84% Increase in Operating Results; 48% Growth in Net Profits
RICHMOND, Va., April 6 /PRNewswire/ -- World Access' parent company, the
Mondial Assistance Group, today announced very healthy financial results,
including a 48% increase in net profits after taxes compared to 2003. The
Mondial Assistance Group is the worldwide leader in travel insurance,
assistance and customer services. With travel, financial and healthcare
companies as clients, Richmond-based World Access is a North American leader
in travel insurance and assistance.
Mondial Assistance Group earned revenues of $1.4 billion USD
(1.1 billion EUR), a 10.5% increase over last year. With constant
consolidation scope and exchange rates, this increase climbs to +12.5%
(Note: this release reflects a $1 = .78 EUR exchange ratio, current as of
4/05/05). World Access represents 10% of all Mondial Assistance Group sales.
Mondial Assistance Group posted $57.3 million (44.6 million EUR) in operating
results, up 84% over 2003, and $29.7 million (23.1 million EUR) in net profit
after taxes, or an increase of 48% during the same period.
"These results reflect the healthy dynamics of the insurance and
assistance industry as well as industry leadership of Mondial Assistance Group
and its subsidiaries. In fact, Mondial Assistance Group's revenue has
increased by 37% in four years," said Alain Demissy, CEO of Mondial Assistance
Group. "World Access is a significant strategic and financial contributor to
Mondial Assistance Group's success."
"U.S. tourism is enjoying a comeback this year and Americans have a
growing appreciation of the value of travel insurance. Since 9/11 (2001), the
number of travel policies sold by World Access has increased by six times,"
said World Access President and CEO Jonathan M. Ansell.
"Our model is multi-local, which means that we meet customers' needs with
a local presence in 28 countries," Ansell explained. "These global
capabilities give a significant advantage to World Access and its customers."
For example, Mondial Assistance Group was completely mobilized during the
Tsunami disaster. It repatriated 120 badly injured individuals to
11 different countries, offered 3,000 people medical assistance and follow-up
treatment and facilitated contact with the families of beneficiaries. Mondial
Assistance Group is an affiliate of Allianz, which donated over 1 million EUR
($1.29 million USD) to relief efforts.
About World Access: A global leader in insurance and emergency assistance
services, World Access provides travel insurance and assistance to millions of
travelers each year, through customized solutions that increase revenue and
enhance value for health care providers, travel agents and suppliers, credit
card companies and more. World Access is also the issuer of Access America
travel insurance and a member of the Mondial Assistance Group. Companies
interested in doing business with World Access may contact the company at
800-628-4908 or http://www.worldaccess.com.
About Mondial Assistance Group: An intervention every 3 seconds, anywhere
in the world. Worldwide leader in assistance, travel insurance and customer
services, today Mondial Assistance Group counts nearly 7,600 staff members
speaking over 40 languages. They work throughout the world in collaboration
with a network of 400,000 service providers and 240 correspondents. 250
million people, or 4% of the world population, benefit from the Group's
services, which it proposes on 5 continents in 28 countries. The Group mainly
operates under its three international brands: ELVIA, Mondial Assistance Group
and World Access. Mondial Assistance Group is a member of the Allianz Group
through AGF and RAS International. http://www.mondial-assistance-group.com
Cautionary Note Regarding Forward-Looking Statements:
Certain of the statements contained herein may be statements of future
expectations and other forward-looking statements that are based on
management's current views and assumptions and involve known and unknown risks
and uncertainties which could cause actual results, performance or events to
differ materially from those expressed or implied in such statements. In
addition to statements which are forward-looking by reason of context, the
words "may, will, should, expects, plans, intends, anticipates, believes,
estimates, predicts, potential, or continue" and similar expressions identify
forward-looking statements. Actual results, performance or events may differ
materially from those in such statements due to, without limitation,
(i) general economic conditions, including in particular economic conditions
in the Allianz Group's core business and core markets, (ii) performance of
financial markets, including emerging markets, (iii) the frequency and
severity of insured loss events, (iv) mortality and morbidity levels and
trends, (v) persistency levels, (vi) interest rate levels, (vii) currency
exchange rates including the Euro - U.S. Dollar exchange rate, (viii) changing
levels of competition, (ix) changes in laws and regulations, including
monetary convergence and the European Monetary Union, (x) changes in the
policies of central banks and/or foreign governments, (xi) the impact of
acquisitions (e.g. Dresdner Bank), including related integration issues, and
(xii) general competitive factors, in each case on a local, regional, national
and/or global basis. Many of these factors may be more likely to occur, or
more pronounced, as a result of the event on, and following, September 11th,
2001.
The matters discussed in this release may also involve risks and
uncertainties described from time to time in Allianz AG's filings with the
U.S. Securities and Exchange Commission. Allianz AG assumes no obligation to
update any forward-looking information contained in this release.
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