Coface SA: COFACE SA: FY-2020 results: Net income at €82.9m and 100% pay-out ratio
FY-2020 results: Net income at €82.9m and 100% pay-out ratio
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- Trade Credit Insurance decreasing by -0.8% at constant scope and FX
- Client retention reaches new record levels. New business increasing to €138m
- Improving pricing conditions confirmed and lower client activity continues
Net loss ratio at 47.7%, up by 2.7 ppts. Annual net combined ratio at 79.8% (84.5% excluding the effect of government schemes)
Q4-2020 net loss ratio at 18.3% (33.1% excluding government schemes), due to strong management of past claims and low level of new claims
Annual net cost ratio improved by 0.6 ppt to 32.1%, reflecting costs control in the current environment