Mondial Assistance Annual Report 2009

Helping people

in 2009ANNUAL REPORT

Contents

Group history .................................................................................................................. 01

Editorial ........................................................................................................................... 02

Key fi gures ...................................................................................................................... 04

Milestones ....................................................................................................................... 05

Lines of business ...............................................................06

Travel ............................................................................................................................... 08

Auto ................................................................................................................................ 10

Health, Life and Home ..................................................................................................... 12

International presence ......................................................14

We cover the world ......................................................................................................... 16

Asia-Pacifi c ..................................................................................................................... 18

Americas ......................................................................................................................... 20

Europe, the Middle East and Africa ................................................................................. 21

Financial results .................................................................26

Review of Operations for the year 2009 ........................................................................... 28

Financial statements of Mondial Assistance Group .......................................................... 30

Business years 2008 - 2009 ............................................................................................ 35

* ACIF: Allianz Compagnia Italiana Finanziamenti S.p.A.

50% 50%

ACIF* Groupe Allianz France

Group structure as of 31, December 2009

Group history In1950 when traveling became an increasingly popular pastime, a team of forward thinking

Swiss business pioneers created Elvia Travel Insurance. This was a symbolic date for the

small company that was to become, much later, the group that we are today.

Why? Because it marked the beginning of our story about helping people, which is at

the very heart of everything we do.

Our helping others reached a new level twenty-four years later in 1974, when SACNAS-

Mondial Assistance was founded in France. The founding of this new company paralleled

the development of the assistance business, which, in addition to travel insurance, included

roadside, medical and repatriation assistance. In 1979 AGF (formally Allianz France since

2009) became a shareholder of Mondial Assistance.

Elvia and Mondial Assistance remained two separate entities in the 80s and 90s.

During this 20-year period, we accompanied our corporate clients through their own

changes. Where they grew geographically, so did we, developing fi rst in Europe and then

gradually throughout the rest of the world. In 1995, Elvia joined Germany’s Allianz Group.

In 2000 Elvia Travel Insurance and SACNAS Mondial Assistance successfully merged

and created our group as we know it today.

This coming together represented nearly 80 years of combined ex perience and know-how.

Now joined as one, these two leaders in their respective fi elds became quite naturally

the leading world player in assistance, travel insurance and customer services.

In April of the same year we acquired World Access, the American leader in Travel

Insurance. And one year later Worldcare in Australia joined our group, further reinforcing our

portfolio of top performing companies. We created our Chinese business unit in April 2003.

2006 was a much-awaited year and represented a long-term strategic step for us. It was the

year we launched a new brand identity and our values worldwide. This multi-layered launch

demonstrated, among other things, our dedication to you and your well-being, and refl ected

our rich, multi-cultural diversity.

2007 was quite simply a landmark year for the group. On January 1st, our four French

companies - Mondial Assistance, France Secours, Elvia and SSC - merged to form Mondial

Assistance France, a unique entity and brand. In doing so, we confi rmed and stren gthened

our position in France. And true to our goal to grow internationally, we opened offi ces

in Mexico and India.

We also acquired Medvantis, a medical call-centre in Switzerland.

We registered our Russian offi ce in 2007 and began operations there on March 1st, 2008.

Since January 1st, 2008 we have been operating under our unique brand name and speak

with a single voice. Across all 5 continents, we feel right at home in the 28 different

countries where we are present. When we say that wherever you go, we are always close

by, looking out for you, we really mean it! We really are everywhere, making sure you have

our help, anytime, anywhere.

You – our customers, and other stakeholders – were, are and always will be what

our business is all about.

GOING BEYOND EXPECTATIONS

We’re never satisfi ed to just wait for

your call. Each of you and your custo-

mers is different. For us, part of helping

you is anticipating what you need be-

fore 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 wor-

king to improve the way we serve you,

continuously.

OUR BRAND VALUES

Worldwide leader in assistance services and travel insurance

A PASSION FOR PEOPLE

We are people who care about people.

The fi rst thing on our minds every day

is your well-being. And to make sure

we are getting it right, we listen to you

fi 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 ac-

ting on our passion for people. At the

end of the day, it’s about helping you,

making you feel special, and reinforcing

our relationship with you.

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. You

can point to a location on the globe and

chances are, we’ve helped someone

there.

“Helping people, anytime, anywhere”

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 profes-

sionalism 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.

4,000people assisted every hour

550,000text messages exchanged

42millioncalls handled

15millioncases handledTO 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 fi rst. Trust truly is at

the heart of what we do.

ANNUAL REPORT 2009 / Mondial Assistance 01

Of course 2009 was a very diffi cult year. Nevertheless,

when faced with the different fi nancial and market

challenges, we demonstrated our ability to adapt

to the situation at hand and took full advantage

of the many rich resources within our international

group and within Allianz.

Our values in action.During the ensuing crisis of 2009,

being Proactive, Connected and

Professional helped us meet our

objectives for profi table growth.

We achieved +4.8% in revenue

growth (+5.4% in real terms) and

maintained our level of profi tability.

Throughout the year, Trust, our core

value, was the foundation on which

we nurtured relations with customers,

staff members and other stakeholders.

These factors combined enabled

us to reconfi rm our global leadership

position in assistance and travel

insurance.

In our unfailing commitment to being

Professional, we relied on several

of our historic activities to generate

growth. Online tourism had another

stellar year (+23%), while B2C grew

by 10%, driving an overall +4% growth

in travel. Health and lifecare had strong

double digit growth (+18%) while

property and other excelled at nearly

(+30%). Due to the depressed

automotive market, there was

no growth in roadside assistance.

Sharing knowledge, expertise and innovations Major growth drivers in our mature

or saturated markets can be attributed

President:

Rémi Grenier

Members:

Jonathan Ansell

Ulrich Delius

Didier Lebret

Ida Luka-Lognoné

Laurence Maurice

Chairman:

Jean-Philippe Thierry

Vice President:

Detlev Bremkamp

Vice President

Delegate:

François Thomazeau

Members:

Dr Manfred Knof

Dr Walter Gutberlet

Chairman:

Christof Mascher

Vice President:

Detlev Bremkamp

Vice President

Delegate:

François Thomazeau

Members:

Dr Manfred Knof

Dr Walter Gutberlet

Rémi Grenier

Jonathan Ansell

Ulrich Delius

Didier Lebret

Ida Luka-Lognoné

Laurence Maurice

02 Mondial Assistance / ANNUAL REPORT 2009

EDITORIAL

“Together with the 10,231 staff members that make up

our group, we are proud to contribute to a universal cause, which

perfectly illustrates how and to what extent we care about others.

Our partnership with MASSIVEGOOD is an extension of our mission,

commitment to and passion for helping people anytime, anywhere.”

to experience sharing, transferring

skills and continuous innovation.

Whether for operations or sales,

we demonstrated our innovative

spirit by proposing services adapted

to the new technologies and lifestyle

trends of our increasingly mobile

world. These include Smartphone

applications for roadside assistance,

SMS communication of intervention

requirements to providers, travel

insurance 2.0, or policies tailored

to travel customers’ specifi c profi les,

and a fi nancial offer built on the

concept of “banking for life”. Herein,

Proactive is expressed in its fullest

dimension – sharing innovations

so that success reproduces across

the group, country to country,

business unit to business unit, but

also with Allianz sister companies.

We are truly international and growing!We reaffi rmed our international weight

in 2009 with strong growth in the

Americas (+17% overall with +22%

in the US and +7.6% in Brazil), and in

Asia Pacifi c (+18% overall with +13%

growth in Australia). Revenues remained

concentrated in Europe, where, although

overall growth was +2%, France, Spain

and Switzerland reported strong growth

at +9%, +11% and +12% respectively.

We also successfully entered the Middle

East airline market with the signing

of new contracts for our e-commerce

travel insurance solutions. Refl ecting

our “Connected” value, this new stage

in our geographical expansion not only

strengthens our relations with global

customers but also demonstrates a fi rm

commitment to partners who wish to

offer top quality services in every corner

of the world.

Our commitment to CaringA major highlight marked 2009 –

the signing of our global partnership

agreement with MASSIVEGOOD,

an innovative humanitarian fundraising

initiative, to be their strategic technical

partner worldwide. We are now

concretely contributing to

MASSIVEGOOD’s combat to fi ght

malaria, HIV/AIDS and tuberculosis by

providing a dedicated, 24/7 multilingual

call platform to MASSIVEGOOD donors.

