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Coface FY-2021 results: record net income

Coface Financial results
  • Turnover: €1,568m, up +8.3% at constant FX and perimeter
    • Trade credit insurance increased +9.7% driven by activity recovery and past repricing
    • Pricing impact is still positive on the year (+0.7%) but evolution has been negative for three quarters (-2.2% cumulated)
    • Information services growing +18.1% for FY-21 and +30.5% in Q4-21


  • Net loss ratio at 33.3% – an improvement of 14.4 ppts; Annual net combined ratio at 64.6%
    • Q4-2021 net loss ratio at 50.4% (and 10.9% excluding government schemes) with continued reserve releases
    • FY-21 net cost ratio improved by 0.8 ppt to 31.3% (32.1% in 2020)
    • Net combined ratio at 83.0% for Q4-21
    • Excluding government schemes, FY-21 net combined ratio at 54.5% and 42.7% in Q4-21. Government schemes had a negative impact of ‑€160m on income before tax in 2021, of which ‑€103m in Q4
  • Net income (group share) of €223.8m, of which €32.9m in Q4-21. Annualised RoATE[1] of 12.2%
    • Earnings per share reached €1.50
  • Coface continues to be backed by a solid balance sheet:
    • Estimated solvency ratio at ~196%[2], (and 194%[2] excluding government schemes) above the upper end of target range (155% to 175%)
    • Proposal to distribute a dividend[3] per share of €1.50 representing a 100% pay-out ratio
    • Coface is continuing to execute its Build to Lead strategic plan and is confirming its through the cycle objectives 

Unless otherwise indicated, change comparisons refer to the results as at 31 December 2020.


Xavier Durand, Coface’s Chief Executive Officer, commented:

“Coface continued to deliver solid operating performance in an environment of strong economic recovery, despite the lingering pandemic. The risk environment is continuing to normalize, with very different situations according to country, or sector of activity.

Coface’s results reflect substantial reserve releases tied to low loss experience, a large part of which is paid back to the governments that implemented public reinsurance schemes. These schemes reduced Coface’s pre-tax profit by €160m in 2021. Coface anticipates that these schemes will have much less of an impact in 2022.

Coface is continuing to implement its Build to Lead strategic plan, whose relevance has been proven by the group’s recent performance in a very atypical environment and the strong growth in its adjacencies. Growth in information services alone reached 18%, and 30% in the fourth quarter. As such, Coface is continuing to develop its global information infrastructure by drawing on its expertise and the depth of its database.

Finally, given the strength of the balance sheet, and in accordance with our capital management policy, we will propose, during the Shareholders’ Meeting, the distribution of a dividend of €1.50 per share, which corresponds to a 100% pay-out ratio.”

[1] Return on average tangible equity.

[2] This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.

[3] The distribution proposal will be submitted to the Annual General Shareholders’ Meeting to be held on 17 May 2022.



Download our Press Release for further information and key figures.

Download this press release : Coface FY-2021 results: record net income (727.80 kB)


Annie Lorenzana

North America
MOB: +1 (407) 221-3496