FY 2016 Results
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
- 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
- Fit to Winlaunched and progressing in line with expectations
- Consultations well underway
- First benefits materialising
- Net income (group share) FY 2016 at €41.5m
- 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%
 €75.0m gain on French State export guarantees management transfer, €38.6m restructuring expenses, €14.1m of social benefits reserves releases and €5.1m linked to actuarial rates change, totalling €55.6m before tax (see Note 30 of the FY 2016 financial statements); After tax (tax rate of 34.43% applied), contribution of these elements to FY-2016 net income (group share) is €36.5m.
 Estimated coverage ratio calculated according to Coface’s interpretation of Solvency II standard formula. Non audited.
 The €0.13 proposed dividend per share is composed of €0.07 normal dividend and € 0.06 special dividend ; these proposed distributions are subject to the approval of the General Assembly which takes place on May 17th 2017