Caring: a passion for people
We are people who care about people. This
is why the rst thing on our minds every day is
your well-being. And to make sure we are getting it
right, we listen to you rst 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
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
Our global reach with our local human touch.
Proactive: going beyond
We’re never satis ed 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
Creating solutions that innovate and surprise,
day in, day out.
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 rst. Trust truly is at the heart of
what we do.
The heart of who we are.
A history of helping people and pro le 01
Key gures 04
Lines of business 06
Health & Lifecare 12
Property & others 14
International presence 16
Asia-Paci c 20
Europe, Middle East and Africa 22
Financial results 26
Review of Operations for the year 2008 28
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
A history of
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 busi-
ness, 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 world-
wide. This was a long-term strategic step for us. It showed our
dedication to you and your well-being, and reflected our rich,
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 ope-
ned 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 pre-
sent. 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.
* A.C.I.F.: Allianz
50% 50% Compagnia Italiana
Mondial Assistance, worldwide
leader in assistance services
and travel insurance
Mondial Assistance Annual Report 2008 1
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 adjus-
ted 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 stra-
tegic 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 Annual Report 2008
AG Board of
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 Rémi Grenier
Chairman of the board of directors of Mondial Assistance AG President of the Mondial Assistance Executive Committee
Chairman and Chief Executive Officer of AGF
Member of the Board of Management of Allianz SE
Mondial Assistance Annual Report 2008 3
2008 in gures
Turnover (in million euros)
Turnover per zone
9.5% Asia Paci c
Net pro t (in million euros)
Turnover per LOB
5% Property & others
Combined ratio (in points)
8% Health & Lifecare
Staff per zone
14% Asia Paci c
Total staff (number of people)
4 Mondial Assistance Annual Report 2008
The Mondial Assistance
• 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
• The Netherlands, the United States
• China: Best China Call Center and Canada adopted the new brand
• USA: Global Call Center of the Year name. They now operate under a
• France: Purchasing Decision Award unique brand and speak to you with
• Japan: 3-star Call Center a single voice all around the world.
• Belgium: Best Assistance Product
• We launched our new brand
• Germany: Best in class for Travel Insurance
positioning successfully across
Mondial Assistance Annual Report 2008 5
6 Mondial Assistance Annual Report 2008
365 days per year
Mondial Assistance Annual Report 2008 7
Lines of business
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 Our cover is always
the travel business personalised
e-commerce has been massively contri- Helping and working closely with you,
buting to this development. Many new
players have revolutionized the travel
industry in the past few years. Low
cost carriers have challenged the airline
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 innova-
of Mondial Assistance
industry. Online travel agencies have tive, customised, surprising solutions turnover
re-invented the way to buy travel. We for you.
expect some consolidation in this frag- Some but not all of these tailored
mented market; in fact travel industry solutions include insurance and pro-
players think this will be their main chal- tection against lost or stolen luggage, • leisure and sports solutions for specific
lenge over the next few years. So, when repatriation due to illness, medical activities such as skiing, golf…;
we think of this market change, we see and hospital expense coverage when • holiday accommodation solutions;
the opportunity to keep growing, and abroad, reimbursed fares when you or • Schengen zone solutions;
we’ll rely on our solid position to achieve your customers must cancel a trip due • globe-trotter solutions.
continued growth. to unforeseen events, and vehicle repair
For the second consecutive year in in case of a breakdown. Medical excellence – the mark
the United States, online sales in 2008 We offer solutions that you can rely on of our commitment
exceeded offline sales. Today, all players 24/7. Our goal is to make sure you have In 2008, as in previous years, we carried
considered, e-commerce represents 35% our help whoever you are, wherever out more than 670,000 medical assis-
of the world’s travel market. Compared you’re from and wherever you’re going. tance and repatriation interventions for
to this benchmark, we So, rest assured that you can travel you and your customers. How did we
performed extremely worry-free and receive exactly the travel do this? Thanks to our multi-lingual, tra-
well, and reported on- services you expect: vel and medical assistance specialists
line sales representing +2.8% • solutions for business travellers; who work around the clock, around the
more than 50% of our in turnover • assistance solutions for holidays world. You rely on us, but who do we
global travel turnover. abroad; rely on? On top-quality, certified service
8 Mondial Assistance Annual Report 2008
providers in every corner of the globe, while abroad. Each database-listed
and 180 international correspondents. structure receives an annual evaluation
Our medical team helps you in more visit. In 2008, the database cited 1,287 international
ways than one. Comprised of doc- hospitals in 458 cities in 122 countries. team to
tors with long-standing international Our medical evaluation team regularly serve you
experience, they continually evaluate adds new structures to the database.
hospitals and clinics in countries with It also evaluates airport medical structures We should now tell you that
we’ve set up an international
heavy, widespread tourism, and where to assist airline companies in case of an travel sales team whose job is
the level of medical coverage is weak or aircraft diversion. This program, named to respond to our international
inconsistent. Their aim: to optimize your «In-flight Medical Support», kicked off in partners’ demands for online
solutions. And you should know
healthcare and whatever treatment you 2008. We now have 192 evaluated air- that this team has an essential
may need with a database built from ports in our worldwide database. mission: to co-ordinate local
first-hand visits. This database provi- There are only a few of us on the inter- business requirements in line
with our partners’ international
des our 500 doctors and medical staff national travel market who own such a strategies to sell and implement
with critical information (quality of care, database and offer these services. So, travel insurance and assistance
hygiene, equipment, pathologies treated, deprive yourself no longer and simply hop in several countries via a unique
etc.) about the establishments where onboard! p 40 e-commerce correspondents
patients are likely to be hospitalised throughout the world;
p local client management with
a global contract: «Glocal»
e-commerce skills at a local
Innovation on the online business: level;
Travel Insurance 2.0 p secured web services with
the exclusive and innovative
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, What you get is a wealth of
tailor-made products that ﬁt their needs. In doing so, we’re meeting your expectations international experience and
better. And in doing that, you can better serve your customers. Another advantage: expertise creating services that
conversion rates (ratio number of policies sold/trip sold) increase and revenues are are perfectly adapted to your
maximised. We have successfully implemented this new tool in the USA with major local needs.
partners. We are planning to deploy it in Europe in 2009.