With an eye to the future2010 is proving to be another

challenging year due to continued strain

and economic diffi culties in certain

regions and market sectors. In this

context, it is our commitment to

continuous innovation, knowledge and

experience sharing, but also to

our people strategy that will make

the difference. By recognising

and relying on the rich expertise

and talents that comprise our group,

we will be able to pursue our growth,

realise our 2015 ambition and better

serve our customers.

Christof Mascher

Chairman of Mondial Assistance SAS

Supervisory BoardCOO of Allianz GroupMember of the Board

of Management of Allianz SE

Rémi Grenier

President of Mondial Assistance SAS


2009 fi gures

in million euros

in points

1,508

1,597

1,6732009

2008

2007

95.6

94.9

95.92009

2008

2007

in million euros

number of people

57.1

62.6

56.02009

2008

2007

9,356

9,817

10,2312009

2008

2007

10.6%

Asia Pacific

20.3%

Americas

67.3% Europe

1.8%

Corporate, other & consolidation

16%

Health, Life & Home

47%

Travel

37%

Auto

per zone per lines of business

40%

Tourism

14%

Auto

39% Finance

7%

Other markets

by market


KEY FIGURES

2009 Milestones

AM best also affi rmed Mondial Assistance’s fi nancial strength

in Q3 2009, honouring it with an “A” rating for Excellent.

Following the annual review held in Paris in July 2009,

fi nancial rating agency Standard & Poor’s affi rmed the fi nancial

strength and stability of Mondial Assistance International,

giving it a rating of “AA-”.

In Australia, Canstar Cannex awarded 5-Star Ratings to our

Worldcare Travel Insurance product brand at the inaugural

Australian travel insurance ratings awards.

Mondial Assistance China won the Best China Special

Service award, considered to be the most respected,

high-end customer service offered.

Our French business unit won Decision Achat magazine’s

Bronze medal for its e-procurement platform, purchasing

quality, innovation and supplier relationship management.

Our Polish business unit was honoured with the Firma

Przyjazna Klientowi award for its customer service quality

and customer friendly approach.

It also received the Przejrzysta Firma certifi cate,

a recognition of the company’s fi nancial credibility and integrity.

Mondial Assistance Netherlands won the Dutch Insurance

Golden Shield award in the category Best P&C product 2009

for its new continuous travel insurance product launched

in September.

Our UK based subsidiary won the prestigious International

Travel Insurance Journal (ITIJ) Insurer/underwriter

of the year award.

It also received One Star Best Company Accreditation

for Best Companies 2009.

Our American business unit received the prestigious

Silver Magellan Award in the Online Travel Services category

by US trade publication Travel Weekly. This prize was given

for AgentMax, the travel insurance desktop application

for travel agents.

It was also named Top 100 IT company by CIO magazine.

This award recognizes organizations around the world that

exemplify the highest level of operational and strategic

excellence in information technology.

Last September, Mondial Assistance signed a global

partnership with the Millennium Foundation for

, a global health initiative that allows

travellers to make small fi nancial contributions when they

purchase travel services online. Collected funds combat

HIV/AIDS, malaria and tuberculosis in developing countries.


MILESTONES


Lines of business

24/7365 days per year

250millionbenefi ciaries

1 interventionevery 2 seconds

TRAVEL 2009 world crisis hits the travel industry

In 2009 the global economy endured the greatest fi nancial crisis

the world has ever known. The travel industry, among other industries,

was hit very hard. Then the Swine Flu (H1N1) epidemic spread and

magnifi ed the fi nancial crisis. According to the World Travel and Tourism

Council, tourism’s share in global Gross Domestic Product declined

from 9.6% to 9.3% between 2008 and 2009.

+3.8%IN TURNOVER

online activity represents more than 50%

of our overall travel insurance business!

We’re committed to a clear, coherent strategy Our strategy for travel insurance is part

of the overall strategy for Mondial

Assistance. It is based on 4 main pillars:

Want to know what we do best?

It’s working with you and helping

our client partners! Whether they’re

a travel agent, broker, tour operator

or online travel specialist, our goal

is to provide them with innovative,

customised and always surprising

solutions so that customers will come

back time and time again.

These solutions include but are not

limited to insurance and protection

against lost or stolen luggage,

repatriation due to illness, medical and

hospital expense coverage when abroad,

reimbursed fares when your customers

must cancel a trip due to unforeseen

events, and vehicle repair in case of

a breakdown.

And did you know that you can rely on us

for these solutions around the clock,

around the world, 24/7? Whoever you

are, wherever you’re from and wherever

you’re going, our help is at your fi ngertips.

So, relax and put your trust in us: you can

players reported a decrease in their

activity, they were not nearly as affected

as the offl ine players.

To conclude on a more positive note,

the crisis lessened as the year went on,

with the travel industry even experiencing

slight growth during the fi nal quarter.

Mondial Assistance delivers top-notch performance thanks to online leadershipIn this critical context, Mondial

Assistance’s continued growth in the

Travel Insurance sector is all the more

remarkable. This is primarily the result

of our leadership position in online travel

insurance sales due to the many

partnerships we have established with

leaders in this sector.

Of all the activities impacted by the

growth in e-commerce over the past

10 years, Travel has clearly benefi ted

the most. The tourism online represented

27% in 2008 and 30% in 2009 of total

sales. This fi gure should continue to

grow in the years to come in all world

regions, including the most mature

markets like the United States and

Europe.

Very early on, Mondial Assistance

recognised the importance of riding the

Internet wave, to the extent that in 2009

and for the second consecutive year, our

Today it is common knowledge. Never

has the tourism industry had to weather

such a storm as it did in 2009. According

to a Euromonitor survey carried out for

the World Travel Market, the number

of realised trips dropped by 8%, the

number of consumed hotel rooms

by 16% and the number of issued airline

tickets by 14%.

Impact on the different geographical

zones has varied: China, Southeast Asia

and Latin America, excluding Mexico,

weathered the crisis with either moderate

growth or moderate decline, whereas

in Europe, North America, Mexico

and Russia, decline in the travel/tourism

industry has been more pronounced.

As in the past few years, in 2009 we

noticed similar trends occurring in sales

channels. There was a split between the

more traditional channels and online.

While for the fi rst time a few online


LINES OF BUSINESS

travel worry-free and receive exactly

the travel services you expect:

solutions for business travellers;•

assistance solutions for holidays •

abroad;

leisure and sports solutions for •

specifi c activities such as skiing, golf;

holiday accommodation solutions; •

Schengen zone solutions;•

Globetrotter solutions.•

Where do we truly excel in our year-by-year

achievements? We would have to say

in medical assistance services. For years

now, and 2009 was no exception, we

have carried out hundreds of thousands

of medical assistance and repatriation

interventions for our customers.

In 2009, that fi gure reached 700,000.

You may very well ask how we

do this? Well, it’s thanks to our multi-

lingual travel and medical assistance

specialists around the world who are on

call 24/7. While you rely on us, we rely

on our comprehensive international

network of top-quality, certifi ed service

providers and 180 international

correspondents.

Our medical team helps you in more

ways than one. Our internationally

experienced and qualifi ed doctors have

evaluated hospitals and clinics in

countries with tourism where medical

coverage is questionable or inconsistent.

Their goal? To optimise the healthcare

you may need with a database built

from fi rst-hand, professional visits.

This database provides our 500 doctors

and medical staff with critical information

about the establishments where patients

are likely to be hospitalised while

abroad. This information includes care

quality, hygiene, equipment, illnesses

treated and so on. Each structure

receives an annual evaluation visit, and

our medical evaluation team regularly

adds new structures to the database.

In 2009, the database cited 1,451

hospitals in 529 cities in 130 countries.

We also assess the quality of medical

structures located in airports as an

effi cient way to assist airline companies

in case of an aircraft diversion.

This program, called “Infl ight Medical

Support”, was launched in 2008.

Today, there are 215 evaluated airports

in our worldwide database. Only a few

international travel players have such

a database at their disposal. So, if you

want that extra service, that extra

quality and that extra peace of mind

when you travel… look no further!

You’ve come to the right place

at Mondial Assistance.

We have a very pragmatic commercial

approach to how we manage our

international requests for tenders. We’ve

set up an international travel sales team

whose primary job is to respond to our

international partners’ demands for

online solutions. This team must

co-ordinate local business requirements

in line with our partners’ international

strategies, and sell and implement travel

insurance and assistance in several

countries. This is possible because

of the close, transparent collaboration

that exists between this team and

our different business units, our forums

for exchanging information and best

practices.

