PARIS (Agefi-Dow Jones)–The credit insurer Coface announced on Tuesday that it had generated record net income in 2021, up 170%, and indicated that it was continuing “the execution of its Build to Lead strategic plan whose objectives through the cycle are confirmed”.
“Coface continued to deliver solid operational performance in an environment of strong economic recovery despite the context of the pandemic”, commented Xavier Durand, the group’s chief executive, in a press release. “The risk environment continues to normalize with situations still very different depending on the country or the business sector,” continued the manager.
In 2021, the group’s net profit reached 223.8 million euros compared to 82.9 million euros in 2020. Its operating profit increased at the same time by 122.8%, to 312.9 million euros. euros. The combined ratio net of reinsurance, a key measure of business profitability, came in at 64.6%, down from 79.8% a year earlier.
Coface’s turnover amounted to 1.57 billion euros, up 8.1% on a reported basis and 8.3% at constant scope and exchange rates.
In insurance, gross earned premiums increased by 9% as reported, to 1.31 billion euros.
According to a consensus published on the Coface website, analysts on average expected a net profit of 225 million euros in 2021, an operating profit of 321 million and a turnover of 1.55 billion euros.
Coface specified that it would propose at its next general meeting the payment of a dividend of 1.5 euro per share, ie a distribution rate of 100%.
-Eric Chalmet, Agefi-Dow Jones; 01 41 27 47 95; [email protected] ed: LBO
COFACE FINANCIAL RELEASES:
https://www.coface.com/en/Investors
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Dow Jones Newswires
February 15, 2022 12:01 ET (17:01 GMT)