Mondial Assistance Annual Report 2008 9
Lines of business
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 to build our international contract portfolio Our offer goes way beyond
environment in Europe with auto and insurer partners roadside assistance
2008. What a year! Relative stability, but and consolidated our Flexibility best describes our offer. Each
growing unease in the first six months long, successful rela- of you is different, and our offer can be
when financial sector concerns mounted
with soaring fuel prices.
+8.1% tionship with BMW.
We also extended our
easily adapted to your differences. We
have a lot of experience setting up dedi-
Then the fury of the global financial cri- support to Volvo and cated customer platforms. You train
sis hit the entire auto industry. New car Toyota in Europe. our staff and then they operate your
sales in Europe fell by 7.8% in 2008
and by 19.3% in Q4. US and European
demand dropped, prompting a drama-
tic slowdown in Asia. Gloomy forecasts Knowledge sharing works
were announced for 2009. While a swift
recovery is unlikely, we must meet the • Res@car services: In real • SMS Communication on With this, you can quickly
market challenge. time, our BUs can check ETA: As we all know, assess customer treatment
and book a rental car via waiting 5 minutes for and send BUs remarks
We will continue to provide competiti- the Internet. This saves assistance can feel like and goodwill requests.
vely-priced, quality services with clear precious time all around. 1 hour. With SMS We want you to have
added value. More than ever, we will Communication, you the best customer
• E-Mission through MIRA
receive real-time satisfaction ratings
support you with our innovation and (Golden Argus Award
progress reports about possible, and your
2007 – Technology
creativity. Innovation): Automatic
your assistance case – Extranet portal can help
who will come and when you get them.
assistance case dispatch
will they be there!
Strong, steady via GPS tracking to • E-Invoicing and E-Billing
towers. The result: • Website communication: for our providers and
geographical expansion less reliance on human You can now view your partners. This saves
In 2008, we entered the automotive intervention, better assistance accounts in real on administration costs,
market in Russia, and completed our breakdown response time. How? On a dedicated reduces billing errors
time and deploying Extranet site. The site and ensures our supply
BRIC strategy by strengthening our local the right resource, provides information on chain is paid accurately
presence in key markets. We continued ﬁrst time. your assistance cases. and swiftly.
10 Mondial Assistance Annual Report 2008
platforms. It goes without saying that we opportunities car owners have with their
help you out with more than just road- auto brands: purchase, check-up, MOT
side assistance. Whether you’re a car test, breakdown, etc.
manufacturer, or a leasing, insurance or
car fleet company – here are just a few
of our flexible solutions:
• Roadside assistance: repair and towing
With ICCM, we can install a range
of integrated services – new vehicle
delivery time, complete maintenance
management, and proactive claims
of Mondial Assistance
for broken down/immobilised vehicles; management. turnover
• Accident management: towing, repla- This way, we help increase sales for the
cement vehicle, car repair ; brand and reinforce customer loyalty.
• Used car and extended warranty ;
• Service program management ;
• Telematics: GMS localisation, post-
theft notification & tracking, navigation, Telematics
remote door unlock, remote controlled
breakdown diagnosis, concierge servi- For the last ten years we have been one of the major providers of location-based services for
ces (best routes, weather, traffic, legal 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
assistance…); providers. Our innovations include the remote diagnosis “B” (Breakdown) call for France, and
• Customer Relationship Management: “pay as you drive” program in Italy.
telemarketing, customer surveys,
loyalty programs, etc.
The Operations Based Automotive Technician (OBAT)
Integrated Customer Contact
Management (ICCM) The OBAT is one of our very specialised professions. These experts repair breakdowns
ICCM is a new customer loyalty service “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;
for our auto clients. Here’s the idea: he coordinates garage repairs and even intervenes on site on behalf of the manufacturer.
We’ve identified a number of contact All our OBATs have technical experience working for major car manufacturers.
Mondial Assistance Annual Report 2008 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 Our offer in a nutshell. We have
for a healthy sector the right care for everyone
Around the world populations are get- Healthcare
ting 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: These are short or
long-term services to help you reco-
ver if you are temporarily dependent,
or stay at home if you are permanently
of Mondial Assistance
“dependency” and on our world’s ageing so. These services are mostly for those turnover
population. If you are an elderly person, with serious health issues and depen-
chances are you want to stay in your dent seniors. But we’re also thinking
home for as long as possible. If you are a about your supporting relatives and
supporting family member, chances are have assistance for them too!
