COFACE SA: Publication of Group and Standalone SFCR as of 31 December 2022

COFACE SA: Publication of Group and Standalone SFCR as of 31 December 2022

Paris, 28 April 2023 – 17.45

COFACE SA has published today its Solvency and Financial Condition Report (SFCR) for COFACE SA (Group) and Compagnie française d’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 2022. 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.

HIGHLIGHTS

• 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 31 December 2022, eligible own funds to cover the Group’s SCR amounted to €2,404 million, which broke down as follows:
  • 78% of Tier 1 capital;
  • 21% 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 202%² at the end of 2022 reflects a solvency ratio above its target range (155% -175%). This level supports the Group’s decision to distribute 80% of its net profit for 2022 by a €1.52³ dividend per share.
• The coverage ratio of the Compagnie SCR (Solo) at the end of 2022 is 207%⁴.
  
  
  
  

CONTACTS

ANALYSTS / INVESTORS

Thomas JACQUET: 58 –

Benoît CHASTEL: 28 –

MEDIA RELATIONS

Saphia GAOUAOUI: 91 –

Corentin HENRY: 94 -

FINANCIAL CALENDAR 2023

(subject to change)

Annual General Shareholders’ Meeting 2022: 16 May 2023

Q1-2023 results: 25 May 2023 (after market close)

H1-2023 results: 10 August 2023 (after market close)

9M-2023 results: 14 November 2023 (after market close)

FINANCIAL INFORMATION

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 H1-2022 and our (see part 3.7 “Key financial performance indicators”).

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 2022 Universal Registration Document filed with AMF on 6 April 2023 under the number D.23-0244 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.

1 The 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).

2 Final calculation of the SCR coverage ratio using the partial group internal model. Non audited.

3 Ex-dividend date is on 22 May 2023 and Payment date is on 24 May 2023. The proposed distribution of 1.52€ per share is subject to approval of the Annual Shareholders’ Meeting that takes place on 16 May 2023.

4 Final calculation of the SCR coverage ratio according to Coface’s interpretation of Solvency II standard formula. Non audited.

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