
Mondial Assistance has established a
central position for Risk management by
creating the post of Chief Risk Officer
(CRO).
The main objectives of this position are:
• to ensure the development and maintenance of a risk management and
controlling framework;
• to define and control the Mondial
Assistance AG risk policy in all its
dimensions (risk family, region, type
of event);
• to promote and enhance a strong
risk culture and develop risk control
mechanisms for the Company;
• to provide the Executive Committee
with relevant information to enable
them to define Mondial Assistance
Risk Strategy.
2008
2007
25,000
25,000
100.00%
100.00%
20,089
99.99%
20,089
99.99%
In order to ensure coherency and
accurate monitoring of risk carried
out by the group activity, several
committees have been established (such
as Underwriting Advisory Committee,
Reinsurance Committee, Reserve Committee) allowing the Risk Committee to
define and maintain oversight of all risk
management activities.
PROPOSAL FOR TRANSFER OF CAPITAL RESERVES
IN THOUSAND CHF
Capital Reserves (Additional paid in capital) at the beginning of the year
Allocation to unrestricted reserves
Capital Reserves (Additional paid in capital) at the end of the year
2008
2007
357,000
(100,000)
257,000
357,000
357,000
2008
2007
32,154
16,122
48,276
56,828
56,828
48,276
25,974
74,250
48,276
40,706
40,706
16,122
56,828
PROPOSAL FOR THE DISTRIBUTION OF PROFITS
IN THOUSAND CHF
Balance at the beginning of the year
Available profit
It is proposed to the annual general meeting to allocate a dividend as follows:
From available profit
Allocation from unrestricted reserves
Proposal for dividend distribution
Balance carried forward
Available profit
45
Financial results
Report of the Statutory Auditors
on the financial statements to the General Meeting
of Mondial Assistance AG, Wallisellen
As statutory auditor, we have audited the accompanying financial statements on pages 44 to 45 of Mondial Assistance AG,
which comprise the balance sheet, income statement and notes for the year ended December 31, 2008.
Board of Directors’ Responsibility
The board of directors is responsible for the preparation of the financial statements in accordance with the requirements of
Swiss law and the company’s articles of incorporation. This responsibility includes designing, implementing and maintaining
an internal control system relevant to the preparation of financial statements that are free from material misstatement, whether
due to fraud or error. The board of directors is further responsible for selecting and applying appropriate accounting policies
and making accounting estimates that are reasonable in the circumstances.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Swiss law and Swiss Auditing Standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of
the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal
control system relevant to the entity’s preparation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal
control system. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness
of accounting estimates made, as well as evaluating the overall presentation of the financial statements. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements for the year ended December 31, 2008 comply with Swiss law and the company’s
articles of incorporation.
Report on Other Legal Requirements
We confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) and independence
(article 728 CO and article 11 AOA) and that there are no circumstances incompatible with our independence.
In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an internal control
system exists, which has been designed for the preparation of financial statements according to the instructions of the board
of directors.
We further confirm that the proposed appropriation of available earnings complies with Swiss law and the company’s articles
of incorporation. We recommend that the financial statements submitted to you be approved.
KPMG AG
Ian Sutcliffe
Auditor in Charge
Cécile Martenet
Zurich, March 24, 2009
46
Business years
2007 - 2008
INCOME STATEMENT
2008
2007
RESTATED
RESTATEMENT
2007
1,597.0
1,568.1
(691.7)
(796.5)
79.9
11.1
12.1
103.1
(38.0)
65.1
(2.5)
62.6
1,507.8
1,455.8
(637.2)
(747.2)
71.4
13.9
16.7
102.0
(43.0)
59.0
(1.9)
57.1
(15.3)
(8.5)
15.3
1,523.1
1,464.3
(652.5)
(747.2)
64.6
13.9
16.7
95.2
(40.8)
54.4
(1.9)
52.5
581.6
239.7
397.2
216.5
1,435.0
562.4
225.0
351.9
233.2
1,372.5
379.4
644.5
411.1
1,435.0
344.7
653.3
374.5
1,372.5
17.3%
6.6%
94.9%
7.7%
17.1%
7.0%
95.1%
9.9%
IN MILLION EUR
Gross total turnover (written premiums and service revenue)
Net earned premiums and service income
Claims
Costs
Operating result
Investment result
Financial result and other income/expenses
Result before Tax
Taxes
Result after Tax
Minority interest in the results
Group result
6.8
6.8
(2.2)
4.6
4.6
BALANCE SHEET
ASSETS
Investments
Accounts receivable
Total remaining assets
Total assets
4.1
562.4
225.0
351.9
229.1
1,368.4
SHAREHOLDERS’ EQUITY AND LIABILITIES
Technical provisions
Other liabilities
Total shareholders’ equity and liabilities
(9.2)
13.3
4.1
353.9
640.0
374.5
1,368.4
KEY FIGURES
Return on equity
Return on net earned premiums and service income (before taxes)
Combined ratio 1)
Growth on net earned premiums and service income
15.5%
6.5%
95.6%
10.6%
1) Claims and all costs as a percentage of net earned premiums and service income.