47%OF MONDIAL

ASSISTANCE

TURNOVER

In 2009, we actively pursued deployment of Travel Insurance 2.0.

This revolutionary solution was developed internally to help generate

increased sales in online travel insurance. It is based on a real-time

exchange of information that makes it possible to customise a travel

insurance offer according to a customer’s travel profi le. After Travel

Insurance 2.0’s successful launch and deployment in the US, it is now

being used by our main partners in Europe, where it was introduced in 2009.

Use of Travel Insurance 2.0 should expand greatly in other regions in 2010.

This technology is deployed over a platform that responds to the market’s

most demanding criteria in terms of availability and response time. We’re

committed to staying on the technological edge; so, year after year, we

continue to invest in this IT platform. It’s just one of the ways that we can

stay ahead so that you can benefi t the most from our increasingly wide offer

of innovative, quality products and services.


AUTO Change and its impact on customers.

At a time when new vehicle sales are still under enormous pressure,

we have set our sights on the future, focusing how customer

needs will evolve and how we should respond to them.

that our industry-leading, operational

capabilities are delivered as effi ciently

as possible. We also optimised our

internal cost drivers and managed our

supply chains to ensure that we were

in the best position to win new business

in an increasingly competitive, global

market. Our relentless efforts paid off.

Today we are the largest supplier of

roadside assistance services for PSA

in Europe! Our partnership with Toyota

has grown to include France and Ireland;

we secured Honda’s business in

Scandinavia and the Nordic markets;

and we partnered with Volvo in the UK

and Russia.

now consider their vehicle’s impact

on the environment. Taxes and running

costs will be inextricably linked to CO2

outputs, and consequently OEMs are

looking at alternative technologies to

provide cars with low environmental

impact, without compromising

ownership experience.

Hard fought success in 20092009 was possibly the busiest year

ever for our automotive sales teams.

As expected, OEMs revisited their

supplier contracts to reduce their cost

base, but the level of activity surpassed

previous years. We continued to invest

time, money and resources to ensure

Reshaped industry sets a new world stageWe witnessed a major trend when

the 2009 global fi nancial crisis

combined with industry over-capacity:

OEMs (Original Equipment

Manufacturers) began to work with rivals

or merged or divested to ensure

longer-term survival. Fiat and Chrysler

came together; Volkswagen acquired

Porsche, and GM sold Saab to Spyker.

The automotive world order also

changed. Today Toyota is the n° 1

global automotive brand, and China

has overtaken the US as the world’s

largest car market. Car owners must

37%OF MONDIAL

ASSISTANCE

TURNOVER


LINES OF BUSINESS

CRM – Our core business and key competencyAll requests for assistance or information

are also an opportunity to strengthen

our bond with customers. Why?

Because every connection counts.

What sets us apart? We treat our

customers – OEMs, leasing companies,

fl eet providers, banks, insurance

companies – with professionalism,

respect and as individuals! This is our

modus operandi and abiding philosophy.

We cover the following services:

Roadside assistance: repair and •

towing for broken down/immobilised

vehicles.

Accident Management: towing, •

replacement vehicle, car repair

Used car and extended warranty •

programme management

GAP (guaranteed asset protection)•

Service program management•

Telematics: GSM localisation, •

post-theft notifi cation and tracking,

navigation, remote door unlock,

remote controlled breakdown

diagnosis, and concierge services

(best routes, weather, traffi c, legal

assistance…)

Customer Relationship Management: •

telemarketing, customer surveys,

loyalty programs, lead generation

and event management

A bright, green future Today we are looking well beyond

2010. Shoptalk is on hybrid

and electric vehicles. Although

invented back in the 1830s, current

legislative and regulatory actions

worldwide, and strict requirements

for air emissions have renewed

development efforts in this domain.

There is not a single car manufacturer

that does not have or is about to

have a hybrid or electric vehicle

on the road.

And we’re ahead of the game.

We are the fi rst provider of roadside

assistance for hybrid vehicles in Europe,

supporting Toyota Prius, Lexus hybrid,

MINI and smart electric vehicles.

So indeed, the future looks bright

and green! We understand how this

technology will change our business

model and how customers’ expectations

will evolve. We will continue to push

the boundaries and help our clients

to deliver the loyalty solutions that will

sustain their businesses.

Change is one of life’s constants,

and we understand that races are

never won by standing still. Central

to our ethos is a ferocious desire

to continually seek ways to im-

prove what we do and how

we do it.

2009 was a year of lifestyle

changes and the emergence

of new technologies. So we

responded by making big

investments to adapt our services

to these evolutions.

Our colleagues in Brazil developed

a Smartphone application that

allows users to request roadside

assistance from their iPhones,

and soon Blackberries. Customers

have quick access to our assistan-

ce network and we can pinpoint

their precise location. This ensures

that help gets to the right place the

fi rst time and as fast as possible.

In the UK we have developed

bespoke branded web portals

that allow OEM end customers

to renew warranty and assistance

coverage online. They can tailor

the product to their lifestyle

and budget, and pay monthly

or all at once.

7MILLION

CASES

HANDLED


HEALTH, LIFE AND HOME Your Health, Your Life and Your Property - they matter to us.

Health and Lifecare assistance is our 3rd line of business, launched

several years ago. It has been growing continuously ever since.

Healthcare assistance focuses specifi cally on your health while

Lifecare is more generally concerned with daily well-being.

We have the right care for everyoneHealthcare

• 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.

• Personal Response Services.

Being able to reach someone

immediately when you’re not feeling

well is essential. So we offer state-of-

the-art technological devices that

monitor your home and facilitate

communication, location and

triggering alarms. These services

cover 24/7 tele-assistance and

tele-medicine.

• Young travellers and

expatriates / impatriates.

We provide semi-permanent or long-

term medical assistance and travel

insurance for students and employees

because we know that the

unexpected can happen anywhere.

• Disease Management and Patient

Support. If you suffer from a chronic

disease, impairment, abnormal

functioning, or belong to a specifi c risk

group (tobacco, memory ageing…),

then you may fully benefi t from these

assistance services.

… and Nurse Triage, Employee Health •

Assistance, Medical counselling,

Third Party Health Administration,

Rehabilitation Management, Prevention,

Second Medical Opinion, and so on.

portfolio to include 14 pharma

companies for 21 prescription drug

programs. Today, with more and more

business units playing an active local role

in disease management, our credibility

among industry players is very solid.

Local initiatives drive growthOur 2009 business growth can also

be attributed to a certain number of

local initiatives:

Demand management provides medical

information to patient benefi ciaries before

they take medical action. It is designed

to provide accurate, personalised advice

and information when hospitalisation,

consultation or self-medication

is unjustifi ed.

Alzheimer’s is a two-year French

project launched early in 2009 in

partnership with a local government

authority. The aim is to work with

200 Alzheimer patients during the fi rst

year and 200 additional patients the

second. It involves close coordination

with healthcare providers, patients

and their families.

Orphan disease initiatives were

launched with several European pharma

companies. The aim? To make life easier

for patients by setting up healthcare

and logistics networks for managing

drug supplies and administration

around the world so that patients no

longer have to suffer the uncertainty

of not being able to get treatment

when they leave home.

Another dynamic year for a sector on the riseToday the world’s population

is increasingly mobile; people travel

more and opt for long-term stays

abroad. This requires having specifi c

knowledge of local healthcare systems.

In 2009, we reinforced our specialised

health insurance for specifi c mobile

groups wishing to spend extended

periods of time overseas: students,

expatriates / impatriates. Our student

insurance solutions are one such

example. They enjoyed steady growth,

particularly in Australia, where we are

market leader and have for many years

engaged in numerous partnering

activities with local universities and

schools. Student health insurance has

also been very successful in Germany.

In addition, with people living longer,

disease management is critical.

So, in 2009 we also strengthened our

partnerships within the pharmaceutical

industry. We increased the number

of disease management programs

to 30, and extended our partnership

16%OF MONDIAL

ASSISTANCE

TURNOVER


LINES OF BUSINESS

Lifecare

• Daily life services. We help you get

through everyday so that your life can

be a little bit easier (babysitting,

cleaning, gardening, etc.).

Employment Assistance.• Do you

need help fi nding a fi rst job, or getting

a new one? Do you plan to retire?

What about career assessment advice

or just an understanding ear? We’re

here to give you all the support you

need, when you need it.

Bereavement and Funeral •

Assistance.

Retirement Assistance.•

Let’s get personal: your property is our business!A property mishap? A property crisis?

Most of us have been there before.

