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coface PRESS RELEASE Paris , 27 April 2021 - 17.35 Coface records a good start to the year with a net income of € 56.4m Turnover : € 378m , up 4.2 % at constant FX and perimeter • - Trade credit insurance growing by 6.1 % at constant FX benefiting from stabilising client activity - Client retention close to record highs ; positive price effect ( + 2.9 % ) - Factoring and debt collection down on lower volumes Business Information continues to grow ( + 9 % at constant FX ) Net loss ratio at 24.5 % , down by 32.6 ppts ; combined ratio at 52.8 % ( 61.1 % excluding the effect of government schemes ) - Gross loss ratio at 29.5 % , an improvement by 25.7 ppts ; low level of claims worldwide Net cost ratio down by 1.5 ppt to 28.3 % , thanks to strict cost discipline and revenue growth Government schemes have lowered pre - tax profit by € 15m Net income ( group share ) at € 56.4m , grew more than four - fold over one year , up 55 % vs Q1-2019 Annualised ROATE¹ at 12.0 % , benefiting from extraordinary low level of claims • Financial strength reinforced ; Fitch raises rating outlook to stable • Coface pursues its strategy by appointing a Chief Operating Officer Unless otherwise indicated , change comparisons refer to the results as at March 31 , 2020 . Xavier Durand , Coface CEO , commented : " Our first - quarter results reflect our continued strong operating performance and an exceptional environment , where the number of bankruptcies has declined . We anticipate that bankruptcies will increase again once the health crisis is over and special measures to support the economy are phased out . In the context of a vigorous economic rebound , but one that is varying widely by sector and by region , we are supporting our clients ' business recovery . This is reflected in a 2.7 % increase in our exposures during the first quarter , while our preventive actions are back to pre - crisis levels . At the same time , we continue to cooperate with governments to support the withdrawal of governmental schemes , under which we paid € 15m in the first quarter . Finally , we are continuing to implement our strategic plan and to strengthen our operational efficiency and the quality of service we provide to our customers with the appointment of a Group Operations Director . " 1 Return on average tangible equity Quarterly results Q1-2021 Page 1/8