COFACE (COFA) AGM 2025 summary

Opening remarks and agenda

• Meeting opened by Chairman Bernardo Sanchez Incera, with quorum confirmed and all required documents made available to shareholders.

• Agenda included approval of 2024 accounts, dividend distribution, board renewals, remuneration policies, and capital operations.

Financial performance review

• Net income for 2024 reached €261.1M, up 8.6%, with a record Q4 under IFRS17; revenue at €1,845M, down 0.6% at constant scope and FX.

• Solvency ratio at 196%, well above the target range; ROATE annualized at 13.9%.

• Dividend of €1.40 per share proposed, representing an 80% payout ratio.

• Q1 2025 net income at €62.1M, down 9.2% year-on-year; revenue up 2.0%.

• Combined ratio increased to 65.5% in 2024 and 68.7% in Q1 2025, reflecting higher costs and continued investment.

Board and executive committee updates

• Board renewals included six directors and the appointment of Sébastien Proto.

• Board comprised 10 members at year-end 2024, with 60% independent and 50% non-French nationals.

• Committees maintained high attendance and focused on audit, risk, nominations, remuneration, and CSR.

• External evaluation found board performance very satisfactory, with a recommendation to devote more time to HR and regional activities.