This could be as minor as a faulty but

easily fi xable electrical system, or

as major as a fl ooding water pipe

or a fallen tree across your roof. Some

of you have experienced natural

catastrophes. Others have lived through

week long black outs. Whatever your

line of work, whoever and wherever your

customers may be, we’re here to help

you help them if and when adversity

strikes. No matter how big or small.

Property and Home Assistance – three

small words for a great big offer. From

a leaky tap to a fl ooded community, we

have a fl exible, customised solution to

meet your needs. 24/7. We offer tele-

security for home and offi ce surveillance,

protection services and warranties

for your credit cards and mobile phones,

CRM programs, concierge services

and round-the-clock information call

centres for public inquiries. And just

to let you know, we’re redesigning

our Home Assistance offer to include

possible solutions that could be

distributed via our utility clients, thereby

broadening our offer to reach more

people everywhere. For us, it’s all about

getting closer to you to take better care

of you and your belongings.

Our partnership with

a French bank enhances health

assistance coverage

We have built a strategic distribution

partnership in France with one of

the country’s largest banks to enhance

healthcare protection for their young

customers when they are travelling

abroad. This coverage targets

12–28 year olds, and offers them

security, safety and peace of mind

when they are far from home.

Working with an insurer to enhance

obesity and nutrition awareness

Designed for an insurer’s customers,

ages 18 to 65, the program helps

them adopt and maintain a healthy

lifestyle. It includes advice on nutrition,

eating habits and age-appropriate

exercise to lose weight and maintain

long-term health and vitality.

Lifecare services for 60+

Working closely with a leading German

insurance company, we have develo-

ped a full range of lifecare services to

help people over 60 who are reco-

vering from an accident, and who

are either temporarily or defi nitively

dependent.

Disease Management services

for 60+

Partnering with a large French

insurance company, we have

developed a 4-year disease management

program to reduce the occurrence

of diseases that decrease life expec-

tancy or lead to severe disabilities.

Employee Assistance Program

We have developed a new Employee

Assistance Program in collaboration

with insurers, banks, pharmas

and large IT companies. It provides

everything from daily life services and

health counselling, to administrative

and social support, and stress

prevention programs.

+22.8%IN TURNOVER



International presence

10,231Staff members

40languages

Business units in countries 28

How can we help?

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WE COVER THE WORLDAssisting you with a worldwide network

designed to help!

Our international network is built on competence and geographic presenceThe 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 qualifi ed

service and assistance providers

and 180 correspondents worldwide.

From transport technicians to medical

experts, home repairmen to legal

advisors, employment and retirement

counsellors to social service workers,

our network of specialists assists you

and your customers with every need,

anytime, anywhere.

We have a dedicated international

team at group headquarters in Paris

that selects, manages and controls

our network of providers.

24-hour availability•

Best price/quality ratio•

Offi cial credentials•

Cashless access to services•

Guarantee of appropriate and •

well maintained equipment


INTERNATIONAL PRESENCE

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elp? How can we help?

w can we help?

How can we help?

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How can we help?

Brazil

Canada

Mexico

USA

How can we help?

Argentina

Chile

Colombia

How can we help?

Austria

Belgium

Czech Republic

France

Germany

Greece

Ireland

Italy

Poland

Portugal

Reunion Island

Russia

Spain

Switzerland

The Netherlands

Turkey

UK

How can we help?

Bosnia/Herzegovina

Bulgaria

Serbia/Montenegro

Croatia

Slovenia

Baltic Countries

Denmark

Finland

Lebanon

Norway

Sweden

Ukraine

Uzbekistan

Moldova

Slovak Republic

Hungary

Romania

How can we help?

Morocco

How can we help?

Australia

China

India

Japan

Singapore

Thailand

How can we help?

Malaysia

New Zealand

South Korea

Taiwan

Countries with group offi ces Countries with a commercial activity Our special partner


ASIA-PACIFIC While Asia Pacifi c was not spared the world’s

economic downturn or the year-long struggle,

all business units in the region contributed to a

signifi cant growth in profi ts. These contributions are

the result of strong, clear leadership in challenging

times, an increased focus on our core businesses,

innovative product development and investments

in cutting edge technology.

Despite challenging market conditions,

Asia-Pacifi c’s performance in 2009

was strong, all business units within

the region contributed to this growth.

The Australian business continued

to impress with double digit sales

growth in each of the markets in which

it operates. China, Japan and India

showed exceptionally strong growth

levels in market conditions which

ranged from mature to subdued.

Two loss making entities were

restored to profi tability through

strong commitments by their senior

management teams.

climbs the ranks

to reach n°3 in revenue!

Who ever said that growth is not

possible in a crisis year? Certainly not

Mondial Assistance Australia! Our

Australian business demonstrated

its exceptional resilience and capacity

for growth with a 12.9% (in EUR) /

19.5% (in LC) increase over 2008

revenue. This moved Australia from

fourth to third highest in annual turnover

within our group — impressive for

a country with a population of only

22 million!

All lines of business — medical

assistance, travel insurance, automotive,

property assistance and overseas student

health insurance — reported strong

growth, with e-commerce innovation

underpinning our dominant position

in travel. In line with group policy

to seek growth in strategic new areas,

we also reached across the Tasman

to signifi cantly expand our market

presence through a partnership with

leading New Zealand travel company,

House of Travel.

success through

growth and innovation across

all product lines

2009 was an active growth year for

Mondial Assistance China. Our Chinese

entity launched new custom-designed

roadside assistance programs, which led

to the successful addition of several new

car manufacturers to the portfolio.

The business reported a 60% increase

in assistance cases and a corresponding

69.6% (in EUR) / 57.4% (in LC) increase in

revenues. It earned higher service quality

and customer satisfaction scores, while

closely containing operating costs through

enhanced personnel training and targeted

operating effi ciencies.

Mondial Assistance China also added

some prominent fi nancial institutions

to its growing list of partners, thereby

increasing its margins and revenue

across this segment.

A new nationwide travel insurance

fronting solution allowed the business

to further develop and enhance its

comprehensive travel insurance offer.

Finally, synergistic technology

innovations sustain the growth delivered

by our marketing initiatives and improve

our “added-value” performance

in the demanding Chinese market.

leaps ahead

in Automotive Assistance

Since we launched our operations

in India in November 2007, Mondial

Assistance has proudly pioneered

the assistance fi eld, creating increasing

demand for roadside assistance,

establishing professional roadside

assistance services throughout

the country and expanding into

customer relationship management

services for customers. We are

currently managing CRM programmes

within the automotive, insurance

and fi nancial services markets.

Another leap ahead is the recent

11%OF GROUP

TURNOVER



partnership we have built with Mahindra

and Mahindra, one of India’s largest

suppliers of utility vehicles. This has

helped to fi rmly establish us as

the market leader in roadside assistance.

Indeed our leadership is partly refl ected

in the 217.9% (in EUR) / 236.4% (in LC)

growth we have experienced over the

past twelve months! Mondial Assistance

India continues to develop its business

based on two fundamental principles:

an unwavering commitment to provide

customers with innovative solutions

along with quality, caring, professional

service.

enhanced growth and

profi t in a challenging environment

2009 was another solid performance

year for Millea Mondial. Even within

a challenging economic environment,

sales revenues climbed 62.1% (in EUR) /

38.75% (in LC) and profi tability was

further enhanced. We are proud to say

that we have maintained cumulative

profi t since our joint venture was fi rst

established in 2006. Traditional roadside

assistance services and other lines such

as inpatient assistance, our maintenance

pack program, pet insurance and the

extended warranty business contributed

to 2009 growth.

The Millea Mondial team exerted

continuous focus on keeping operating

costs down, and made specifi c efforts

to reduce operating platforms and

telecommunications costs.

In an effort to further enhance our

quality commitment to customers,

we established a second operations

centre. This initiative has resolved

capacity restraints due to the rapid

expansion of the business, and has

allowed us to create a disaster

recovery facility.

increased dynamics

in travel insurance and roadside

assistance

Our Singapore entity achieved a 13.1%

(in EUR) / 9.7% (in LC) growth in sales,

an outstanding result given the

nature of the operating environment.

It can be directly attributed to the

investment in innovative e-commerce

travel insurance products, and to

the expansion of our distribution

into general insurance as a means

to provide roadside assistance

services.

slow growth but

solid returns

As it was for many other countries,

2009 was an unsettling and challenging

year for Thailand. The market was

initially affected by the negative impact

of the global economic crisis; however,

the year and the market closed on

a more positive note, with a 21.5%

(in EUR) / 19.6% (in LC) growth. Our

Thai business continued its vigilance

in relation to costs, thereby enabling

the entity to report strong levels of

profi tability for the year!

