Coface reports a new record result of €84.0m in Q3-2022

Coface reports a new record result of €84.0m in Q3-2022. Annualised return on tangible equity at 16.4%.

Turnover of first nine months: €1,363m, up 15.2% at constant FX and perimeter and up 17.7% on a reported basis


  • Trade Credit Insurance premiums growing by 16.6% driven by high client activity in still inflationary environment
  • Client retention at record highs (93.5%); pricing down (-3.0%) in line with H1-22
  • Business information momentum continues (revenues up +15.6% at constant FX)


9m-2022 net loss ratio at 36.9%, up by 11.5 ppts ; net combined ratio at 63.8%, up by 7.7 ppts

  • Gross loss ratio up by 5.0 ppts at 30.2%, as normalization of risk environment continues
  • Net cost ratio down by (3.8) ppts at 26.9% reflecting continued operating leverage and higher reinsurance commissions
  • Q3-2022 net combined ratio at 59.6% on continued low loss ratio


Net income (group share) at €228.4m, including €84.0m for Q3-2022; annualised RoATE at 16.4%

Successful early refinancing of its grandfathered T2 debt, de-risking 2024 deadline

Moody’s confirmed its credit rating for Coface and raised its outlook to "positive"

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

The third quarter brought no improvement in terms of the major risks facing the global economy: monetary tightening remains aggressive as inflation remains high, the conflict in Ukraine is continuing and the European energy crisis remains acute. The situation in the United Kingdom served as a reminder that governments have little financial leeway and that fiscal and monetary policies need to be aligned. As expected, global growth forecasts have been downgraded.

Bankruptcies are continuing to rise, especially in developed countries. Coface maintains its prudent reserving policy on Russia. This environment did not prevent Coface from achieving record net income of €84m in the third quarter, with the YTD figure now totalling €228m, higher than in fiscal year 2021. This corresponds to annualised return on tangible equity of 16.4%.

Investments in adjacent businesses are continuing. Information services (+15.6%) and factoring (+13.0%) recorded continued growth in turnover. Coface is also continuing to focus on service quality, reflected in the record high retention rate and an improvement in the net promoter score (NPS) to 38%.

We welcome Moody’s decision to assign our credit rating a positive outlook. This acknowledges the work done by all of Coface's teams over the past few years and our strengths at the beginning of a more complex stage in the economic cycle.

- Xavier Durand, Coface’s Chief Executive Officer