Coface closes another strong year with 2025 net income at €222.0m, solvency at 197% and an 84% distribution for a proposed dividend of €1.25 per share.
Turnover
Turnover: €1,847m, up +1.3% at constant FX and perimeter
- Insurance revenue is up +0.6% at constant FX, while customer activity is up +2.6%
- Client retention remains at a high level (+92.9%), while pricing remains negative at -1.6%, in line with historical trends
- Non-insurance activities (factoring, information services and debt collection) grow by +7.8% to €166.2m. The double-digit growth in information services continues (+16.2% at constant FX and +18.8% including Cedar Rose). Debt collection is up +24.4% and factoring is down slightly, by -2.7%
Net loss ratio
Net loss ratio at 40.3%, up 5.1 ppts; net combined ratio at 73.1%, up 7.6 ppts
- Gross loss ratio at 37.5%, up 4.1 ppts year-on-year with still high opening year reserving and high reserve releases
- Net cost ratio up 2.6 ppts to 32.8% reflecting continued investment and modest revenue growth
- Net combined ratio in Q4-25 at 76.6%, up 7.9 ppts, above our mid-cycle targets
Net income
Net income (group share) at €222.0m, down by -15.0%, of which €45.8m in Q4-25. The annualised RoATE1 is 11.4%
Coface is backed by a solid balance sheet:
- Estimated solvency ratio at ~197% , above the upper end of target range (155% to 175%)
- Earnings per share reached €1.49
- Proposal to distribute a dividend per share of €1.25, representing a 84% payout ratio, above the minimum ratio of 80%
Unless otherwise indicated, change comparisons refer to the results as at 31 December 2024
Xavier Durand, Coface’s Chief Executive Officer, commented:
The company continues to show strong performance in a more challenging environment: sluggish global growth driven by AI and emerging markets, continued geopolitical volatility, historically high insolvencies.
Additionally, competition on the credit insurance market remains high, weighing on revenues and prices.Our strategy and disciplined execution have enabled us to contain the rise in claims and achieve a net combined ratio of 73.1% for the year, a level now close to our mid-cycle targets. In this harder environment, we remain true to our prudent reserving policy.
In 2025, we continued to implement value-creating projects. Our syndicate at Lloyd's provides our clients with a rating that is among the highest in the market. The Cedar Rose and Novertur teams have strengthened Coface's expertise and data quality in growth areas.
Our strong balance sheet allows us, in line with our capital management policy, to propose a dividend of €1.25 per share, corresponding to a payout ratio of 84%.
For more details, download the Press Release or visit the Investorssection.
1 RoATE = Return on average tangible equity
2 This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.
3 The distribution proposal will be submitted to the Shareholders’ Meeting to be held on 19 May 2026.
