Coface Group

Key figures

9M - 2017 Results

Net income at €55.0m driven by loss ratio improvement, in line with new guidance
Turnover: €1,021.2m down (0.3)% at constant perimeter1 and exchange rates
  • Q3-2017 turnover up +0.2% on a comparable basis2
  • Mature markets continue to grow (+2.2%) ; trends in emerging markets remain unchanged
  • Favourable economic environment drives client activity; but with higher premium refunds
Net loss ratio 54.4%, net combined ratio 89.8% in 9M-2017
  • Loss ratio at 46.3% shows improvement in Q3-2017, driven by Asia & North America
  • Net cost ratio at 35.4%  (34.5%  ex. fiscal one-off charge in Italy in Q2-2017)
Net income (group share) at €55.0m, of which €34.8m in Q3
Effects of Fit to Win actions now visible; confirming strategic targets
  • Improved net loss ratio guidance for H2-2017: confirmed to below 50%
  • Achieved €11.8m cost savings, ahead of schedule; confirming €30m goal in 2018
  • Confirming €30m total investment for the 2017 – 2019 period :
         - Expecting lower restructuring expenses than planned
         - Investing to accelerate digital transformation
 
Unless otherwise stated, changes are in comparison with 9M-2016
1 Constant perimeter = excluding State Export Guarantees Management (€40.1m revenue in 9M-2016).
Coface ceded this activity as of January 1st 2017; 2016 figures impacted by this activity have been restated so as to be comparable to 2017
2 Comparable basis = at constat perimeter and exchange rates
 
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