EUR: euros / LC: local currency.

+17.9%IN TURNOVER


AMERICAS Another record year in a challenging economy.

The Americas zone was the group’s largest growth

driver for revenues and profi t thanks to online

specialty insurance. Innovative product development

and strict cost control allowed us to secure

our fi nancial performance against the economic

downturn. But we never compromised on quality

service. Clients and employees expressed strong

satisfaction levels in 2009.

introduces the ultimate

assistance self-service tool

Brazil reported excellent 2009 results,

once again posting double-digit growth.

With a well-deployed, successful

diversifi cation strategy, our Brazilian

business unit consolidated its lead

position in the overall market and

particularly in the travel insurance

segment. It focused on gaining direct

end-consumers and launching niche

products. Brazil’s star accomplishment

in 2009 remains DIRECTASSIST, a free

Smartphone application that offers

end-customers a 24/7 one-touch,

talk-free access to assistance services.

This unique application converges

the Internet, GPS and the mobile phone,

thereby revolutionizing the way we help

our customers.

a watershed year

with a strong turnaround

Continued focus on innovative cost-

containment strategies and corporate

governance resulted in a very strong

year for our Canadian business unit.

It exceeded its 2008 results by 231%!

With an eye to existing and future fi nancial

services clients, Canada enhanced its IT

infrastructure and obtained payment

card industry level 3 compliance

certifi cation. Employee engagement

was among the highest in the group

at 87% thanks to greatly improved

internal communications.

consolidation

of Travel Insurance

In September, our business unit in

Mexico successfully launched its fi rst

travel insurance program with the

country’s largest carrier. Our Mexican

entity also began operations with major

players in the fi nance industry to provide

home assistance, funeral assistance,

and claims management while

continuing to coordinate all Mexican

assistance fi les for the group. It is fair

to say that we have quickly established

ourselves as a quality reference in the

Mexican market.

double-digit growth

for the fi fth consecutive year

Despite a downturn in the American

travel industry, our US company had

another strong year, with 22.7%

(in EUR) / 15.8% (in LC) revenue growth.

The keys to success? Retaining and

growing current clients and acquiring

strategic new businesses. The US

business unit is the second largest in

revenue, leads all entities in travel

insurance sales and is the market leader

in online travel and ticket insurance,

which experienced dramatic sales gains.

Our focus on technology, specifi cally the

AgentMax desktop software for travel

agents and the expanded use of travel

insurance 2.0 among online partners,

was a signifi cant growth driver.


20%OF GROUP

TURNOVER

+16.1%IN TURNOVER



EUROPE, MIDDLE EAST AND AFRICA Despite extremely challenging conditions,

EMEA experienced growth and overall strong

performances in 2009. Depending on market

specifi cs and maturity, our business units focused

on diversifi cation, building e-commerce, IT

investments, implementing best cost containment

measures and improving our carbon footprint.

Innovation was at the heart of the region’s success.

SEE hub

weathers crisis with excellent

performance

Despite the unfavourable business

environment, our Austrian business

unit achieved a solid 2.7% (in EUR)

increase in revenues. With its

geographical expansion towards

SEE (South Eastern Europe),

our Austrian entity further established

itself as a regional hub, serving more

than 10 countries. In 2009 travel

and roadside assistance remained

the dominant lines of business.

diversifi cation

generates strong growth

Our Belgian business unit continued its

development during 2009 with a record

growth in revenues and improved

profi tability. We formed a new lifecare

partnership with an HR services

company, and enjoyed signifi cant overall

growth within the healthcare sector.

The business unit has now established

its credibility in the pharmaceutical

sector and is proud of its portfolio

of solid references. In addition, a new

win with a major automotive client

further reinforced positive turnover.

And once again we demonstrated

commercial creativity and dynamism

through a sales promotion campaign

that focused on a key annual product

and brought together more than

200 major clients.

success despite

tough market conditions

Our business unit in Prague began

its second decade of successful

collaboration with Allianz Prague and

Allianz-Slovenska Poistovna Bratislava.

With group support, we signifi cantly

enlarged our customer portfolio in

assistance services and travel

insurance, and secured several major

new contracts in vehicle assistance. We

also won an international tender for the

KBC Group for which our Prague entity

now coordinates KBC presence

throughout Central and Eastern

Europe. These and other focused

business acquisition efforts helped

mitigate the negative impact of the

year’s economic crisis. Our Czech

entity also completed its TOM (target

operating model) targets to fully align

its organisation with the group’s

standards.

commercial success

and innovations in 2009

Our French business unit posted strong

results in 2009, despite the declining

economy. Turnover was up by 9.1%, the

result of signifi cant commercial initiatives

and actions across all sectors. Teams

successfully developed portfolios with

major accounts across all business lines,

and enjoyed many contract renewals with

top players. Our French entity signed a

partnership agreement with a leading

Japanese automotive manufacturer.

Our healthcare and energy solutions won

the attention of new clients as well, and

we were awarded with new agreements

with sports equipment distributors and

several camping networks. Growth

continued with additions to our portfolio

of mutual insurance companies.

Tourism online (excl. B2C) grew

by 27.3% in 2009, a trend that should

continue with the launch of France’s new,

more user-friendly website in 2010.

Innovation was high on the agenda.

We launched “MIRA Mobile”, a mobile

version of our electronic missioning

system for service providers, as well as

a telephone for female victims of violence.

Our French business unit launched

67%OF GROUP

TURNOVER


several other socially-oriented initiatives

as well, for the elderly, assistance givers

and active young people. To combat

the economic crisis our French entity

undertook an important operation

to streamline costs and optimise

processes, and cut down on paper

consumption transforming 2 million paper

documents into electronic fi les!

Telesecurity is booming with excellent

profi t, and in Reunion Island, both private

and public clients are reinforcing their

partnerships with our company.

best practices help

achieve top results

Despite tough competition, our

two German business units achieved

good combined top-line results and

further reduced their operating

expenses. Their approach? Successful

business process re-engineering, the

deployment of best practices and tight

expense management. Initiatives to

further capitalize on online channels was

very successful. Furthermore, efforts

to continuously optimize the business

portfolio structure paid off, producing

expected results with solid growth

in the health and lifecare and fi nancial

sectors. Our German entity enjoyed

strong growth in its travel activity,

the largest share of its business

portfolio, thanks to a healthy increase

in annual policies. A major 2009

highlight was the repatriation of a baby,

known as the “Julia Assistance Case”,

which the group made into a movie!

innovative actions

help foster growth in trying times

Our Greek entity’s excellent customer

services and ability to successfully

implement innovative change no doubt

contributed to its success in 2009.

Even the new towing legislation

combined with the poor economy

could not slow us down. Our business

unit reported a very successful +21,4%

growth, thereby maintaining its lead

position in both the automotive

assistance and travel insurance markets.

We designed new services, including

accident management, and have

begun to develop an agent/broker

network to promote our assistance

services and products through a new

distribution channel.

crisis in travel industry

shapes market in 2009

Our Italian entity was severely

impacted by the 2009 economic crisis

in the tourism industry. Business with

the Allianz group, the banking sector,

motor vehicle manufacturers and

companies like Mediaworld generated

a big part of turnover. The drop in tour

operator portfolio revenues was

fortunately compensated for by new

tour operator contracts, individual

Globy travel policies, a +40% increase

in direct online revenues, and a strong

expansion of our assistance portfolio,

in particular for ‘white and brown

goods’ warranty extension guarantees.

The profound crisis in the travel market

has also caused an enormous liquidity

crisis for tourism players. As the market

leader in the travel insurance fi eld,

Mondial Assistance Italia has had

to cope with bankruptcies in

the industry and make subsequent

provisions which has had an effect

on results for 2009.



fi nancial stability

within a diffi cult context

Although the global economic crisis

negatively impacted business partners

in Poland, particularly in the fi nancial

and automotive industries, our Polish

business unit weathered 2009 very well.

It enjoys fi nancial stability and hopeful

prospects for development. A few

highlights in 2009 include signing

agreements with key automotive brands,

insurance companies, and banking

partners. Our Polish entity is currently in

the process of developing new product

lines around extended warranties

and tele-assistance, and expanding

its distribution channels in B2C. With

signs of improvement in the market,

it is looking forward to a recovery in

the automotive sector and is optimistic

about the future.