you are looking for a solution that makes • Personal Response Services. We assistance and travel insurance for
financial and logistical sense. And you know how important it is to be able students and employees because we
want your relatives to be safe and com- to reach someone immediately when know that the unexpected can happen
fortable in their home. you’re not feeling well. So we offer anywhere. We offer Impatriate cove-
We are also tuned in to a younger popu- state-of-the-art technological devices rage in your destination country, mostly
lation with entirely different needs. In fact, that monitor your home and facilitate as a condition for granting a visa.
our Impatriate Services also enjoyed communication, location and trigge- • Disease Management and Patient
steady growth in 2008. This was espe- ring alarms. These services range from Support: If you suffer from a chronic
cially true in Australia tele-assistance to tele-medecine. What disease, an impairment or an abnormal
where we are market you must know is that even if you feel functioning, then you may fully benefit
leader, mostly due to
our partnering activities
+7.1% vulnerable, we’re watching over and
caring for you 24/7.
from these assistance services. They
also target consumers of prescription
with local universities • Expatriates / Impatriates: We provide drugs. For the best results, we require
and schools. semi-permanent or long-term medical active participation on your part.
12 Mondial Assistance Annual Report 2008
• … and also Medical counselling,
Third Party Health Administration,
Partnerships for Lifecare services
Rehabilitation Management, Prevention,
Our partnership with a major respect lifestyle attitudes that will
Second Medical Opinion, etc. French bank enhances Lifecare optimize brain ageing.
services The second program, for 65-75 year
Lifecare We have built a strategic partnership in olds, is in the form of a special kit to
France with one of the country’s largest measure the risk of Alzheimer’s. The
• Daily life services: We help you get banks to enhance Lifecare services for customer’s own doctor, who ﬁrst is
through everyday life (babysitting, clea- its customers and networks. trained by one of our professional
ning, gardening etc.). As a joint venture, we have created a nurses, administers the test. A positive
range of dedicated Lifecare services result does not mean you suffer from
• Employment Assistance: Do you Alzheimer’s. It simply indicates that
for people of all ages to help make
need help finding a first job, or getting a their lives simpler, safer and more you need to follow it up with early
new one? Do you plan to retire? Do you secure. treatment should the disease appear.
Partnering with telecom company Early treatment can give you an extra
need career assessment advice or just 18-24 months of normal functioning.
makes cell phone tele-assistance
an understanding ear? Our professional a reality Teaming up with a world
and retirement advisors are on hand to Our global partnership with one of healthcare leader
give you all the support you need. France’s leading telecom companies In 2008 we signed a European
now enables tele-assistance via your agreement with a 120 year-old world
• Bereavement and Funeral
cell phone. leader in healthcare, a household
Assistance. Cell phones are equipped with a “panic name in most parts of the world.
• Retirement Assistance. button”. By pressing it, customers Our joint program provides assistance
come into immediate contact with one to those of you with severe psoriasis.
of our emergency centers. Our center After you contact one of our platforms,
assesses the situation and organizes our healthcare professional receives
appropriate assistance. a contact report. With this, he/she can
Working with an insurer to enhance fully coordinate follow-up actions for
awareness of Alzheimer’s this healthcare company’s innovative
In collaboration with a leading French treatment. The program is to help
Medical University, we have developed professionals monitor, educate and
two Alzheimer programs. assist you in using the treatment
The ﬁrst helps increase disease properly.
awareness and literacy. Designed for
insurer’s customers between 55 and
65 years old, it helps them adopt and
Mondial Assistance Annual Report 2008 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 for your credit cards and cell phones,
words for a great big offer. From a leaky CRM programs, concierge services
faucet to a flooded community, we have
a flexible, customized solution to meet
your needs. 24/7. We also offer tele-
security home and office surveillance,
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
of Mondial Assistance
protection services and warranties belongings. turnover
in 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 Property assessment
We send a qualiﬁed provider to your home to perform a domestic risk
How many of you have bought tickets for something - and missed it assessment examination and make necessary recommendations.
because work, family obligations, health problems or transportation Our aim is that you have a totally child-friendly home.
woes prevented you from going? To ﬁnd out exactly how you feel
about this problem, we conducted a survey. Switch/outlet inspection
The provider inspects all electrical switches and outlets for shock
The majority said you wanted to be reimbursed if an unforeseen potential and installs 10 childproof outlet covers.
incident occurred, and 73% expected the insurance cost to be 5%
of the ticket cost. Well, we have good news! Rearranging furniture
Our event ticket insurance ensures you against the cost of your ticket Our provider may rearrange your furniture to reduce potential risks.
plus any associated costs, such as shipping, should you miss an Recommendation booklet
event. And it costs 5% of the overall ticket! A hands-on booklet explains how to prevent accidents (from breaking
Let’s just say that we’ve tried to think of everything because bones to ingesting toxic substances) and build an emergency ﬁrst aid
we care and want to make life’s occasional upsets easier to bear. kit, and provides a vaccination timetable.
14 Mondial Assistance Annual Report 2008
for a simpler, safer
and more secure life”
Mondial Assistance Annual Report 2008 15
16 Mondial Assistance Annual Report 2008
Business units in
Mondial Assistance Annual Report 2008 17
• 24-hour availability
• Best price/quality ratio
Our “provider” selection
• Ofﬁcial credentials Americas
criteria ensures you
• Cashless access to services
always get the best:
• Guarantee of appropriate Brazil
and well maintained equipment Canada
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 advisors, employment and retirement
to help, wherever you or your customers counsellors to social service workers,
happen to be. This is why we work with our network of specialists assists you
more than 400,000 highly qualified and your customers with every need, any
service and assistance providers and time, anywhere. We have an international
180 correspondents worldwide. dedicated team set up in Paris at Group
From transport technicians to medi- headquarters that selects, manages and
cal experts, home repairmen to legal controls our network of providers.
