COFACE SA: FY-2023 results: net income at €240.5m and proposed dividend at €1.30 per share
In North America, turnover increased +5.6% at constant FX and +2.1% as reported, driven by the return in client activity and rising commissions.
- In North America, turnover increased +5.6% at constant FX and +2.1% as reported, driven by the return in client activity and rising commissions.
- The combined ratio net of reinsurance was 64.3% for the year, improved by 3.3 ppts year on year.
- In total, net income (group share) stood at €240.5m, stable compared to 2022 under IFRS 17, of which €50.8m in Q4-23.
- This change was mainly due to the positive net income of €240.5m, the payment of the dividend (-€227.0m) and the increase in unrealised capital gains (€25.0m).