Hungarian subsidiaries of Euler Hermes, a big provider of credit insurance and manager of trade receivables, expects to end the year with revenue from premiums of HUF 2bn, up from HUF 1.7bn in 2003, Gabor Varga, a member of the board of directors of one of the companies, announced.
Euler Hermes' credit insurance company, which controls 65% of the market in Hungary, is expected to generate HUF 1.6bn in revenue and its subsidiary managing trade receivables should generate HUF 500m-600m.
In the first ten months of the year, the two companies had combined net profit of HUF 100m, already more than profits for all of 2003.
Euler Hermes' credit insurance company has been present in Hungary since 1996. Earlier the company generated the majority of its revenue from insuring export loans, but now 70-75% of revenue comes from insuring loans for domestic trade deals and 25-30% comes from export loan insurance.
