Coface: Q1 earnings up 17% at E61.2m
(CercleFinance.com) - Coface has announced consolidated sales of E475.
1m in Q1 2023, up +11.4% LFL compared to Q1 2022.
On a reported basis (at current scope and exchange rates), sales were rose 11%.
The combined ratio net of reinsurance stood at 66.2% (up 1.8 pt year-on-year and up 7.2 pt.on the previous quarter). This ratio is 10.3 pts higher than in Q1 2022 restated for the effect of government plans.
Operating income came to E90m, up +11.4% y-o-y, mainly thanks to revenue growth and a persistently low claims ratio.
Overall, net income (group share) came to E61.2m, up +17%.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
1m in Q1 2023, up +11.4% LFL compared to Q1 2022.
On a reported basis (at current scope and exchange rates), sales were rose 11%.
The combined ratio net of reinsurance stood at 66.2% (up 1.8 pt year-on-year and up 7.2 pt.on the previous quarter). This ratio is 10.3 pts higher than in Q1 2022 restated for the effect of government plans.
Operating income came to E90m, up +11.4% y-o-y, mainly thanks to revenue growth and a persistently low claims ratio.
Overall, net income (group share) came to E61.2m, up +17%.
Copyright (c) 2023 CercleFinance.com. All rights reserved.