IT investments and

reinforced presence in healthcare

2009 was a year of consolidation for

our Portuguese business unit. After

several years of growth, the company

restructured. It also implemented a new

IT System that helps improve service

provider capabilities, such as reducing

time to send tow trucks to end users.

This new system has also helped to

improve in-house management tools.

Our Portuguese entity strategically

focused on its core businesses

in 2009 and reinforced its presence

in the healthcare sector by offering

new clients training programs in drug

administration and follow-up.

persistent

development of roadside assistance

After the successful launch of operations

in 2008, our Russian business unit set

its sights on becoming the country’s

leading roadside assistance provider.

During 2009 it was fully committed

to building the most extensive provider

network in the market. These efforts

paid off and it now delivers services

in more than 100 locations. Our Russian

entity also reviewed and optimized

internal business and operational

processes to be able to meet the heavy

increase in demand. It successfully

added 6 new automotive brands

to its client portfolio and focused

on developing key partnerships with

Russia’s major automotive distributors.

All of these efforts have led, not

surprisingly, to a considerable growth

in our market share!


new product launches

and an improved carbon footprint

Our Spanish business unit consolidated

2009 results in an environment greatly

impacted by the severe economic crisis.

To combat the situation, our Spanish

team worked throughout 2009 to

improve its online customer services.

The entity also launched a new

assistance product that provides a wide

range of legal services, such as legal

counsel, legal defence and legal

documentation. The crisis also led to a

steep drop in employee travel. The

upside was a signifi cant drop in

employee-generated CO2 emissions,

which were down 18% compared

to 2008, and it further improved

its carbon footprint by reducing its

paper consumption by 17%!

growth

and resilience in the downturn

The Swiss market demonstrated

great resilience during the global

economic downturn. With a strong

12.4% (in EUR) / 6.9% (in LC) growth

in revenues, our Swiss business unit

achieved very satisfactory top and

bottom line results. The health and

lifecare and automotive businesses

(including Medi24) greatly contributed

to this performance. Furthermore,

consumer specialty insurance initiatives

such as extended warranties for white

and brown goods and mobile phone

insurance products also positively

contributed to a well-balanced

business portfolio.

maintaining

stability in a year-long challenge

Despite the diffi cult market and

economy in 2009, our Dutch entity

maintained a stable turnover and

improved its bottom line results.

How? It acquired several important new

clients and improved its operational

effi ciency. Our Dutch business unit also

continued to focus on new product

development, which saw the successful

launch of several innovations: a new

annual travel insurance product and the

fi rst European digital owners booklet

produced together with a car

manufacturer. Since mid 2009,

in close collaboration with the Ministry

of Transportation, we have handled all

automotive accident cases on main

roads throughout the country, which

has allowed us to expand our network

into the semi-public sector.

it just keeps growing

Despite the global crisis, which

negatively affected all sectors in 2009,

our Turkish business unit had stunning

4.2% (in EUR) / 18% (in LC) growth,

bringing its combined ratio to 92.5%.

Through proactive measures, it

minimized costs in network

management by altering towing rates,

and at the same time, developed its

customer portfolio. Growth in both

the insurance and banking sectors

continued with the recent signing of

a partnership agreement with a major

travel player. A highlight in 2009 was

implementing Unity, an effective IT tool that

helps improve the quality of customer

services. So far, the new system has

paved the way for increased productivity

and more effi cient cost containment.

innovation to grow

Our UK and Irish business units were

particularly challenged in 2009 as a

result of the economic recession.

Despite this, our teams made new

business wins throughout the year with

particular success in B2B2C. This all

contributed to strong operating results.

Innovations were at the centre of this

success with further deployment of

online automotive warranty and travel

insurance platforms. M-commerce

was high on the agenda resulting in

a signifi cant business win with a major

mobile telecoms provider.

Our UK business unit continues to be

recognized for its customer service

excellence and is amongst the region’s

top three providers of dedicated

roadside assistance, travel insurance

administration and automotive warranty.

Investment did not stop with technology;

HR, Internal Communications and CSR

offered strong support throughout the

year to boost employee engagement

and successfully implement innovative

change.

+1.9%IN TURNOVER



e-commerce

activities begin!

Throughout 2009, together with

the Allianz network in the GCC (Gulf

Cooperation Council) and specifi cally

selected partners, Mondial Assistance

in the Middle East seized opportunities

with local leading GCC airlines.

To launch its operations in the Middle

East, Mondial Assistance International

initially outsourced handling of travel

claims to one of its sister Allianz

companies in Bahrain, while using

Mondial Assistance UK’s medical and

IT platforms. In the future we hope to

open a small local operations platform

in the region.

improved focus for future

development

In 2009, Mondial Assistance heightened

its focus on the Nordic & Baltic

regions, as both the automotive and

travel insurance activities are beginning

to show promise of development there.

We strengthened our automotive

presence by signing a new pan-regional

roadside assistance agreement.

At the same time, many car manufacturers

confi rmed their demands for renewal

products. We also successfully

developed and launched a CDW

(collision damage waiver) product,

part of our consumer specialty insurance

solutions. In order to fully develop

business in the region, the group

has agreed to redesign the Nordic

organization and appoint a dedicated

country manager, who will work closely

with our local partners.



+4.8%growth


Financial results

56million €

net profi t

1,673million € turnover

Economic situation

2009 was mainly marked by the world eco-

nomic crisis. In this unfavourable situation

the economic position of consumers and

businesses deteriorated considerably.

Except for Asia (powered by China)

and Brazil, the car market was greatly

affected by the crisis. New vehicle sales fell

except in France and Germany where gov-

ernment measures were introduced.

The travel industry was also very much af-

fected by the economic crisis and by the

impact of the swine fl u epidemic. According

to the World Travel and Tourism Council, the

contribution from tourism to GDP fell from

9.6% in 2008 to 9.3% in 2009, and ac-

cording to Euromonitor the number of trips

made was down 8%, with the number of air

tickets dropping by 14%.

The impact of the crisis was very marked

in Europe, North America, Mexico and

Russia.

The Group’s activity

In spite of the diffi cult economic situ-

ation, total Group sales which came to

1.7 billion euros were up 5% compared

to 2008. Business in Europe was most

affected by the crisis with growth of

around 2% whereas growth areas in

Asia and the Americas posted two fi gure

growth rates of 18 and 17% respectively.

With sales of 790 million euros, up 4%

nearly on 2008, travel insurance prod-

ucts accounted for 47% of total sales.

Roadside assistance sales were sta-

ble at 623 million euros. Sales of health

products were up by 18% while property

damage products increased by almost

30%.

REVIEW OF OPERATIONS FOR THE YEAR 2009

Report on the activity of the Group and its subsidiaries in 2009

The contribution by Mondial Assistance

France, World Access Inc. in the USA

and Mondial Assistance Australia ac-

counted for 44.3% of total sales in 2009,

against 41% in 2008.

In France, travel insurance sold online and

new customers in the automotive sector

made up for the erosion in rates seen on

traditional markets. In the USA, growth was

driven by online sales and by a new product

covering the cancellation of event tickets.

In Asia, Australia posted strong organic

growth in travel and health insurance

while the China portfolio reached the

critical size of 16 million euros.

Operational result

The Group’s operational result came to

94 million euros, down 14.2% compared

to 2008 but in line with budget.

The change is due to the deterioration in

the combined ratio resulting from a rise

in insurance claims offset in part by strict

control of internal costs.

The rise in claims was felt in travel in-

surance in particular where the volume

of cancellations increased signifi cantly

in the first part of the year because

of the reduction in consumer purchasing

power. In addition, an increase in claims

was seen in roadside assistance in the

second half and was even more marked

in the last quarter in continental Europe.

The contribution by Mondial Assistance

France accounts for 32% of the total op-

erational result against 38% in 2008 and

the contribution by the Americas now

represents 26% of the total operational

result against 14% in the previous year.

Asia continues to grow, with a contri-

bution to the Group’s operational result

reaching 10% against 9% in 2008. Addi-

tionally, in Germany, a loss-making con-

tract with a tour operator is the reason

for the 2009 technical loss. In Portugal

the Group continued to turn round loss-

making business begun in 2008.

Investments and fi nancial result

At end December 2009, the Group’s port-

folio came to 603 million euros which is

39.8% of assets, up 4% on 31 December

2008. Investment policy continues to favour

short term placements with a low risk profi le

(bonds, short term deposits).

The operational fi nancial result came to

27.9 million euros, down 0.7 million euros

compared to 2008. The result from invest-

ments fell by 11 million euros which was

in line with the decline in fi nancial yields.

