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Moody’s affirms Coface’s ratings, changes outlook to positive

Credit insurance protect from non payment

In its press release, Moody’s highlights that this rating reflects “Coface's strong capitalisation, good profitability and limited exposure to Russia. Coface has consistently maintained a group’s solvency ratio above 190% since 2020, and the ratio has a low sensitivity to financial and macroeconomic shocks. This low sensitivity was reinforced by recent improvements in the group’s asset quality.”

In addition, Coface’s profitability has been very strong in the last five years, with an average combined ratio of 75% between 2017 and 2021.
Moody’s also believes that, since 2016, “the group has improved its risk monitoring processes and has been more proactive in adjusting its risk portfolio”. Moody’s expects “these improvements to translate into less ample shocks on the group’s combined ratio going forward, even if earnings volatility will remain a feature of the credit insurance industry.”

Last, in its outlook, the rating agency underscores that this “change in outlook to positive from stable reflects the increasing diversification of the group and the enhanced monitoring and improved management of credit risk exposures, which Moody’s expects to result in lower volatility in profits and make the insurer better placed to weather an economic downturn.


Phalla Gervais, Chief Finance & Risk Officer, commented: “We welcome this change of outlook, which rewards Coface teams’ work and recognises the high level of service offered to our clients. It also recognises Coface’s agility and resilience, as well as the quality of its risk management, which are at the heart of our culture and expertise. Coface is confident in delivering its Build to Lead strategic plan.”

Download this press release : Moody’s affirms Coface’s ratings, changes outlook to positive (344.88 kB)



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