18 Mondial Assistance Annual Report 2008
Europe, Middle East & Africa Asia, Paciﬁc Group ofﬁces
(Business units and
Austria Bosnia/Herzegovina Australia Countries with a
Belgium Bulgaria China commercial Group
Czech Republic India activity
France Serbia/Montenegro Japan
Our Special partner
Germany Croatia Singapore
Greece Slovenia Thailand
Hungary Baltic Countries
Italy Finland Taiwan
Poland Lebanon South Korea
Portugal Norway Malaysia
Reunion Island Sweden New Zealand
United Kingdom Morocco
Mondial Assistance Annual Report 2008 19
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 India: Year one operations
market positions successful
Our Australian business enjoyed +14% During our first year in India we focused 9.5%
growth, and reinforced its lead position in on developing roadside assistance for of Group
core markets – travel insurance, automo- the auto industry. We signed contracts
tive assistance, overseas student health with manufacturers, leasing and insu-
insurance and international medical assis- rance companies. Today we are the
tance. All of these, plus e-travel insurance, sector’s market leader. We also launched
contributed to growth. We improved our CRM and claims notification services
operating profit (+52%) by adopting lower, and began to pave the way for travel Singapore & South East Asia:
cost-base best practices in each respec- insurance in 2009. An added bonus was Increased dynamics in travel
tive market. A dedicated team focused recognition for our quality services in a insurance
on growth through innovation, notably on very challenging market. In Singapore, our regional hub, we conti-
developing customer value. nued to develop e-commerce travel
Japan: Customers pleased insurance, and successfully launched
China: Reaching out to the auto with improved service delivery it in Malaysia. We also concluded travel
and ﬁnancial industries 2008 was an excellent year for Millea insurance programs for hotel-only boo-
We launched several new car manufac- Mondial. Despite the difficult economic king portals. Online booking agents in
turer programs in 2008 and continued to context, sales revenues climbed 27% Singapore can now get ticket protection
report strong growth in roadside assis- and we exceeded profit targets. Most insurance.
tance. Our Chinese BU also focused growth came from traditional roadside
on the financial sector. Today, we count assistance services. We also launched Thailand: proﬁt steady despite
several leading Chinese financial institu- innovative pet insurance, automation difﬁcult times
tions among our partners. Changes in projects and impro- 2008 was a difficult year for Thailand.
travel insurance regulations early in the ved processes. The ongoing political crisis and civil
year adversely affected our bottom and Today we offer more unrest at airports impacted our turno-
top line travel insurance results. +7.9% streamlined, afforda- ver. However, we still delivered a healthy
in turnover ble customer service profit. How? By fiercely implementing
delivery. robust cost containment policies!
20 Mondial Assistance Annual Report 2008
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 off, helping to improve our bottom line We are US market leader in online travel
across the board result and position us to move comforta- insurance and event ticket insurance.
Our Brazilian business unit performed bly forward. We also greatly strengthened
Despite the economic downturn, our
extremely well, buoyed by profitable internal corporate governance.
revenue grew by nearly 20% for the
growth and diversification. We strengthe-
fourth consecutive year. We continued
ned online partnerships with travel Mexico:
to lead the way in credit card enhan-
agencies and airline carriers and promo- Expanding
ted our own travel website. We signed 19% network helps
cements and out-of-country health
services, and also launched many inno-
several new partners in our traditional of Group new clients
turnover vations. These include a new, patented
business lines, solidifying our lead posi- Operations grew
“intelligent” technology that offers per-
tion. We also successfully launched a steadily in 2008 in
sonalized products to customers in an
win-win solution integrating roadside our recently ope-
assistance with comprehensive CRM ned Mexican business unit. We now
services. offer roadside, home, medical, legal and In 2008, our customer service center
travel assistance in Mexico to a wide received the coveted “Global Call Center
Canada: variety of clients including the automo- of the Year” award. Employees in the US
Improved tive, travel and financial industries. We also led the group with the highest score
+18.6% governance in a also strengthened our offer with a 24/7 for job satisfaction.
in turnover pivotal year international platform, supported by a
We indeed had a pivo- growing local network of providers.
tal year in Canada in
year-over-year performance, employee USA: Double-digit growth for
engagement and innovation. We conso- fourth consecutive year
lidated our lead position in online travel Our American business had another
insurance by winning new customers and successful and record year. Impressive
offering new products. We strengthened growth, customer satisfaction and innova-
and built key strategic partnerships in tion were keys to success. Our American
our distribution and service networks. business unit is the second largest in the
And our cost containment initiative paid group, and the largest in travel insurance.
