April 26, 2017 / 5:52 PM / 5 months ago

BRIEF-Coface Q1 net income at 7.3 million euros

April 26 (Reuters) - Coface SA:

* Coface: net income at EUR 7.3 million ($7.94 million) driven by an improvement in net loss ratio / fit to win progressing as planned

* Q1 net loss ratio at 58.2 pct, net combined ratio at 92.0 pct

* Q1 combined ratio net of reinsurance of 92.0 percent versus 87.0 percent year ago

* Q1 gross earned premiums EUR 282.2 million versus EUR 288.5 million year ago

* Reached EUR 2.0 mln cost savings year-to-date, in line with eur 10m objective for year

* Q1 net result group share EUR 7.3 million versus EUR 22.3 million year ago

* Q1 operating income EUR 19.2 million versus EUR 36.3 million year ago

* Q1 investment income net of expenses EUR 5.6 million versus EUR 10.8 million year ago

* Q1 underwritting income after reinsurance EUR 14.5 million versus EUR 26.5 million year ago

* Reminder of 2017 guidance: net loss ratio below 61 pct for full year

* Anticipate a net loss ratio below 61 pct in 2017

* Plan to achieve EUR 10 million costs savings in 2017

* Investments and restructuring charges for year should amount to EUR 21 mln in 2017 Source text for Eikon: Further company coverage: ($1 = 0.9195 euros) (Gdynia Newsroom:)

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