February 12, 2018 / 5:38 PM / in 9 days

BRIEF-Coface Doubles its FY Net Income To 83.2 Million Euros

Feb 12 (Reuters) - COFACE SA:

* REG-COFACE SA : COFACE DOUBLES NET INCOME TO €83.2M, AND ACTIVATES THE CAPITAL OPTIMISATION LEVER PROVIDED FOR IN ITS FIT TO WIN PLAN

* NET LOSS RATIO IMPROVED TO 41.8% IN Q4-2017

* FY CONSOLIDATED REVENUES EUR 1.36 BILLION VERSUS EUR 1.41 BILLION YEAR AGO

* HAS ALREADY ACHIEVED €19M COST SAVINGS, MAINTAINS ITS OBJECTIVE OF €30MILLION SAVINGS IN 2018‍​

* INTENDS TO INVEST €19M IN LONG-TERM VALUE CREATION

* MAINTAINS ITS OBJECTIVE TO DELIVER A NET COMBINED RATIO OF AROUND 83% THROUGH THE CYCLE

* FY OPERATING INCOME EUR 154.4 MILLION VERSUS EUR 114.4 MILLION YEAR AGO

* FY COMBINED RATIO NET OF REINSURANCE 86.7 PERCENT VERSUS 97.4 PERCENT PUBLISHED YEAR AGO

* PROPOSED DIVIDEND: 0.34 € PER SHARE (I.E. C.64% OF EARNINGS PER SHARE) Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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