Euler

French credit insurer Euler, Paris, saw its 1999 net profits fall to Euro74.9m (US$72m) despite a 28% improvement in its technical result to Euro137m. The apparent decline in net earnings was largely due to an exceptional 1998 gain of Euro34m due to the sale of the Euler stake in fellow credit insurer Coface. A 1999 turnover of Euro1bn confirmed Euler’s status as the world’s number one credit insurer.