Coface SA

Latest Results (10.10.2025):

Coface SA reported its financial results for the first half of 2025, demonstrating a strong start to the year with a 2.3% increase in turnover at constant foreign exchange rates and perimeter. Despite a decrease in net income by 12.7% compared to the first half of 2024, the company maintains a robust solvency ratio of 195%, reflecting its solid financial foundation and ongoing strategic investments.

Revenue Growth

In H1-25, Coface SA achieved a consolidated turnover of €937 million, up by 2.3% at constant FX and perimeter. Insurance revenue increased by 1.7%, driven by a near-record client retention rate of 94.0% and a 1.8% rise in client activity. Non-insurance revenues also saw substantial growth, particularly in Business Information (+14.7%) and Debt Collection (+35.0%).

Net Income Decline

The group’s net income attributable to shareholders decreased by 12.7% to €124.2 million in H1-25 compared to H1-24. This decline was primarily due to an increase in the net loss ratio, which rose by 5.1 percentage points to 40.1%, and higher net combined ratio, reflecting both past inflation and continued investments.

Combined Ratio Increase

The combined ratio after reinsurance stood at 71.3% in H1-25, up by 7.9 percentage points year-on-year. The gross loss ratio increased to 37.8%, while the net cost ratio rose to 31.2%, indicating challenges in maintaining previous loss experiences amid a more difficult economic environment.

Strategic Investments

Coface SA continues to bolster its credit insurance business through strategic initiatives, including the acquisition of Cedar Rose and Novertur International. The company has also established a new Lloyd’s syndicate to offer AA solutions and appointed key leaders to enhance its data strategy and technology divisions, supporting ongoing product and service innovation.

Solvency Ratio

The estimated solvency ratio remains strong at 195%, well above the target range of 155% - 175%. This high solvency ratio underscores Coface’s financial resilience and capacity to meet its obligations, even in a challenging economic landscape.