Coface earns 128.8 million in the first half, 4.4% less

MADRID, 21 Ago. (EUROPA PRESS) -

The French credit insurance company Coface obtained net attributable profit of 128.8 million euros in the first half, 4.4% less than in the same period of 2022 on a reported basis, and 5.1% less on a reported basis. constant exchange rate and perimeter, as reported this Monday through a statement.

In the second quarter alone, the company posted a net profit of 67 million euros.

On the other hand, turnover was 960 million euros, which represents an increase of 11.1% at constant exchange rates and perimeter and 9.9% more on a reported basis.

Credit insurance premiums grew by 11.2% at constant exchange rates, due to the high activity of clients and the increase in income from services and commissions, which rose by 11.3%.

Customer retention stood at a "record" level of 94.4%, while the effect of price fluctuations continued to be negative, at 2%, but less than in the first half of 2022.

Coface also reports that the momentum of the business information business continued, with double-digit growth of 14.8% at constant exchange rates; while the factoring of the group increased by 5.4%, reflecting the economic slowdown in Germany and Poland.

The net claims ratio stood at 40.3%, with an increase of 3.8 percentage points compared to the first half of 2022; while the net combined ratio stood at 65.5%, with an increase of 2.2 percentage points and 8.3 percentage points more with respect to the first half of 2022, excluding the impact of government measures.

The gross claims ratio increased 7.4 percentage points to 39.4% in a risk environment that continues to slowly normalize, while the net cost ratio decreased by 1.6 percentage points to 25, 2%, "thanks to a better product mix and high reinsurance commissions, while investments continue."

The general director of Coface, Xavier Durand, has highlighted that the group's turnover grew by 11.1% "in a context of falling prices of raw materials, with lower energy prices that alleviate, at least temporarily , inflationary pressures".

"With economic growth still weak, especially in China and Europe, and financing costs rising, the financial health of many companies is deteriorating. Since the beginning of the year, Coface, in close collaboration with its clients, has significantly stepped up their preventive actions on their risk portfolio", explains the manager.

In addition, the company informs that it will present its new strategic plan on March 5, 2024.