COFACE SA

Publication of Group and Standalone SFCR as of 31 December 2023

COFACE SA: Publication of Group and Standalone SFCR as of 31 December 2023

Paris, 6 May 2024 – 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 2023. 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 2023, eligible own funds to cover the Group’s SCR amounted to €2,580 million, which broke down as follows:
  • 75% of Tier 1 capital;
  • 24% 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 199%² at the end of 2023 reflects a solvency ratio above its target range (155% -175%). This level supports the Group’s decision to distribute 81% of its net profit for 2023 by a €1.30³ dividend per share.
• The coverage ratio of the Compagnie SCR (Solo) at the end of 2023 is 233%⁴.
  
  

CONTACTS

ANALYSTS / INVESTORS
Thomas JACQUET: [phone] – [e-mail]
Benoît CHASTEL: [phone] – [e-mail]

MEDIA RELATIONS
Saphia GAOUAOUI: [phone] – [e-mail]
Adrien BILLET: [phone] – [e-mail]

FINANCIAL CALENDAR 2023/2024
(subject to change)
Q1-2024 results: 6 May 2024 (after market close)
Annual General Shareholders’ Meeting 2023: 16 May 2024
H1-2024 results: 5 August 2024 (after market close)
9M-2024 results: 5 November 2024 (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:
http://www.coface.com/Investors

For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2023 and our 2023 Universal Registration Document (see part 3.7 “Key financial performance indicators”).