Mondial Assistance Annual Report 2008 21
Europe, Middle East
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 established contacts with travel agents Czech & Slovak Republics:
and an eye to expand and tour operators. We’ve completed a Our 10th anniversary
Despite the difficult market and economy, home web page, installed an electronic Our business unit in Prague celebrated
we enjoyed moderate +4% growth in booking system and developed tailored its 10-year anniversary by successfully
the traditional travel business in Austria. travel products. transferring its entire business activity
The new premium Comprehensive pro- to our new Mondial Assistance brand.
duct launched in January 2008 partially Belgium: Creativity for growth We continued to actively develop and
contributed to this. December 2008 Our Belgian business unit showed lea- improve our vehicle, travel and domes-
marked the end of our first full and satis- dership and product creativity once tic assistance and insurance offers. The
factory business year in Hungary where again by winning the «Best Assistance result: we considerably grew our client
50% of sales came from our traditional Product» award given by a jury of non- portfolio!
business lines, and 50% from e-com- life insurance experts. Another triumph We continued to work closely with
merce travel insurance. We succeeded – we ran an innovative, award-winning Allianz-Slovenska Poistovna, the lea-
in winning key accounts in the travel communication campaign! Our strong ding Slovak insurer, and expanded our
(including air lines) and automotive sec- relations with you, our travel agent and collaboration in vehicle assistance, tra-
tors. Now our Austrian insurance broker partners, were rein- vel insurance and reinsurance. We also
business unit is ready forced by several successful network worked together to penetrate the home
to take a further step events. We also concluded new agree- assistance and healthcare markets.
into the SEE and
+4.1% ments for healthcare services, which In 2008 our relations with our Slovak
enter the Romanian helped increase our profitable turnover business partners were dominated by
market. So far, we’ve by +14%. the country’s entry to the Euro zone.
22 Mondial Assistance Annual Report 2008
We launched some major IT projects, created a dedicated business line, laun- innovative products for students. In line
designed to help you - customers and ched the “servissimes” platform with one with current trends, we continued to shift
staff – and make your lives easier! These of France’s biggest banks, and imple- our business model from offline to online.
include a new, locally designed e-com mented two new electronic devices for The most important change for us in
sales tool, a new management informa- healthcare and lifecare providers. We’re 2008 was our name transition to the
tion system, a data warehouse and web recognized as a pioneer in tele-assis- Mondial Assistance brand.
access to assistance files. Our reward tance, and specialized in helping the Our assistance entity continued to
for our positive results? We’ll be moving elderly population. This expertise led co-develop with Allianz new domestic
to new offices in Prague in 2009! to us receiving the 2008 «Recognition healthcare products for the senior market.
for lifecare services» award from the And to meet your growing expectations,
France: Market leader National Center for Lifecare Services. we also pursued efforts to improve quality
for the ﬁrst time! But we didn’t stop here. For the first and productivity standards for our road-
Our French business unit enjoyed time in France, we supervised a “depen- side assistance activities.
+7,8% growth in 2008. And for the dency” questionnaire for people over 70;
first time in our history, we are now lea- we also developed new services to help Greece: New legislation
der on the French assistance market! healthcare assistants. Today we are and popular B2C solutions
So, where did we grow commercially? proud of our wide range of dependency Greek roadside assistance legislation
In the bank-insurance sector particu- assistance solutions. changed a lot in 2008. At our local busi-
larly with home assistance services. We ness unit, we aligned ourselves with the
also signed many new contracts with Germany: Travel and new laws, which are much more deman-
mutual insurance companies, renewed Assistance sales consolidation ding, and also met our financial targets!
agreements with major auto manufac- In 2008, we successfully strengthened We increased turnover by +6,2% over
turers, and signed new contracts with and streamlined the organization of 2007 and achieved a combined ratio of
car rental companies. Our e-travel busi- our German business units. How? By less than 95%. Where did we focus to
ness continued to grow. And so did our consolidating all insurance carriers and increase sales and profitability? Mostly
penetration into several new segments: setting up a new structure for all assis- on B2B2C and roadside assistance
business travel, hotel bookings, and tance activities. These changes in 2008 renewal schemes for importers. We
events ticketing. Enhanced guarantees helped bring about remarkable success also launched e-Mondial.gr, and B2C/
for our tourism clients have met with in both sales and profit. We succeeded white label travel insurance solutions.
great success. We invested significantly in being the first assistance company to These are currently very popular with
to promote direct online sales of tele- offer a complete range of annual travel online travel agencies, and show promi-
surveillance and tele-security products. insurance policies. This product gene- sing growth. We’re pleased to say that
And this paid off because 1/3 of our ration was judged “best-in-class” by a we’ve maintained our lead position in
new customers come from online! Local very important German consumer sur- the Greek automotive market and have
communities continued to subscribe to vey. Our earned premiums increased in been boosted by a rapid growth in travel
our tele-assistance services, boosting 2008 by 62% over the previous year. But insurance.
growth in this area. We worked relentles- 2008 was also very challenging because
sly to successfully optimize purchasing the German travel insurance market is Italy: Proactivity leads to
agreements with rental car companies, highly competitive, made even more growth and proﬁtability
airlines and our network of vehicle repair so by aggressive new players. To com- In Italy, we enjoyed +11.6% growth in
providers. These pensate for the traditional flat tourism 2008, generated mostly from the tra-
efforts also paid off. business, our travel entity focused on vel industry. We paid close attention
Our innovation developing travel insurance offers for to managing our portfolios proactively;
strategy to develop
71.6% financial institutions, insurance com- and closed off the year on a good roll
lifecare services turnover panies and brokers. We also worked by signing new contracts with several
got an operational closely with new customers to develop Italian tour operators, which we hope
boost when we for their distribution channels a range of will boost our 2009 sales! We also took
Mondial Assistance Annual Report 2008 23
time to carefully review our B2C web- considered a domestic leader. We have Spain: Quality improvements
site and asked ourselves how we can also built a strong base to foster future and a bright “green” attitude
help you, our direct customers, better? growth. How? By improving our core With 68% female staff, our Spanish
The answer is in our new online product business and successfully launching business unit increased sales by 14.3%
offers like cell phone insurance and new domestic products targeting the in 2008, mostly from the tourism indus-
roadside assistance! 2008 was a key mass market. Our innovative healthcare try. But who was the real star? A product
partnering year with Allianz. We worked products and additional concierge servi- line for travel agencies whose revenues
closely with their new management team ces have also been very successful. climbed by 30%! We created a new
to build a best-in-class way to manage computer-assistance service, which
operations and ensure transparency Reunion Island: A diversiﬁed works by phone, email or chats, and
between us. In a similar vein we renewed client portfolio offers a remote access option as well.
