Coface sees income rise but COR decline
Credit insurer posts results ahead of proposed IPO.
Coface has reported net income of €127m [£106m] for 2013, up 2.7% from €124m posted in 2012.
The credit insurer is aiming to make an initial public offering (IPO) in the first half of 2014, and CEO Jean-Marc Pillu said the company was confident and enthusiastic given its “solid” profile.
Net combined ratio worsened by 2.3%, from 80.2% to 82.5% while revenues fell from €1.49bn to €1.44bn. However, shareholders’ equity improved by 1%, from €1.76bn to €1.78bn.
Pillu stated: “Coface achieved good
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