Annual Reports

The Annual Report is a complete overview of the performance of Atradius N.V. in a year. It includes performance and strategy, full year accounts and additional financial information.

Atradius Annual Report 2023 - Rethinking business

Atradius Annual Report 2023 | Atradius

Download the Atradius Annual Report 2023

Atradius is helping our customers to adapt and thrive by having deep insight into the emerging trends and risks that are shaping the way trade happens. We are helping our customers to embrace the changes and seize the opportunities, so we can grow our businesses together.

Prior to the pandemic, crises were sporadic. When they occurred, businesses had time to digest, recalibrate and respond before the next shock came along. In recent years events, crises and disruptions are coming more frequently, with barely a moment to draw breath in between.

In the face of so much change, it is easy to focus on the negative, but this also creates the opportunity to “rethink business” in response to the changing risk landscape. To see disruption as an opportunity to learn and grow. This is not just true for Atradius, but all businesses. This is something that we are doing, together with our customers.

Insurance revenue grew by 2.4%, with strong customer retention and increased levels of insured business. This reflects the strong demand for Atradius’ product offer and service quality. The gross claims ratio increased to 39.4% (from 38.7% in 2022) as some market’s insolvencies appeared above pre-pandemic levels, while others are still in the process of adjustment. The recurring expense ratio for the year was 34.8%, a 1.0%pt increase coming from 2022, a result of continued investment in the strategic development of systems.

Business outlook  

Global growth is expected to slow to 1.9% in 2024, the weakest growth rate since the global financial crisis (excluding the COVID driven downturn in 2020). The global GDP in 2024 is expected to weaken in several major economies such as the US and China at the start of 2024, followed by only a sluggish recovery. Growth in all the key advanced markets – US, UK and eurozone – is expected to remain low in 2024. Tight monetary and fiscal policy, as well as the depletion of excess savings will weigh on the United States economy.

For emerging markets, GDP growth is forecast to decline modestly in 2024, with Asia being the fastest growing region (4.6%) and for Latin America to slowdown growth in 2024. In 2024, insolvencies are expected to increase for the majority of markets, and a moderate increase in claims to follow in due course. Overall, while global economic activity has proved more resilient than anticipated, there are still risks that could derail the global economy in 2024.


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