our commitment to the values of corpo- We sustained over 5% growth in our 2008 was a very “green” year for us in
rate social responsibility and launched Reunion Island business unit in 2008. Spain. We extended a caring hand to the
www.mondiality.it. This won us SA8000 CRM services remain the main line environment and reduced our consump-
certification! And we have a newcomer of business; that being said, the tion of paper and paper products by
to our Group - Mondial Contact Center assistance activity is picking up vigo- 50%! We also launched a hefty roadside
Italia. Here we manage contact center rously. It combines emergency hotline assistance program in Madrid with 3 tow
services for our customers and even solutions with services and claims trucks – this should let us handle more
ourselves! handling (i.e. car fleets, insurance than 6,500 cases in our capital a year.
claims and real estate management…). And because you are always on the top
Netherlands: innovation In response to this growth, we recently of our mind, we set out to improve the
in a mature market launched several innovative solutions for quality of our roadside assistance ser-
The vehicle assistance market in the our customers. Our client portfolio has vices and our ability to design specific
Netherlands continued to climb in 2008. grown as well and now includes several customized solutions for you. How, you
On this wave, we strengthened our ope- public sector entities. might ask? Through Neoasistencia,
rational productivity. We continued to a subsidiary company that focuses
focus efforts on promoting our popular Russia & CIS: a bold beginning exclusively on these challenges.
annual travel insurance products. We for travel insurance and
also observed a shift from the travel roadside assistance Switzerland: new distribution
industry toward the insurance industry On March 1st, 2008 we kicked off our channels key for future growth
as a distribution channel. As one of our new Russian activities and had a very We enjoyed another successful year in
goals is to further help our individual promising first year. Our 24/7 assistance our Swiss business unit. Revenues grew
consumers, we successfully launched platform, which also covers medical by 17.3% and we increased our share in
a roadside assistance solution just for requests, helped many people and all key markets! We worked in a sound
them. And of course, as in other coun- handled over 5,000 files in 10 months! economic environment into Q3, which
tries, we transitioned very successfully to We’re also pleased to announce that our led to a higher loss ratio as people tra-
the new Mondial Assistance brand! Russian team is now complete. Our core veled more and paid more to do so. This
activities in this vast market are travel trend reversed in Q4. Overall our profit
Poland: Dynamic sales insurance and roadside assistance. So grew in line with revenues and our com-
and innovative healthcare far we have built a roadside assistance bined ratio reached an excellent 94%.
The assistance market in Poland grew network in 80 Russian cities and we’re A major change for us in 2008 was the
by 30% in 2008 – and it was an excel- actively developing our core offer for the distribution landscape. For the first time,
lent year for our Polish business unit. CIS (Commonwealth of Independent a major retail chain is now selling our tra-
We achieved high sales growth des- States) and Bulgaria. We’re currently vel insurance and roadside assistance
pite a more competitive environment. in close contact with insurance com- products. Car dealers are also offering
We now have a 33% share of the panies in the Ukraine, Kazakhstan and travel insurance at the time of a new
country’s assistance market and are Armenia. car purchase. These new distribution
24 Mondial Assistance Annual Report 2008
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 leading tour operators. We’ve been very
soon have full insurance capability. We successful in developing sales of our
are pursuing the medical and assistance on-line warranty and travel insurance
businesses in regions like Azerbaijan products. Continuous improvement is
and Georgia. Through an internal IT part of our daily vocabulary and for 2008
tool, the Eureka Project, we made great this was no exception. So that we can
cost containment achievements in the help you better and faster, we signifi-
medical sector. As a result, our business cantly improved our call centre efficiency
units in Germany, France, Holland and and automatic dispatch processes to our
Belgium come through us to manage technicians in the field. Today, our UK
their medical and technical files. business unit is among the region’s top
We continue to make gains in both the three providers of dedicated roadside
banking and automotive sectors, and assistance, travel insurance administra-
recently signed agreements with two tion and automotive warranty. You should
major automobile brands. This positive also know that we focused a great deal Middle East & Africa:
dynamic is not just a feeling. It’s real, in 2008 on developing our people and in Reinforcing the core business
reflected in our improved NPS rating and investing in technology. HR and Internal Throughout 2008, we supported Allianz
growing staff. Communications offered strong support in developing its activities in Africa and
for in-house training. The old adage «a the Middle East by providing quality tra-
UK and Ireland: Booming little goes a long way» is absolutely vel insurance. Our aim is to help as many
e-commerce and streamlined true. Our simple actions reinforced people as possible, so we took appro-
processes staff Engagement and Loyalty, and priate action. We furthered our relations
2008 was a challenging year for our maximized productivity. Today we are with existing partners in the Near East,
UK and Irish business units due to the recognized for our excellent customer including Lebanon, Jordan and Egypt.
economic downturn. But in the end services and successfully implementing And we began developing services for
we maintained our final annual results. innovative change; staff turnover is way new partners in the Gulf countries, focu-
We made new business wins throughout down, well below the industry average, sing particularly on insurers, banks and
the year. Among them is one of the UK’s and our operating results are strong. airlines.
