Coface confirms its excellent start of the year with first-half net income of €144.4m

Discover Coface's strong start of the year, achieving a first-half net income of 144.4m, showcasing our robust financial performance and growth.

Turnover for the first half of the year: €895m, up 14.6% at constant FX and perimeter and up 16.5% on a reported basis


  • Trade Credit Insurance premiums growing by 16.1% driven by high client activity in inflationary environment
  • Client retention at record highs (93.9%); pricing down (-3.0%) in line with Q1-22
  • Business information momentum continues (revenues up +15.5% at constant FX) with high double digit growth in new business and continued high pace of investment


Net loss ratio at 39.4%, up by 18.0%. ; net combined ratio at 66.0% (improved 1.5% excl. public schemes)

  • Gross loss ratio up by 1.1 ppt at 30.6%, as normalization of risk environment continues
  • Net cost ratio down by (3.9) ppts at 26.6% reflecting continued operating leverage and higher reinsurance commissions
  • As expected, no significant remaining impact from government schemes

Net income (group share) at €144.4m, including €78.2m for Q2-2022; annualised RoATE at 15.4%

Estimated solvency ratio2 at 192%, above the target range (155% - 175%)

Coface ESG rating upgraded from “AA” to “AAA” by MSCI ESG ratings

Unless otherwise indicated, change comparisons refer to the results as at 30 June 2021.


Xavier Durand, Coface’s Chief Executive Officer, commented:

During the second quarter, the macroeconomic outlook shifted significantly due to the combined effect of the conflict in Ukraine and the actions of central banks, who have showed how determined they are to bring rampant inflation under control. Against this backdrop, Coface’s economists have downgraded the economic outlook for several countries and sectors.

In this increasingly uncertain environment, Coface has supported its clients more than ever amid a rebound in activity, while maintaining a conservative underwriting policy.

Once again, our second-quarter 2022 results show an excellent Group operating performance amid a normalising risk environment. The rise in bankruptcies in different countries is uneven: while numbers have barely risen in some places, other countries (UK, Spain) have seen bankruptcies exceed their pre-pandemic levels, and the return of large claims.

In the second quarter, Coface posted a net income of €78 million, a record performance for a single quarter, despite taking into account the impact of crisis in Ukraine. As a result, Coface has been able to deliver an annualised RoATE of 15.4% since the beginning of the year, well above its mid-cycle targets.

Finally, Coface also continues to invest in the improvement of its trade credit insurance business, as well as in its adjacent businesses. Factoring and information services confirmed their growth potential with respective increases of 11.6% and 15.5% during the first half of the year.”