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Coface results at 31 December 2016

Coface results at 31 December 2016
Operating performance and progression of Fit to Win in line with plan, confirming our ambition to become the most agile global credit insurer in the industry


  • FY 2016 operating performance in line with guidance

- Turnover in line with previous quarters trends, at €1,411m down (3.6)% vs. ‘15 (ex. FX)

- Net loss ratio in target range at 65.5%

- Net cost ratio at 31.9% ; supported by tight expense control

  • French State export guarantees management transfer finalised

- Teams (~250 FTEs) and IT systems transferred as from Jan. 2nd ‘17

  • Fit to Win launched and progressing in line with expectations

- Launched risk and cost actions as per schedule
- Consultations well underway

  • Net income (group share) FY 2016 at €41.5m

- Includes €36.5m French State guarantees and Fit to Win one-offs

  • Solvency ratio in target range at c.150% ; proposed dividend : €0.13 per share, incl. €0.06 special
  • 2017 guidance: net loss ratio below 61%


Unless otherwise stated, changes are in comparison with 12M 2015


Xavier Durand, CEO of Coface, commented:

“The second half of 2016 marks the beginning of the transformation of Coface. We delivered a net profit of €41.5m in the year, successfully closed the transfer of our French State export guarantees activity, and launched our 3-year strategic plan, Fit to Win, the implementation of which is now well underway. During the last quarter of 2016 we also finalised the strengthening of our senior leadership team to enable us to drive the rigorous change management necessary to our plan’s success.
With Fit to Win, we aim ultimately to position ourselves to deliver a RoATE (return on average tangible equity) of 9% or above across the cycle. The uncertainty dominating the economy is unlikely to lift in 2017, which will be a transition year as we continue to execute on the strategic priorities that guide the plan: to strengthen our risk management and information, drive operational efficiency and enhance client service, and to implement selective growth strategies.”




The presentation will be available at the following address:







 Tel : +33 1 49 02 16 29

Mail :


Justine LANSAC

Tel : +33 1 49 02 24 48

Mail :


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