47
Worldwide addresses
COUNTRY
ADDRESS
PHONE
FAX
WEB SITE
Australia
Mondial Assistance
Australia
Mondial Assistance House
74 High Street
Toowong QLD 4066
+61 7 33 05 7000
+61 7 33 05 7007
www.mondial-assistance.com.au
Austria
Mondial Assistance
Austria
Pottendorfer Strasse 25-27
1120 Wien
+43 1 52 50 30
+43 1 52 50 3999
www.mondial-assistance.at
Belgium
Mondial Assistance
Belgium
rue des Hirondelles 2
1000 Brussels
+32 2 290 64 11
+32 2 290 64 19
www.mondial-assistance.be
Brazil
Mondial Assistance
Brazil
Al. Santos, 745 2° andar
- cj. 22 01419-001
São Paulo - SP
+55 11 43 31 50 26
+55 11 43 31 52 45
www.mondial-assistance.com.br
Canada
Mondial Assistance
Canada
4273 King Street
East Kitchener,
Ontario N2P 2E9
+1 519 742 2800
+1 519 742 2581
www.mondial-assistance.ca
China
Mondial Assistance
(Beijing)
Services Co., Ltd.
1403-08 Air China Plaza
36 Xiaoyun Road,
Chaoyang District
Beijing 100027
+86 10 84 47 59 66
+86 10 84 47 57 23
www.mondial-assistance.com.cn
Czech
Republic
Mondial Assistance
Na Maninách 7
170 00 - Praha 7
+420 283 002 711
+420 283 002 701
www.mondial-assistance.cz
France
Mondial Assistance
France S.A.S.
54, rue de Londres
75008 Paris
+33 1 53 05 88 69
+33 1 53 05 88 70
www.mondial-assistance.fr
SEPSAD
Société Européenne
de Protection
2 Boulevard Montmartre
75009 Paris
+33 1 53 34 16 28
+33 1 53 34 16 29
www.sepsad.com
GTS Gestion Télésécurité
Services S.A.
81 rue Pierre Sémard
92324 Chatillon Cedex
+33 1 46 12 12 12
+33 1 46 12 12 14
www.gts-teleassistance.com
TEL2S
81 rue Pierre Sémard
92324 Chatillon Cedex
+33 1 46 12 12 12
+33 1 46 12 12 14
Mondial Assistance
International Germany
Ludmillastr. 26
81543 Münich
+49 89 62 42 41 45
+49 89 62 42 42 44
www.elvia.de
Mondial Assistance GmbH
Deutschland
Riedenburger Strasse 2
81677 Münich
+49 89 20 801 1028
+49 89 20 801 1900
www.mondial.de
Greece
Mondial Assistance
Greece
10 Premetis Str.
Athens - 173 42
+30 210 99 58 100
+30 210 99 43 053
www.mondial-assistance.gr
India
Mondial Services (India)
Pvt Ltd
21st Floor,
DLF square M-Block,
Jacaranda Marg, Phase-II
Gurgaon – Haryana 122002
+91 124 43 43 800
+91 124 43 43 900
www.mondial-assistance.in
Ireland
Mondial Assistance
Ireland (ASCI)
2 Bracken Court
Bracken Road
Sandyford - Dublin 18
+353 1 602 7000
+353 1 637 3649
www.mondial-assistance.ie
Italy
Mondial Assistance
Italia SpA
Piazzale Lodi, 3
20137 Milano
+39 02 236 95 1
+39 02 236 95 96
www.mondial-assistance.it
Japan
Millea Mondial Co., Ltd
Shinagawa Seaside
South Tower 3F
4-12-1 Higashi-shinagawa,
Shinagawa-ku,
Tokyo 140-0002
+81 3 5783 7699
+81 3 3474 6180
www.millea-mondial.co.jp
Germany
48
BUSINESS UNIT
COUNTRY
BUSINESS UNIT
ADDRESS
PHONE
FAX
WEB SITE
Mexico
Mondial Servicios S.A.
de CV.