Book profi ts from fi nancial management

fell from 4.25% in 2008 to 2.92% in 2009.

The impact of negative exchange rates

of -8.2 million euros in 2008 was up at

+1.8 million euros end 2009.

Net result

After the tax charge (38 million euros)

and a non operational result of 2.3 mil-

lion euros mainly from investments, the

Group’s net result came to 56 million

euros, down 10.5% compared to the

2008 fi nancial year.

Profi tability

On the basis of an average amount of

equity of 393.9 million euros, the return

on equity for 2009 came to 14.2%.


FINANCIAL RESULTS

Development prospects

In industrialised European countries where the recovery will be slow and uncertain with internal demand weakened by the rise in

unemployment, the Group will be continuing to improve its operational effi ciency by maintaining a higher quality standard of service while

continuing to explore new markets. In emerging countries, the development work on portfolios will be continued.

Major events occurring between the closuredate and the date of the consolidated accounts

There were no major event between the

closure date and the date of the consoli-

dated accounts.

1. Information on capital

In application of article L. 233-13 of the

Code de commerce (French commercial

law), we remind you that, following the

merger mentioned above with MAG SAS,

the company’s shareholders are now:

• the Dutch branch of ACIF: 50%;

• Allianz Vie: 10.1%;

• Allianz IARD: 10.1%;

• Allianz France: 29.8%.

In accordance with the provisions in

article L. 225-211 of France’s Code de

commerce, on increasing employees’

holdings in the company, we inform you

that employees hold no shares in the

Company.

2. The company’s debt position

The Company had no debt at the year-end.

3. Delegation granted by the Extraordinary General Meeting

The Extraordinary General Meeting did

not grant any delegation of power rela-

tive to decisions or actions to increase

the capital.

4. Signifi cant events since the year-end

Subsequent to the absorption by MASAS

of its shareholder, it has been decided to

alter the governance of the Company and

introduce a supervisory board and an

audit committee whose members are:

• Supervisory Board:

– Christof Mascher

– François Thomazeau

– Detlev Bremkamp

– Walter Gutberlet

– Manfred Knopf

• Audit Committee:

– Christof Mascher

– François Thomazeau

– Detlev Bremkamp

• Group debt: none

• Use of fi nancial instruments: none other than the cover instrument on Allianz Group share purchase options granted

to managers by the Group

• Risks: see notes to the consolidated accounts where risk management mechanisms are

described

• Information on environment issues: not applicable

• Research and development activity: none

Other fi nancial and business indicators


FINANCIAL STATEMENTS OF MONDIAL ASSISTANCE GROUP

Consolidated Income Statement of Mondial Assistance Group

in thousand EUR 2009 2008

Premiums earned net 1,307,101 1,197,405

- Gross premiums written 1,354,677 1,227,833

- Ceded Premiums written (8,780) (10,442)

- Change in unearned premiums (38,796) (19,986)

Claims and insurance benefi ts incurred (net) (786,407) (689,421)

- Claim current years (810,636) (709,224)

- Thereof expenses by destination (148,467) (124,100)

- Claim previous years 25,404 20,326


- Other technical reserves (1,175) (522)

Acquisition and administrative expenses (net) (462,853) (425,982)

- Acquisition costs (366,847) (345,123)


- Payments (374,781) (353,588)

- Payments gross (375,617) (355,068)

- Payments ceded 837 1,480

- Capitalisation 27,451 28,627

- Capitalisation gross 27,482 28,653

- Capitalisation ceded (30) (26)

- Amortisation (19,518) (20,162)

- Amortisation gross (19,545) (20,193)

- Amortisation ceded 28 31

- Administrative expenses (96,006) (80,859)


- Administration expenses gross (96,006) (80,859)

- Administration expenses ceded

UNDERWRITING RESULT 57,842 82,002


FINANCIAL RESULTS


Fee and commission income 336,295 371,185

Gross service written 318,725 369,176

Change in defered services revenues 17,570 2,009

Fee and commission expenses (328,200) (372,445)

Interest and similar income 27,620 39,251

- Thereof External dividends 59 40

- Thereof Intragroup dividends 1,048 1,070

Trading operating

Investment expenses 890 (9,379)

- Thereof expenses by destination (252) (340)

- Thereof foreign exchange result net 1,772 (8,237)

Interest expenses (584) (1,233)

Loan loss provisions

Other income 0

Other expenses 0

OPERATING PROFIT 93,862 109,382

Trading non operating 1,029 (2,176)

Realized gains/losses, impairments (net) 2,350 (3,104)

- Real gains/losses impairments (net) equities 1,498 (253)

- Real gains/losses impairments (net) fi xed inc. 873 (2,851)

- Real gains/losses impairments (net) inv. prop (22)

Amortization/disposal gains and losses of intangible assets (579) (59)

Restructuring charges (486) (914)

INCOME BEFORE TAXES AND MINORITIES 96,176 103,128

Income taxes (38,024) (37,996)

INCOME AFTER TAXES AND BEFORE MINORTITIES 58,152 65,132

Minorities interests in earnings (2,162) (2,570)

NET INCOME 55,990 62,562

All detailed fi nancial information on: www.mondial-assistance.com/corporate/media/annual-reports/


Consolidated Balance Sheet of Mondial Assistance Group of December 31st, 2009

in thousand EUR 12/31/2009

12/31/2008

Pro forma

ASSETS

Goodwill 18,940 19,497

Other intangible fi xed assets 24,094 23,370

Intangible fi xed assets 43,034 42,867

Land and buildings 7,625 7,706

Other tangible fi xed assets 46,977 44,947

Tangible fi xed assets 54,602 52,653

Shares 370 216

Fixed-interest securities 348,939 317,429

Other Investments 30,340 80,480

Securities - available for sale 379,649 398,125

Investments - fair value through profi t & loss 2,820 803

Participations 1,826 778

Mortgages - -

Long term bank deposits 176,543 148,930

Loans 42,193 32,985

Mortgages, long term deposits and loans 218,736 181,915

INVESTMENTS 603,031 581,621

Accounts receivable - from policyholders and from agents 140,464 136,649

Accounts receivable - from reinsurers 66 971 54,823

Accounts receivable from associated companies - current accounts - -

Other accounts receivable 141,791 170,829

Accounts receivable 349,226 362,301

Deferred acquisition costs 44,225 36,991

Cash and cash equivalents 349,263 285,184

Reinsurance deposits 4,287 5,429

Other deposits - -

Other assets 4,287 5,429

Accrued interest 4,186 8,431

Other (prepayments and accrued income) 31,127 24,435

Accruals & prepayments 35,313 32,866

Deferred taxes - assets 27,085 31,188

TOTAL ASSETS 1,510,066 1,431,100


FINANCIAL RESULTS

in thousand EUR 12/31/2009

12/31/2008

Pro forma

SHAREHOLDERS’ EQUITY AND LIABILITIES

Share capital 77,112 25,510

Additional paid in capital 180,080 222,073

Other reserves 48,104 (8,117)

Retained earnings brought forward 47,069 77,378

Net profi t for the fi nancial year 55,990 62,562

Shareholders' equity 408,355 379,406

Minority interest in shareholders' equity 10,854 10,321

Unearned premium reserves and deferred service income 439,534 419,602

Claim reserves 207,216 184,002

Other technical provisions 40,853 33,777

Technical provisions 687,603 637,381

Personnel provisions and similar liabilities 52,594 47,742

Provision for income taxes and similar taxes 18,989 36,721

Other non-technical provisions 16,288 11,977

Non-technical provisions 87,871 96,440

Deposits received from reinsurers 102 179

Loans 31,901 21,489

Liabilities - direct business 37,509 36,894

Liabilities - indirect business 861 13,033

Liabilities to associated companies - current accounts - -

Other liabilities 207,125 204,036

Deferred income 20,172 12,824


Deferred taxes - liabilities 17,713 19,097

Total liabilities 1,101,711 1,051,694

TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 1,510,066 1,431,100



Consolidated Statement of Cash Flows


CONSOLIDATED RESULT 55,990 62,562

Change in deferred acquisition costs (4,435) (7,230)

Change in deferred premiums 19,403 (15,992)

Change in reinsurance operations (18,091) 31,207

Change in technical provisions 29,802 21,591

Change in other technical provisions 4,093 6,655

Change in accounts receivable and payable (12,627) (27,655)

Change in accounts receivable and payable other 18,236 9,734

Change in securities held for trading (2,017) 3,897

Change in other balance sheet items (7,933) 11,383

Change in other provision 8,559 (8,679)

