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.
- Xavier Durand, Coface’s Chief Executive Officer