Monday, May 20, 2024

Coface confirms its very good start to the year


Corporate news

Turnover for the first half of the year: €960m, up 11.1% at constant FX and perimeter and 9.9% on a reported basis

Trade credit insurance rose +11.2% at constant FX, driven by increased client activity and growth in fee and commission income (+11.3%)

Client retention stood at a record high (94.4%); the price effect was still negative (-2.0%) but less so than in H1-22

Business information momentum continues with double-digit growth (+14.8% at constant FX); factoring up by +5.4%, reflecting clear economic slowdown in Germany and Poland

Net loss ratio at 40.3% in H1-23, up by 3.8 ppts; net combined ratio at 65.5%, up by 2.2 ppts (and +8.3 ppts compared to H1-22, excluding the impact of government schemes)

Gross loss ratio at 39.4%, up 7.4 ppts in a risk environment that is still normalising

Net cost ratio down by 1.6 ppt to 25.2% as a result of an improved product mix and high reinsurance commissions, while investments continue

Net income (group share) at €128.8m, including €67.7m for Q2-23; annualised RoATE1 at 14.3%Estimated solvency ratio at 192%2 above the target range (155% – 175%) Xavier Durand, Coface’s Chief Executive Officer, commented:

“In the first half of the year, Coface’s turnover grew by 11.1%, against a backdrop of falling commodity prices with lower energy prices easing, at least temporarily, inflationary pressures. With economic growth still weak particularly in China and Europe, and rising financing costs, the…

Read the complete story on Thailand Business PrNews


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