Commercial Collector Euler Hermes Sees Profits Rise 25 Percent

Paris-based credit insurance and commercial collections provider Euler Hermes reported last week 2007 results, seeing revenues of $3.0 billion, compared with $2.9 billion in 2006. Net income in 2007 was $599.7 million, a rise of nearly 25 percent compared with $480.3 million in 2006.

Euler operates in 50 countries worldwide though Europe generates the bulk of its revenues. Revenues in the Eurozone totaled $2.2 billion in 2007, up slightly 2006.

In the U.S., revenues in 2007 tallied $217.6 million, up more than 11 percent from $195.5 million in 2006.

In its 2008 outlook, Euler noted the U.S. economy is in a slowdown, though Europe is still going strong.

Euler offers several services under the commercial collections umbrella, including risk management, debt collection, loss compensation, bonding, financing, rating of receivables portfolios, and other services. Euler is a member of the giant insurance group Allianz Group.