The Group generated 2012 results in line with its independent and profitable growth model. Despite the economic crisis, it has succeeded in combining profitability and growth, while controlling its claims and costs.
Continued growth of turnover and earned premiumIn an economic downturn, particularly in the eurozone, Coface continued to increase its turnover, which totalled €1,571 million (+1.4%). Premiums rose by 3.1% due to strong sales momentum despite the weak growth in customer activity.
In particular, the emerging markets contributed to this performance: Asia Pacific (+20.1%) and Latin America (+18.5%), areas where Coface is the market leader. In the United States, premiums displayed significant growth (+14.2%). The increase in premiums in Western Europe (+2.4%) and in Central Europe (+14.9%) remained positive, despite the sharp deterioration in the economic situation in these regions. Only Northern Europe posted a drop (-11.8% and -2.5% excluding non-recurring adjustments): activity in Germany was constrained by the deliberate temporary reduction policy in factoring as part of its financial autonomy programme.
Improvement of the combined ratio…Fine and proactive monitoring of claims enabled the Group to control its loss ratio at 56.6% in 2012 against 56.9% in 2011.
The continuation of a policy of strict cost control has borne fruit, the cost ratio stands at 25.5%, compared to 25.8% in 2011.
The net combined ratio of reinsurance improved to 82.2%, compared to 82.7% in 2011. This improvement reflects a fall in both the loss ratio and cost ratio.