Ratingová agentúra Moody's 28. septembra 2023 zvýšila rating finančnej sily (Insurance Financial Strength Rating - IFSR) spoločnosti Coface z A2 na A1. Agentúra tiež zmenila výhľad spoločnosti Coface z pozitívneho na stabilný.
Moody's Confidence in Coface's Sustainable Performance
In its press release, Moody’s highlights that this rating 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. The upgrade also reflects the good capitalisation level maintained by the group since 2020 and the improvement in asset quality.”
In addition, Coface’s profitability has been very strong in the last five years, with an average combined ratio of 71% between 2018 and 2022.
Moody’s also believes that, since 2016, “the group has improved its risk monitoring processes and it has been more proactive to adjust its risk portfolio. Even if earnings volatility will remain a feature of the credit insurance industry, Moody's expects volatility to remain moderate.”
Last, in its outlook, the rating agency underscores that this “stable outlook reflects Moody's expectation that Coface will maintain a Solvency II ratio above 180%, a leverage ratio below 30% and that the group will not increase meaningfully its underwriting or asset risk appetite.”
A "high level of service"
- Phalla Gervais, Chief Finance & Risk Officer