COFACE SA: AM Best affirms Coface’s main operating subsidiaries rating at A (Excellent) with a stable outlook
COFACE SA: AM Best affirms Coface’s main operating subsidiaries rating at A (Excellent) with a stable outlook
Paris, 22 May 2023 – 08.30
The rating agency AM Best affirmed on 19 May 2023 the A (Excellent) Insurer Financial Strength – IFS rating of Compagnie française d’assurance pour le commerce extérieur (la Compagnie), Coface North America Insurance Company (CNAIC) and Coface Re. The outlook for these ratings remain “stable”.
In its press release, AM Best highlights that this rating reflects, “Coface group’s balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, favourable business profile and appropriate enterprise risk management”.
This strength is underpinned by a consolidated risk-adjusted capitalization at the strongest level as measured by the Best’s Capital Adequacy Ratio (BCAR) score
AM Best also believes that “the group’s prospective performance may be subject to volatility, driven by the uncertain global operating environment. However, the group is able to take prompt risk-mitigating actions on non-performing business when required”.
Last, in its release, the rating agency underscores that this note reflects Coface’s “leading position in the global credit insurance market, which is characterised by high barriers to entry”.
CONTACTS
ANALYSTS / INVESTORS
Thomas JACQUET: 58 –
Benoît CHASTEL: 28 –
MEDIA RELATIONS
Saphia GAOUAOUI: 91 –
Corentin HENRY: 94 -
FINANCIAL CALENDAR 2023
(subject to change)
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”).
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| COFACE: FOR TRADE With over 75 years of experience and the most extensive international network, Coface is a leader in trade credit insurance & risk management, and a recognized provider of Factoring, Debt Collection, Single Risk insurance, Bonding, and Information Services. Coface’s experts work to the beat of the global economy, helping ~50,000 clients in 100 countries build successful, growing, and dynamic businesses. With Coface’s insight and advice, these companies can make informed decisions. The Group' solutions strengthen their ability to sell by providing them with reliable information on their commercial partners and protecting them against non-payment risks, both domestically and for export. In 2022, Coface employed ~4,720 people and registered a turnover of €1.81 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 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.
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