COFACE SA: Publication of Group and Standalone SFCR as of 31st December 2021
Paris, 29 April 2022 – 17.45
COFACE SA has published today its Solvency and Financial Condition Report (SFCR) for COFACE SA (Group) and Compagniefrançaised’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 2021. 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.
- 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 31st December 2021, eligible own funds to cover the Group’s SCR amounted to €2,472 million, which broke down as follows:
- 82% of Tier 1 capital;
- 17% 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 195%2 at the end of 2021 reflects a solvency ratio above its target range (155% -175%). This level supports the Group’s decision to distribute 100% of its net profit for 2021 by a €1.503 dividend per share.
- The coverage ratio of the Compagnie SCR (Solo) at the end of 2021 is 263%4.
ANALYSTS / INVESTORS
Thomas JACQUET: +33 1 49 02 12 58 – email@example.com
Benoît CHASTEL: +33 1 49 02 22 28 – firstname.lastname@example.org
Saphia GAOUAOUI: +33 1 49 02 14 91 – email@example.com
Corentin HENRY: +33 1 49 02 23 94 - firstname.lastname@example.org
FINANCIAL CALENDAR 2021/2022
(subject to change)
Annual General Shareholders’ Meeting 2021: 17 May 2022
H1-2022 results: 28 July 2022 (after market close)
9M-2022 results: 27 October 2022 (after market close
This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website:
For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for S1-2021 and our 2021 Universal Registration Document (see part 3.7 “Key financial performance indicators”)
COFACE: FOR TRADE
With more than 75 years of experience and the most extensive international network, Coface is a leader in trade credit insurance and adjacent specialty services, including Factoring, Single Risk insurance, Bonding and Information services. Coface’s experts work to the beat of the global economy, helping ~50,000 clients build successful, growing, and dynamic businesses across the world. Coface helps companies in their credit decisions. The Group's services and solutions strengthen their ability to sell by protecting them against the risks of non-payment in their domestic and export markets. In 2021, Coface employed ~4,538 people and registered a turnover of €1.57 billion.
COFACE SA is quoted in Compartment A of Euronext Paris
Code 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 2021 Universal Registration Document filed with AMF on 6 April 2022 under the number D.22-0244 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.
1The 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).
2Final calculation of the SCR coverage ratio using the partial group internal model. Non audited.
3Ex-dividend date is on May 20th, 2022 and Payment date is on May 24th, 2022. The proposed distribution of 1.50€ per share is subject to approval of the Annual Shareholders’ Meeting that takes place on May 17th, 2022.
4Final calculation of the SCR coverage ratio according to Coface’s interpretation of Solvency II standard formula. Non audited.