Coface SA

Publication of SFCR Group and Standalone as at 31st December 2017

Paris, 4 May 2018 - 17h45

COFACE SA:

Publication of SFCR Group and Standalone as at 31st December 2017

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 requirements^[1].

 

The Board of Directors of COFACE SA and the Compagnie, respectively approved the SFCR for the financial year 2017. 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

 

• COFACE SA is applying Coface's interpretation of the standard formula recommended by the Regulator to assess its solvency
   
• As of December 31^st, 2017, eligible own funds to cover the Group's SCR amounted to €2,074 million, which broke down as follows:
  • 79% of Tier 1 capital
  • 20% 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 169%^[2] at the end of 2017 reflects a comfortable solvency ratio above its target range (140% -160%). This level supports the Group's decision to distribute 100% of its net profit for 2017 by the mean of an up to €30 million share buyback currently under way, on top of a €0.34^[3] dividend per share.
   
• The coverage ratio of SCR Solo at the end of 2017 is 260%².
  

CONTACTS
MEDIA RELATIONS   Monica COULL T. [phone] monica,coull@coface,com   Maria KRELLENSTEIN T. [phone] maria,krellenstein@coface,com	ANALYSTS / INVESTORS   Thomas JACQUET T. [phone] thomas,jacquet@coface,com   Ana Cecilia URIBE ARCE DE BREANT T. [phone] anacecilia.uribearce@coface,com

FINANCIAL CALENDAR 2018 (subject to change)