COFACE SA: Publication of Group and Standalone SFCR as of 31 December 2023
May 06 2024 - 11:45AM
COFACE SA: Publication of Group and Standalone SFCR as of 31
December 2023
COFACE SA: Publication of Group and
Standalone SFCR as of 31 December 2023
Paris, 6 May 2024 – 17.45
COFACE SA has published today its Solvency
and Financial Condition Report (SFCR) for COFACE SA (Group)
and Compagnie française d’assurance pour le commerce extérieur (the
« Compagnie »), in compliance with the Solvency II
requirements1.
The Board of Directors of COFACE SA and the
Compagnie, respectively approved the SFCR for the financial year
2023. This report is produced on an annual basis:
- for Coface Group, involving
COFACE SA and its main subsidiaries in France and outside
France;
- for the Compagnie, on a standalone
basis.
HIGHLIGHTS
- To assess its solvency, COFACE SA
uses the partial internal model approved by the ACPR in 2019. The
Compagnie’s solvency is still assessed using the interpretation of
the standard formula.
- As of 31 December 2023, eligible
own funds to cover the Group’s SCR amounted to €2,580 million,
which broke down as follows:
- 75% of Tier 1 capital;
- 24% of Tier 2 capital,
corresponding to the subordinated debt eligible thanks to
transitional measures;
- 1% of Tier 3 capital, representing
deferred tax assets.
- The Group’s SCR coverage ratio of
199%2 at the end of 2023 reflects a solvency ratio above its target
range (155% -175%). This level supports the Group’s decision to
distribute 81% of its net profit for 2023 by a €1.303 dividend per
share.
- The coverage ratio of the Compagnie
SCR (Solo) at the end of 2023 is 233%4.
CONTACTS
ANALYSTS / INVESTORSThomas
JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.comBenoît
CHASTEL: +33 1 49 02 22 28 – benoit.chastel@coface.com
MEDIA RELATIONSSaphia GAOUAOUI:
+33 1 49 02 14 91 – saphia.gaouaoui@coface.comAdrien BILLET: +33 1
49 02 23 6394 – adrien.billet@coface.com
FINANCIAL CALENDAR
2023/2024(subject to change)Q1-2024
results: 6 May 2024 (after market close)Annual General
Shareholders’ Meeting 2023: 16 May 2024H1-2024 results: 5 August
2024 (after market close)9M-2024 results: 5 November 2024 (after
market close)
FINANCIAL INFORMATIONThis press
release, as well as COFACE SA’s integral regulatory information,
can be found on the Group’s
website:http://www.coface.com/Investors
For regulated information on Alternative
Performance Measures (APM), please refer to our Interim Financial
Report for H1-2023 and our 2023 Universal Registration Document
(see part 3.7 “Key financial performance indicators”).
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COFACE: FOR TRADEWith over 75 years of
experience and the most extensive international network, Coface is
a leader in Trade Credit Insurance & risk management, and a
recognized provider of Factoring, Debt Collection, Single Risk
insurance, Bonding, and Information Services. Coface’s experts work
to the beat of the global economy, helping ~50,000 clients in 100
countries build successful, growing, and dynamic businesses. With
Coface’s insight and advice, these companies can make informed
decisions. The Group' solutions strengthen their ability to sell by
providing them with reliable information on their commercial
partners and protecting them against non-payment risks, both
domestically and for export. In 2023, Coface employed ~4,970 people
and registered a turnover of €1.87
billion. www.coface.com COFACE SA is quoted in
Compartment A of Euronext ParisCode ISIN: FR0010667147 / Mnémonique
: COFA |
DISCLAIMER - Certain declarations featured in
this press release may contain forecasts that notably relate to
future events, trends, projects or targets. By nature, these
forecasts include identified or unidentified risks and
uncertainties, and may be affected by many factors likely to give
rise to a significant discrepancy between the real results and
those stated in these declarations. Please refer to chapter 5 “Main
risk factors and their management within the Group” of the Coface
Group's 2023 Universal Registration Document filed with AMF on 5
April 2024 under the number D.24-0242 in order to obtain a
description of certain major factors, risks and uncertainties
likely to influence the Coface Group's businesses. The Coface Group
disclaims any intention or obligation to publish an update of these
forecasts, or provide new information on future events or any other
circumstance.
1 The Solvency II Directive (i) formalises and
organises information requests, and (ii) clarifies the governance
requirements and processes to be followed by insurers. In
particular, the regulations provide for the establishment of two
narrative reports: one for the Regulator (RSR) and one for the
public (SFCR).2 Final calculation of the SCR coverage ratio using
the partial group internal model. Non audited.3 Ex-dividend date is
on 22 May 2024 and Payment date is on 24 May 2024. The proposed
distribution of €1.30 per share is subject to approval of the
Annual Shareholders’ Meeting that takes place on 16 May 2024.4
Final calculation of the SCR coverage ratio according to Coface’s
interpretation of Solvency II standard formula. Non audited.
- 2024 05 06 PR Coface Publication of SFCR EN
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