FY-2021 results: record net income at €223.8m and 100% pay-out ratio

• Turnover: €1,568m, up +8.3% at constant FX and perimeter
- Trade credit insurance increased +9.7% driven by activity recovery and past repricing
- Pricing impact is still positive on the year (+0.7%) but evolution has been negative for three quarters (-2.2% cumulated)
- Information services growing +18.1% for FY-21 and +30.5% in Q4-21
• Net loss ratio at 33.3% – an improvement of 14.4 ppts; Annual net combined ratio at 64.6%
- Q4-2021 net loss ratio at 50.4% (and 10.9% excluding government schemes) with continued reserve releases
- FY-21 net cost ratio improved by 0.8 ppt to 31.3% (32.1% in 2020)
- Net combined ratio at 83.0% for Q4-21
- Excluding government schemes, FY-21 net combined ratio at 54.5% and 42.7% in Q4-21. Government schemes had a negative impact of €160m on income before tax in 2021, of which €103m in Q4
• Net income (group share) of €223.8m, of which €32.9m in Q4-21. Annualised RoATE of 12.2%
- Earnings per share reached €1.50
• Coface continues to be backed by a solid balance sheet:
- Estimated solvency ratio at ~196% , (and 194%2 excluding government schemes) above the upper end of target range (155% to 175%)
- Proposal to distribute a dividend per share of €1.50 representing a 100% pay-out ratio
• Coface is continuing to execute its Build to Lead strategic plan and is confirming its through the cycle objectives

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