A major contribution from the Iberian region helped push Amsterdam-based credit insurer Atradius' net profit to €134.5m for 2013.
The result meant Atradius increased its net profit by 18.4% compared with the previous year, leaving the insurer with a combined ratio of 81.5% for 2013. That represented an improvement of 4.7 percentage points compared with 2012. Its pure insurance result increased by 19.9% over 2012 to €143m.
"This was due largely to a significant improvement in claims expenses, with a major contribution from the Iberian region, where prudent risk management reduced claims, returning the business to a positive gross insurance result," Atradius explained.
While the Iberian region accounted for a large part of its improved 2013 result, Atradius' local credit insurance business in North America , Asia and central and eastern Europe also made significant contributions.
These saw revenue growth of 15.7%, 6.5% and 4.5% respectively.
Additional growth is on the horizon, with the company's newly opened offices in the US, Canada, Turkey and Australia all expected to add further to Atradius' business this year. Furthermore, additional investments made in Dubai, Singapore and China will add to the credit insurer's book in 2014.
"2014 is shaping up to be a year of growth with economies in western Europe expected to improve along with the continued growth of economies in the Americas, Asia-Pacific, central and eastern Europe and Africa," said Atradius' chairman and chief executive, Isidoro Unda.
"The investments we are making in expanding our presence across the world can enable businesses to expand their sales in both their existing and in new markets. We have positioned Atradius to maximise potential growth opportunities for our current and for new customers and will continue to invest in new technologies that will give our customers valuable insights to aid their business strategies."
Atradius in the second of the three major credit insurers to release its results for the last year, with Allianz-owned Euler Hermes yet to announce its numbers.
France's Coface posted net profit of €127m for 2013, up 2.7% year on year.