Blvd. Adolfo López Mateos
No. 379
Col. Atlamaya
01760 Mexico, D.F.
+52 55 53 77 3800
+52 55 53 77 3810
www.mondial-assistance.com.mx
Morocco *
Mondial Assistance
Morocco (ISAAF S.A.)
Lotissement de la Civim
lot n° 131
Route de l'aéroport
QI Sidi Maârouf
Casablanca
+212 22 95 93 00
+212 22 95 93 37
www.mondial-assistance.ma
Netherlands
Mondial Assistance
Netherlands
Poeldijkstraat 4
Amsterdam
1059 VM
+31 20 561 87 11
+31 20 561 88 65
www.mondial-assistancenederland.nl
Poland
Mondial Assistance
Sp. z o o.
ul. Domaniewska 50B
02-672 Warszawa
+48 22 522 25 00
+48 22 522 25 23
www.mondial-assistance.pl
Portugal
Mondial Assistance
Portugal
Rua Quinta da Fonte
Edificio Bartolomeu Dias
2774-535 Paço de Arcos
+351 21 780 62 00
+351 21 796 54 05
www.mondial-assistance.pt
Reunion Island
Mondial Assistance
Reunion Island (B.S.A.)
11 rue Roland Garros
97400 Saint Denis
+33 262 90 99 45
+33 262 90 99 93
www.mondial-assistance.re
Russia
Mondial Assistance
Timiryazevskaya str., 1
127422 Moscow
+7 495 661 47 22
+7 495 661 47 21
www.mondial-assistance.ru
Singapore
Mondial Assistance
Asia Pacific
143 Cecil Street
13-01 GB Building
Singapore 069 542
+65 6535 3585
+65 6535 5052
www.mondial-assistance.asia
Spain
Mondial Assistance
Spain
Edificio Delta Norte 3
Avenida de Manoteras 46 bis
Madrid 28050
+34 91 325 54 40
+34 91 325 54 43
www.mondial-assistance.es
Switzerland
Mondial Assistance
International Switzerland
Hertistrasse 2
8304 Wallisellen
+41 44 283 32 22
+41 44 283 33 83
www.mondial-assistance.ch
Mondial Service
Switzerland
Bolligenstrasse 54
3006 Berne
+41 31 340 05 00
+41 31 340 05 55
www.medi-24.ch
Thailand
Mondial Assistance
Thailand
29th Floor, Thanapoom Tower,
1550 New Petchburi Road,
Makasan Rajathevi,
Bangkok 10400
+66 23 05 85 55
+66 23 05 85 56
www.mondial-assistance.co.th
Turkey
Mondial Assistance
Turkey
Buyukdere C Enka Binasi 108
Kat 10 Esentepe
Istanbul 34394
+90 212 337 43 37
+90 212 337 43 38
www.mondial-assistance.com.tr
UK
Mondial Assistance
UK
102 George Street
Croydon
Surrey CR9 1AJ
+44 208 681 25 25
+44 208 603 02 15
www.mondial-assistance.co.uk
USA
Mondial Assistance
USA
2805 North Parham Road
Richmond, VA 23294
+1 804 285 3300
+1 804 673 3570
www.mondialusa.com
* Special partner
www.mondial-assistance.com
© Mondial Assistance - May 2009 - Production: Group Communications - Concept & design : SEQUOÏA FRANKLIN - Texts: Dixit - Photos: Jupiter Images, Getty, Van Beek image, Mondial Assistance, Jean Lionel Dias.
Printed by IME on 100% PEFC paper from sustainably managed forests. ISO 14001 certified production process
Mondial Assistance SAS
37, rue Taibout
75009 Paris, France
Tél. : +33 1 53 25 53 25
Fax : +33 1 53 25 54 04

Annual report 2008 - Mondial Assistance

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