Consolidated figures 2023

Credendo has recently completed its consolidated statements based on the new IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments standards for the fiscal years 2023 and 2024.

Already in 2023, Credendo started recovering the 2022 losses with a net insurance and financial result of EUR 191.7 million, consisting of an insurance profit of EUR 72.9 million and a EUR 118.8 million financial income. Total profit for the year 2023, including operating expenses (other than claims) and taxes, amounted to EUR 130.3 million. These figures have been audited and confirmed by KPMG.

2024 showed similar improvement, ending the year with a net insurance and financial result of EUR 293.9 million, consisting of an insurance profit of EUR 116.2 million and a EUR 177.7 million financial income. This resulted in a total profit for the year 2024, including operating expenses (other than claims) and taxes, of EUR 235.8 million. Together with the other comprehensive income, this increased Credendo’s total equity from EUR 3,045.2 million in 2023 to EUR 3,272.0 million in 2024. These figures are currently being audited by KPMG.

In April 2025, S&P Global Ratings affirmed the ‘AA’ rating of Credendo – Export Credit Agency with negative outlooks and the ‘A’ financial strength rating of subsidiary Credendo – Trade Credit Insurance with stable outlooks. The outlook for Credendo – Guarantees & Speciality Risks’ ‘A-‘ rating is positive.