Lisbon, April 26 – COSEC, leader insurer in Portugal in the credit insurance, registered a positive net profit of EUR 2.4 million in 2021. Excluding the capital gains from the sale of investment properties from the 2019 results, the 2020 net result had a 43% drop.
The solvency ratio remained high, standing above 235%, which demonstrates the financial strength of the company.
Despite the difficult context imposed by the pandemic from the end of the first quarter onwards - including health measures and a sharp drop in economic activity in Portugal and in its main export markets - COSEC registered a good commercial performance:
However, and as a result of an extremely unfavorable macroeconomic scenario, the 2020 results were greatly affected by the increase in the claims costs, net of reinsurance, which was 45% higher than the previous year. Nevertheless, the actual claims rate has so far been below expectations.
| 139.1KB | 26-04-2021
Lisbon, April 26 – COSEC, leader insurer in Portugal in the credit insurance, registered a positive net profit of EUR 2.4 million in 2021. Excluding the capital gains from the sale of investment properties from the 2019 results, the 2020 net result had a 43% drop.
The solvency ratio remained high, standing above 235%, which demonstrates the financial strength of the company.
Despite the difficult context imposed by the pandemic from the end of the first quarter onwards - including health measures and a sharp drop in economic activity in Portugal and in its main export markets - COSEC registered a good commercial performance:
However, and as a result of an extremely unfavorable macroeconomic scenario, the 2020 results were greatly affected by the increase in the claims costs, net of reinsurance, which was 45% higher than the previous year. Nevertheless, the actual claims rate has so far been below expectations.
| 139.1KB | 26-04-2021
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