Mondial Assistance Annual Report 2008 25
26 Mondial Assistance Annual Report 2008
million € turnover
million € net proﬁt
Mondial Assistance Annual Report 2008 27
Review of Operations
For the year 2008
Turnover (Premiums and Service Revenue)
In 2008, Mondial Assistance reached The business contributing to the half of Geographically, the Americas and EMEA
its targets by achieving 1.6 billion euros the total growth was automotive. Repre- regions were the main contributors
gross turnover with a combined ratio senting 39% of the total group revenues, to the growth of revenues in volume,
below 95%. This good result was possible with mainly roadside assistance prod- respectively with +18.6% and +4.1%,
thanks to the insurance business whose ucts, the line of business automotive followed by Asia Paciﬁc with +7.9%.
written premiums increased by +8.1% had a growth of +8.1%. The strong growth, mainly coming
compared to last year, along with stable The remaining part of the business is from France, Brazil, Italy and the USA,
service revenues. split between the third line of business was heavily impacted by -40.7 million
48% of the revenues come from travel health and lifecare services, representing euros resulting from important foreign
insurance products, such as trip cancella- 8% of the total revenues, and the fourth exchange rates ﬂuctuations during the
tion, medical costs coverage and medical one property & others with 5% revenue year 2008, the major impacts being with
assistance. This line of business had a share. The corresponding products the British pound, the US dollar and the
growth of +2.8% in 2008 with a clear trend sold mainly on the ﬁnance market had Australian dollar.
to internet online business through travel respectively turnover increases of +7.1%
agents and airlines companies. and +18.7%.
Claims and expenses
Compared to last year, the claims ratio to 20.5% in 2008, which is very stable decreased from 37% in 2007 to 36%
improved by 1.4% point from 58.4% to as during last years and mostly driven by in 2008. In parallel, Headcounts increased
57.8%. This comes from both a slight the insurance business ratio of 23.9%. by +4.9% and full time equivalent
improvement of the current year claims In addition to those improvements, the increased by +6.1%.
ratio and also a better run-off from previ- efﬁcient control of the costs has to be As a consequence of the above men-
ous year claims. emphasized as the general expenses tioned improvement, the combined ratio,
Globally the commission ratio gross of increased by only +5.1% to 565.2 million as a mix of insurance and service busi-
reinsurance moved from 20.7% in 2007 euros and the general expenses ratio nesses, improved to 94.9%.
Investments and nancial results
At December 31st, 2008, the Group’s especially in UK, and 52.3 million euros euros coming from exchange rates
financial investments amounted to more securities available for sale, mainly result especially on contracts in British
581.6 million euros, which represent coming from more cash invested in pound, US dollar, Canadian dollar and
40.5% of the total assets, compared to money market mutual funds. euro against Swiss franc. Furthermore,
562.4 million euros and 41% in 2007. The investments and ﬁnancial results the result from investments was lower
In 2008 there were 45 million euros less decreased by -9.4 million euros in 2008 than in 2007 due to the economic crisis
long term bank deposits than in 2007, to 24.1 million euros, thereof -7.6 million and the impairment of some bonds.
28 Mondial Assistance Annual Report 2008
Turnover Turnover per zone Turnover per LOB
(in million euros)
2008 1,597 Americas Travel
2007 1,508 Asia Property
Paci c & others
2006 1,344 Auto
Combined ratio Net pro t Total staff
(in points) (in million euros) (number of people)
2008 94.9 2008 62.6 2008 9,817
2007 95.1 2007 57.1 2007 9,356
2006 95.2 2006 55.9 2006 8,550
Result before and after tax, and return on equity
The result generated by the operating to fluctuations in currency exchange in the Switzerland’s tax legislation, proﬁt
activities increased by +11.9% com- rates since year-end 2007, this con- after taxes ended up at 62.6 million
pared to 2007 to 79.9 million euros. solidated profit could have been euros, which is 5.5 million euros better
Thanks to this operating result, Mondial hypothetically 3.5 million euros higher. than in 2007.
Assistance could achieved 103.1 million Deducting the taxes on profits of Correspondingly, the return on equity
euros result before tax in 2008 which is 38 million euros, lower than in 2007 throughout the twelve-month period
higher than in 2007 by +1%. Without by 5.1 million euros due to a one-off ended December 31st, 2008 increased
any negative translation impact due increase in 2007 following a change to 17.3% in 2008.
Changes in Group structure
As during previous years, some changes has started in 2008 and following steps to the consolidated ﬁnancial statements”,
in Group structure took place during the are expected in 2009 and following starting on page 35 of this report.
