- Growth in turnover: 3.4% at current scope and exchange rate (+1.2% at constant scope and exchange rates)
- Loss ratio net of reinsurance stabilised over the last six months; combined ratio at 83.1%
- Net income (group share): €126M for 2015, €28M in 4Q
- Stable net income per share at €0.80, distribution rate5 60% of net income
- Xavier Durand takes over as CEO as of today
At the end of 2015, a year marked by a deterioration in the global economic environment, Coface recorded a slight increase in net income (group share), at €126M (€125M in 2014). Turnover for the year grew by 3.4% (+1.2% at constant scope and exchange rate), supported by emerging markets. The Group’s loss ratio net of reinsurance has stabilised over the last six months, at 52.5%. Coface is prepared for Solvency II, which came into force on 1 January 2016. The ratio of capital required to cover subscribed risks stands at 147%7, a level in line with Coface’s risk appetite and dividend pay-out policy of 60% of net income.
On the basis of its net income per share, stable at €0.80, the Group will thus propose a dividend of €0.48 per share.