As for most companies, Covid-19 has left a mark on CCN’s results as well. The COVID-19 crisis caused one of the most severe economic and financial market turmoil’s and while financial markets have rallied in the second quarter of 2020, the economic recovery remains fragile. However, the fact that CCN’s performance remained stable in a challenging first half year reinforces our resilience.
Our strategy remains on track. In fact, the crisis has even accelerated our digital transformation and operational improvement drive. CCN Group with its well-diversified business portfolio and geographical spread has continued to successfully navigate through the current crisis and has achieved solid performance in the first half of 2020. CCN Group performance growth amounted to +7 percent in the second quarter of 2020, mostly driven by the Workers Compensation/Accident business segment. In our Motor business segment, our performance dropped due to COVID-19-related effects. Operating performance from our Transport/Logistic business segment was resilient and decreased mostly due to less economical circumstances. Our Travel Claim business segment recorded a significant drop in performance driven by travel restriction measures imposed by most countries worldwide.
For the first half year of 2020 the performance growth amounted to -3%, showing the resilience in the different Lines of Business. Especially our Scandinavian operation performance was robust and recorded a growth amounting to +24%, driven by increased activities during the second quarter of 2020.
“The pandemic continues to be a challenge for all industries. Nevertheless, CCN Group has achieved robust performance and shown a remarkable resilience in the first six months of 2020.
I realize that the second half won’t be any less challenging, but on behalf of all my colleagues, I can say confidently that this crisis will only push us to work harder towards building a CCN Group that is ready for anything the future brings. The performance in the first half year makes us confident that we will see a stable performance also in the second half of 2020,” said Cees Werff, Chief Executive Officer of CCN Group.