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Coface records a good start to the year with a net income of €56.4m

28 April 2021 Coface

• Turnover: €378m, up 4.2% at constant FX and perimeter
- Trade credit insurance growing by 6.1% at constant FX benefiting from stabilising client activity
- Client retention close to record highs; positive price effect (+2.9%)
- Business Information continues to grow (+9% at constant FX)
- Factoring and debt collection down on lower volumes

• Net loss ratio at 24.5%, down by 32.6 ppts; combined ratio at 52.8% (61.1% excluding the effect of government schemes)
- Gross loss ratio at 29.5%, an improvement by 25.7 ppts; low level of claims worldwide
- Net cost ratio down by 1.5 ppt to 28.3%, thanks to strict cost discipline and revenue growth
- Government schemes have lowered pre-tax profit by €15m

• Net income (group share) at €56.4m, grew more than four-fold over one year, up 55% vs Q1-2019
• Annualised RoATE at 12.0%, benefiting from extraordinary low level of claims
• Financial strength reinforced; Fitch raises rating outlook to stable
• Coface pursues its strategy by appointing a Chief Operating Officer

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