Coface Group

Key figures

FY 2016 Results

Coface results at 31 December 2016: Operating performance and progression of Fit to Win in line with plan, confirming our ambition to become the most agile global credit insurer in the industry
  • FY 2016 operating performance in line with guidance
    - Turnover in line with previous quarters trends, at €1,411m down (3.6)% vs. ‘15 (ex. FX)
   -  Net loss ratio in target range at 65.5%
   -  Net cost ratio at 31.9% ; supported by tight expense control
  • French State export guarantees management transfer finalised
   -  Teams (~250 FTEs) and IT systems transferred as from Jan. 2nd ‘17
  • Fit to Winlaunched and progressing in line with expectations
    - Launched risk and cost actions as per schedule
    - Consultations well underway
    - First benefits materialising
  • Net income (group share) FY 2016 at €41.5m
    - Includes €36.5m French State guarantees and Fit to Winone-offs[1]
  • Solvency ratio in target range at c.150%[2] ; proposed dividend[3]: €0.13 per share, incl. €0.06 special
  • 2017 guidance: net loss ratio below 61%
Unless otherwise stated, changes are in comparison with 12M 2015
[1] €75.0m gain on French State export guarantees management transfer, €38.6m restructuring expenses, €14.1m of social benefits reserves releases and €5.1m linked to actuarial rates change, totalling €55.6m before tax (see Note 30 of the FY 2016 financial statements); After tax (tax rate of 34.43% applied), contribution of these elements to FY-2016 net income (group share) is €36.5m.
[2] Estimated coverage ratio calculated according to Coface’s interpretation of Solvency II standard formula. Non audited.
[3] The €0.13 proposed dividend per share is composed of €0.07 normal dividend and € 0.06 special dividend ;  these proposed distributions are subject to the approval of the General Assembly which takes place on May 17th 2017
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