Magazine date:
Jan 2009 After the bankruptcy of the famous distribution network Woolworth, Euler Hermes, subsidiary of AIG-Allianz, has announced losses for the 2008 last quarter. The credit insurer estimates at 52 million EUR (73 million USD) the repercussions of Woolworth's filing for bankruptcy on its results.
Despite this estimate and the 30 million EUR (46 million USD) decrease in the profits of the 2008 third quarter, Euler Hermes is expecting a net profit of 100 to 110 million EUR (141 million to 156 million USD) for the whole year of 2008.