Coface applied IFRS 17 and IFRS 9 accounting standards starting on 1 January 2023. All comparisons are made using the 2022 pro forma IFRS 17 figures presented on 27 April 2023.
Turnover: €475m, up 11.4% at constant perimeter and FX
- Trade Credit insurance rose 10.9% at constant FX, driven by increased client activity and growth in fee and commission income (+12.8%)
- Client retention stood at record highs (95.7%); the price effect was still negative (-1.5%) but less so than Q4-22
- Information services rose 15.0% at constant FX, while factoring climbed 13.1%
Net loss ratio at 40.6%, up by 0.3 ppt; net combined ratio at 66.3%, improved by 1.7 ppt (+10.3 ppts compared to Q1-22, excluding the impact of government schemes)
- Gross loss ratio at 40.7%, up 9.2 ppts in a risk environment that is still slowly normalising
- Net cost ratio down by 2.1 ppts to 25.7% as a result of positive operating leverage, an improved product mix and high reinsurance commissions
Net income (group share) at €61.2m, up 17.0% compared to Q1-22
Annualised RoATE* at 13.6%
Payment of the 2022 dividend of €1.52 approved at the general meeting of 16 May 2023
Unless otherwise indicated, change comparisons refer to the pro forma IFRS 17 results as at 31 March 2022.
- Xavier Durand, Coface’s Chief Executive Officer
*RoATE = Return on average tangible equity.