Change in deferred taxes 2,722 (1,730)

Gains and losses on the disposal of investments 2,328 (1,101)

Other income/expenses without impact on cash fl ow 1,050 (4,179)

I. Cash fl ows from operating activities 97,080 80,463

Infl ows from the sale of consolidated companies - -

Outfl ows for the acquisition of consolidated companies - -

Change from the acquisition, sale and maturities of other investments (1,083) 5,324

Change from the acquisition and sale of investments for unit-linked life insurance - -

Other - -

II. Cash fl ows from investing activities (1,083) 5,324

Infl ows from increases in capital - -

Outfl ows for share buy-backs - -

Dividend payments (31,918) (25,649)

Change from other fi nancing activities - -

III. Cash fl ows from fi nancing activities (31,918) (25,649)

CASH FLOWS FOR THE FINANCIAL YEAR (I + II + III) 64,079 60,138

Effect of exchange rate changes on cash - -

Cash at the beginning of the fi nancial year 285,184 225,045

CASH AT THE END OF THE FINANCIAL YEAR 349,263 285,183

Additional information

Income tax paid (net) (35,033) (41,489)

Dividends received 50,701 52,572

Interest received 26,289 37,893

Interest paid (585) (1,233)


FINANCIAL RESULTS

BUSINESS YEARS 2008 - 2009

INCOME STATEMENT


Gross total turnover (written premiums and service revenues) 1,673,402 1,597,009

Net earned premiums and service income 1,643,396 1,568,590

Insurance claims (786,407) (689,421)

Costs insurance and service (791,053) (798,427)

Operating Result 65,936 80,742

Financial operating result 27,926 28,640

Operating Profi t 93,862 109,382

Result after taxes and before minorities 58,152 65,132

Minority interests in earnings (2,162) (2,570)

GROUP RESULT (NET INCOME) 55,990 62,562

BALANCE SHEET


ASSETS

Intangible fi xed assets 43,034 42,867

Tangible fi xed assets 54,602 52,652

Investments 603,031 581,622

Accounts receivable 349,226 362,302

Cash and cash equivalents 349,263 285,184

Total remaining assets 110,909 106,474

TOTAL ASSETS 1,510,066 1,431,100

SHAREHOLDERS’ EQUITY AND LIABILITIES

Shareholders’ equity 408,355 379,405

Minority interest in shareholders’ equity 10,854 10,321

Technical provisions 687,603 637,381

Non-technical provisions 87,870 96,439


Deferred taxes - liabilities 17,713 19,097

Total liabilities 1,101,710 1,051,694

TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 1,510,066 1,431,100

KEY RATIOS

2009 2008

Return on equity 14.20% 17.30%

Return on net earned premiums and service income (before taxes) 5.90% 6.60%

Combined Ratio 95.90% 94.90%

Growth on net earned premiums and service income 4.80% 7.70%



Mondial Assistance Australia Mondial Assistance House

74 High Street

Toowong QLD 4066

+61 7 33 05 7000 www.mondial-assistance.com.au

Mondial Assistance

Austria

Pottendorfer Strasse 25-27

1120 Wien

+43 1 52 50 30 www.mondial-assistance.at

Mondial Assistance

Belgium

rue des Hirondelles 2

1000 Brussels

+32 2 290 64 11 www.mondial-assistance.be

Mondial Assistance

Brazil

Al. Santos, 745 2° andar

cj. 22 01419-001

São Paulo - SP

+55 11 43 31 50 26 www.mondial-assistance.com.br

Mondial Assistance

Canada

4273 King Street East

Kitchener, Ontario N2P 2E9

+1 519 742 2800 www.mondial-assistance.ca

Mondial Assistance

(Beijing) Services Co., Ltd.

14F Air China Plaza

36 Xiaoyun Road,

Chaoyang District

Beijing 100027

+86 10 84 47 59 66 www.mondial-assistance.com.cn

Mondial Assistance s.r.o. Jankovcova 1596/14b

170 00 Praha 7

+420 283 002 711 www.mondial-assistance.cz

Mondial Assistance

France S.A.S.

54, rue de Londres

75008 Paris

+33 1 53 05 88 69 www.mondial-assistance.fr

SEPSAD Société

Européenne de Protection

2, Boulevard Montmartre

75009 Paris

+33 1 53 34 16 28 www.sepsadsecurite.com

GTS Gestion Télésécurité

Services S.A.

81, rue Pierre Sémard

92324 Châtillon Cedex

+33 1 46 12 12 12 www.gts-teleassistance.com

Mondial Assistance

International AG

Ludmillastr. 26

81543 Münich

+49 89 62 42 41 45 www.mondial-assistance.de

Mondial Assistance

GmbH Deutschland

Riedenburger Strasse 2

81677 Münich

+49 89 20 801 1028 www.mondial.de

Mondial Assistance

Greece

10 Premetis Str.

Athens 173 42

+30 210 99 58 100 www.mondial-assistance.gr

Mondial Services

(India) Pvt Ltd

21st Floor,

DLF square M-Block,

Jacaranda Marg,

Phase-II Gurgaon

Haryana 122002

+91 124 43 43 800 www.mondial-assistance.in

Mondial Assistance

Ireland (ASCI)

2 Bracken Court

Bracken Road Sandyford

Dublin 18

+353 1 602 7000 www.mondial-assistance.ie

Mondial Assistance

Italia SpA

Piazzale Lodi, 3

20137 Milano

+39 02 236 95 1 www.mondial-assistance.it

Millea Mondial Co., Ltd Shinagawa Seaside

South Tower 3F 4-12-1

Higashi-shinagawa,

Shinagawa-ku,

Tokyo 140-0002

+81 3 5783 7699 www.millea-mondial.co.jp


WORLDWIDE ADRESSES

Mondial Servicios

S.A. de CV.

Blvd. Adolfo López Mateos

No. 379

Col. Atlamaya

01760 México, D.F.

+52 55 53 77 3800 www.mondial-assistance.com.mx

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 www.mondial-assistance.ma

Mondial Assistance

Sp. z o o.

ul. Domaniewska 50B

02-672 Warszawa

+48 22 522 25 00 www.mondial-assistance.pl

Mondial Assistance Portugal Rua Quinta da Fonte

Edifi cio Bartolomeu Dias

2774 535 Paço de Arcos

+351 21 780 62 00 www.mondial-assistance.pt

Mondial Assistance Reunion

Island (B.S.A.)

11, rue Roland Garros

97400 Saint-Denis

+33 262 90 99 45 www.mondial-assistance.re

Mondial Assistance Timiryazevskaya str., 1

127422 Moscow

+7 495 661 47 22 www.mondial-assistance.ru

Mondial Assistance

143 Cecil Street

13-01 GB Building

Singapore 069 542

+65 6535 3585 www.mondial-assistance.com.sg

Mondial Assistance

Spain

Edifi cio Delta Norte 3

Avenida de Manoteras

46 bis

Madrid 28050

+34 91 325 54 40 www.mondial-assistance.es

Mondial Assistance Hertistrasse 2

8304 Wallisellen

+41 44 283 32 22 www.mondial-assistance.ch

Medi 24 - Mondial

Service Switzerland AG

Bolligenstrasse 54

3006 Berne

+41 31 340 05 00 www.medi-24.ch

Mondial Assistance Thailand Auto

Assist Co., Ltd.

29th Floor,

Thanapoom Tower,

1550 New Petchburi Road,

Makasan Rajathevi,

Bangkok 10400

+66 23 05 85 55 www.mondial-assistance.co.th

Mondial Assistance Netherlands Poeldijkstraat 4

1059 VM

Amsterdam

+31 20 561 87 11 www.mondial-assistance.nl

Mondial Assistance

Turkey (S.A.T)

Buyukdere Cad

Enka Binasi 108

Kat 10 - Esentepe

Istanbul 80300

+90 212 337 43 37 www.mondial-assistance.com.tr

Mondial Assistance UK 102 George Street

Croydon Surrey

CR9 1AJ

+44 208 681 25 25 www.mondial-assistance.co.uk

Mondial Assistance USA 2805 North Parham Road

Richmond, VA 23294

+1 804 673 15 20 www.mondialusa.com

* Special partner

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Mondial Assistance SAS37, rue Taitbout75009 Paris, FranceTel: +33 1 53 25 53 25Fax: +33 1 53 25 54 04

www.mondial-assistance.com

Mondial Assistance Annual Report 2009

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