Coface's FY 2022 Results: Achieving Record Net Income of €283.1 Million and an Impressive 80% Payout Ratio, Demonstrating Strong Financial Performance.
Turnover: €1,812m, up +13.4% at constant FX and perimeter and +15.6% on a reported basis
- Trade Credit Insurance premiums grow by +14.4% driven by high client activity in still inflationary environment
- Client retention at record highs (92.9%); pricing down (-3.0%) in line with 9M-2022
- Business information revenues up by +11.6% at constant FX and +13.1% at the full scope; factoring up by +10.0%
Net loss ratio at 36.0%, up by 2.7 ppts; net combined ratio at 64.9%, +0.3 ppt vs. 2021 (up 10.4 ppts excluding 2021 government schemes impact)
- Gross loss ratio up by 9.8 ppts at 31.2%, as normalisation of risk environment continues
- Net cost ratio down by 2.5 ppts at 28.8% reflecting continued positive operating leverage and high reinsurance commissions
- Q4-22 net combined ratio at 68.2% on continued low loss ratio
Net income (group share) of €283.1m, of which €54.7m in Q4-22. Annualised RoATE1 of 15.6%
- Earnings per share reached €1.89
Coface continues to be backed by a solid balance sheet:
- Estimated solvency ratio at ~201%2, above the upper end of target range (155% to 175%)
- Proposal to distribute a dividend3 per share of €1.52 representing a 80% pay-out ratio
Acquisition of Rel8ed, a data analytics boutique in North America
*Unless otherwise indicated, change comparisons refer to the results as at 31 March 2021.
- Xavier Durand, Coface’s Chief Executive Officer