Paris, 19 May 2017 - 18h15
COFACE SA: Publication of SFCR Group and Standalone as at 31st December 2016
- COFACE SA is applying Coface's interpretation of the standard formula recommended by the Regulator to assess its solvency
- As of December 31st, 2016, eligible own funds to cover the Group's SCR amounted to €2.0 billion at the end of 2016, which broke down as follows:
- 77% of Tier 1 capital
- 21% of Tier 2 capital, corresponding to the subordinated debt eligible under some transitional measures
- 2% of Tier 3 capital, representing deferred tax assets
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- The Group's SCR cover ratio of 150%[2] at the end of 2016 reflects a comfortable solvency ratio within its target range (140% -160%). This level enables the Group to renew its commitment to distribute at least 60% of its net income.
- The coverage rate of SCR Solo at the end of 2016 is 255%2
| CONTACTS | |
| MEDIA Monica COULL T. +33 (0)1 49 02 25 01 monica.coull@coface.com Maria KRELLENSTEIN T. +33 (0)1 49 02 16 29 maria.krellenstein@coface.com | ANALYSTS / INVESTORS Thomas JACQUET T. +33 (0)1 49 02 12 58 thomas.jacquet@coface.com Cécile COMBEAU T. +33 (0)1 49 02 18 03 cecile.combeau@coface.com |
FINANCIAL CALENDAR 2017 (subject to change)
H1-2017 results: 28 July 2017, before market opening
9M-2017 results: 25 October 2017, 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
| About Coface Coface, a world-leading credit insurer, offers 50,000 companies around the globe solutions to protect them against the risk of financial default of their clients, both on their domestic and export markets. The Group, which aims to be the most agile global credit insurer in the industry, is present in 100 countries, employs 4,300 people, and posted consolidated turnover of €1.411 billion in 2016. Coface publishes quarterly country and sector risk assessments based on its unique knowledge of companies' payment behavior and on the expertise of its 660 underwriters and credit analysts located close to clients and their debtors. www.coface.com Coface SA. is listed on Euronext Paris - Compartment B ISIN: FR0010667147 / Ticker: COFA |
DISCLAIMER - Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to the section 2.4 "Report from the Chairman of the Board of Directors on corporate governance, internal control and risk management procedures" as well as chapter 5 "Main risk factors and their management within the Group" of the Coface Group's 2015 Registration Document filed with AMF on 12 April 2017 under the number No. R.17-016 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group's businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.
[2] Coface's interpretation of Solvency II standard formula. Non audited
