COFACE SA: publishes 2022 pro forma accounts following IFRS 17 application
Paris, 27 April 2023 – 17.35
Coface has been applying the IFRS 17 accounting standard since 1st January 2023. In order to allow the analysis of its future reporting Coface is reporting today 2022 pro forma accounts1. Coface has also been applying the IFRS 9 standard since 1st January 2023 but there will be no pro forma set of accounts.
These 2022 pro-forma figures need to be analysed in conjunction with first time application (FTA) as the transition from one standard to another creates short-term differences. Profit recognition pace is different between IFRS 4 and IFRS 17. In the mid-term though, both standards will converge in terms of shareholders’ equity and earnings.
Reserving philosophy remains broadly unchanged. In particular, undiscounted current underwriting year loss ratios are almost identical between the previous IFRS 4 and the new IFRS 17 standard.
Coface’s strategy remains unaffected by IFRS 17. Coface will continue to report and to rely on the same KPIs with very limited definition changes. Moreover, the Build to Lead through the cycle objectives remain valid under the new framework.
Phalla Gervais, Coface’s Chief Financial & Risk Officer, commented:
“Today’s reporting of our pro forma IFRS 17 figures marks an important milestone in a key accounting project. I would first like to thank Coface’s teams who have achieved this transforming project for the finance function. IFRS 17 will not change Coface’s business or strategy. It will lead to a somehow faster profit recognition and will further align practices and strengthen the robustness of the reserving process.
Last, I am happy to confirm that our Build to Lead through the cycle targets remain valid under the new accounting framework.”
Conference call for financial analysts
Coface’s 2022 pro forma accounts following IFRS 17 application will be discussed with financial analysts during the conference call on 27 April 2023 at 18.00 (Paris time). Dial one of the following numbers:
By webcast: Coface - IFRS 17 pro forma - Webcast
By telephone (for the sell-side analysts): Coface IFRS 17 pro forma - conference call
The presentation will be available (in English only) at the following address:
FINANCIAL CALENDAR 2023
(subject to change)
Annual General Shareholders’ Meeting 2022: 16 May 2023
Q1-2023 results: 25 May 2023 (after market close)
H1-2023 results: 10 August 2023 (after market close)
9M-2023 results: 14 November 2023 (after market close)
This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website:
For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2022 and our 2022 Universal Registration Document (see part 3.7 “Key financial performance indicators”).
Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust. You can check the authenticity on the website www.wiztrust.com.
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 chapter 5 “Main risk factors and their management within the Group” of the Coface Group's 2022 Universal Registration Document filed with AMF on 6 April 2023 under the number D.23-0244 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.
1 FTA as of January 2022 has been reviewed by external auditors. All pro forma data (including quarterly & FY-2022 P&L, year-end 2022 balance sheet) are under review by the auditors.