year 2008. In addition to new consolida- years. Details of these 2008 operations
tions, a legal restructuring of the Group can be found in the chapter “Notes
Mondial Assistance Annual Report 2008 29
of Mondial Assistance Group
Consolidated Income Statement
of Mondial Assistance Group
2008 2008 2008 2007 2007
GROSS CEDED FOR OWN FOR OWN RESTA- FOR OWN
ACCOUNT ACCOUNT TEMENT ACCOUNT
IN THOUSAND EUR RESTATED
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 1,227,565 10,388 1,217,177 1,126,292 (15,301) 1,141,593
Unearned premium reserve change (19,808) 186 (19,994) (34,823) (1,119) (33,704)
Earned premiums 1,207,757 10,574 1,197,183 1,091,469 (16,420) 1,107,889
Claims paid current year (442,626) (3,676) (438,950) (406,566) (406,566)
Transferred claims administration
(124,100) (124,100) (113,586) (113,586)
expenses (ICHC) CY
Change in current year reserves (147,613) (1,439) (146,174) (129,453) (129,453)
Claims incurred current year (714,339) (5,115) (709,224) (649,605) (649,605)
Claims paid previous year (95,425) (3,199) (92,226) (85,479) (85,479)
Transferred claims administration
(10,716) (10,716) (9,446) (9,446)
expenses (ICHC) PY
Change in previous year reserves 129,767 6,499 123,268 109,669 109,669
Claims incurred previous year 23,626 3,300 20,326 14,744 14,744
Other technical income / expenses (2,826) 0 (2,826) (2,329) 15,301 (17,630)
Total claims (693,539) (1,815) (691,724) (637,190) 15,301 (652,491)
Commission paid (Insurance Business) (289,238) (1,485) (287,753) (259,614) (259,614)
Insurance margin 224,980 7,274 217,706 194,665 (1,119) 195,784
Service revenue 369,386 369,093 369,093
Service income deferred change 1,582 (4,741) 7,966 (12,707)
Service revenue earned 370,968 364,352 7,966 356,386
Other service income / expenses (43,547) (27,384) (27,384)
Commission paid (service business) (34,818) (45,203) (45,203)
Transferred service administration
(174,050) (162,222) (162,222)
Service Margin 118,553 129,543 7,966 121,577
Staff costs (370,945) (343,705) (343,705)
IT costs (27,836) (22,324) (22,324)
Telecommunication costs (15,675) (13,555) (13,555)
Fees for group services (6,405) (11,802) (11,802)
Other administration costs (144,358) (146,643) (146,643)
Transfer of ICHC and ISHC 308,865 285,253 285,253
General expenses after transfer (256,354) (252,776) (252,776)
Operating result 79,905 71,432 6,847 64,585
30 Mondial Assistance Annual Report 2008
2008 2008 2008 2007 2007
GROSS CEDED FOR OWN FOR OWN RESTA- FOR OWN
ACCOUNT ACCOUNT TEMENT ACCOUNT
IN THOUSAND EUR RESTATED
Current income investments 17,289 14,223 14,223
Current expense investments (1,141) (737) (737)
Current investment result 16,148 13,486 13,486
Realised gains 3,436 2,999 2,999
Realised losses (2,081) (1,802) (1,802)
Realised result 1,355 1,197 1,197
Write-ups 0 76 76
Write-offs (6,401) (851) (851)
Net write offs (6,401) (775) (775)
Result from investments 11,102 13,908 13,908
Exchange rate ﬂuctuation gains 115,935 23,875 23,875
Exchange rate ﬂuctuation losses (123,427) (23,761) (23,761)
Exchange rate result (7,492) 114 114
Interest and similar income 21,750 20,363 20,363
Interest and similar expenses (1,205) (859) (859)
Interest and similar result 20,545 19,504 19,504
Financial result 13,053 19,618 19,618
Other income/expenses (948) (2,873) (2,873)
Result before tax 103,112 102,085 6,847 95,238
Taxes (37,997) (43,064) (2,263) (40,801)
Result after tax 65,115 59,021 4,584 54,437
Minority interest in the results (2,551) (1,937) (1,937)
Group result 62,564 57,084 4,584 52,500
Mondial Assistance Annual Report 2008 31
Consolidated Balance Sheet
of Mondial Assistance Group
2008 2007 RESTATEMENT 2007
IN THOUSAND EUR RESTATED
Goodwill 19,497 19,176 19,176
Other intangible ﬁxed assets 23,371 28,455 28,455
Intangible ﬁxed assets 42,868 47,631 0 47,631
Land and buildings 7,706 7,973 7,973
Other tangible ﬁxed assets 44,942 47,400 47,400
Tangible ﬁxed assets 52,648 55,373 0 55,373
Shares 216 24 24
Fixed-interest securities 317,429 304,626 304,626
Other Investments 80,480 41,161 41,161
Securities - available for sale 398,125 345,811 0 345,811
Investments - fair value through proﬁt & loss 803 4,700 0 4,700
Participations 776 284 0 284
Mortgages 0 0 0
Long term bank deposits 148,930 193,890 193,890
Loans 32,957 17,743 17,743
Mortgages, long term deposits and loans 181,887 211,633 0 211,633
Investments 581,591 562,428 0 562,428
Accounts receivable - direct business 121,097 100,504 100,504
Accounts receivable - indirect business 69,995 67,031 67,031
Accounts receivable from associated companies -
2,310 8,074 8,074
Other accounts receivable 203,855 176,262 176,262
Accounts receivable 397,257 351,871 0 351,871
Deferred acquisition costs 36,991 28,568 0 28,568
Cash and cash equivalents 239,643 225,046 0 225,046
Reinsurance deposits 5,430 29,873 29,873
Other deposits 5,547 5,407 5,407
Other assets 10,977 35,280 0 35,280
Accrued interest 8,431 10,537 10,537
Other (prepayments and accrued income) 33,456 26,680 26,680
Accruals & prepayments 41,887 37,217 0 37,217
Deferred taxes - assets 31,187 29,099 4,089 25,010
Total assets 1,435,049 1,372,513 4,089 1,368,424
32 Mondial Assistance Annual Report 2008