French financial services company AGF Group said 2002 net income fell 63 per cent on write-downs of nearly Ђ1 bn against its equity portfolio, which was affected by deteriorating financial markets.
Premium income from the credit insurance segment, which includes subsidiaries Euler and Hermes, rose 24.3 per cent to Ђ1.41 bn. On a comparable basis, premium income would have fallen by 0.4 per cent since Hermes was consolidated into the financial statements in July 2002.
Consolidated net income for the credit insurance segment rose 43 per cent to Ђ98m. The segment's combined ratio fell to 91.4 from 102.7.
Source: AM Best Company Inc.