2013 Annual results
Good commercial dynamics and improvement in the loss ratio
- Strong commercial growth dynamic: new production up +29%
- Increased retention rate: up 2 points at 88%, prices stable
- Premiums stable at €1,129 million (-0.9% 1) despite difficult economic conditions, in particular in the Eurozone, and 6.3%1 increase in the 4th quarter
- Effective risk management: further improvement in loss ratio, down 0.4 points to 51.1%, and at 45.7% in the 4th quarter
- Costs reduced2: down 1% during the financial year, at €559 million
- Net income (group share) €127 million, up +2.7%
- Strong financial structure (€1.8 billion consolidated shareholder’s equity)
- Financial strength ratings (IFS3), confirmed by rating agencies : AA- (Fitch), and A2 (Moody’s), both with stable outlook
Jean-Marc Pillu, CEO of Coface, commented:
“Coface achieved good results in 2013, with a robust technical performance highlighting the quality of our risk management in a still very fragile economic environment. This performance also shows the success of our strong operational and financial management over the last three years.
Our commercial growth dynamic is strong, with new business generation up 29% in 2013, a positive factor for the current financial year. Growth is more than ever at the core of our strategy, and will be driven by innovation and a multichannel distribution approach aimed at seizing profitable growth opportunities throughout the world.
With a solid operational and financial profile, our group looks forward with confidence and enthusiasm to the proposed initial public offering envisaged in the first half of this year, subject to market conditions.”
1 On constant consolidation and exchange rates.
2 Excluding relocation costs (regrouping of Parisian premises) to new headquarters in Bois-Colombes (8.3 M€).
3 Insurer Financial Strength.