Coface publishes its 3rd quarter results, delivering a solid net income of €155.5m in an increasingly uncertain environment, including €47.7m in Q3-26; annualised RoATE at 10.7%.
Q3-2026 revenue
Revenue: €1,413.3m, up +1.7% at constant FX and perimeter
- Credit insurance revenue up +0.9% at constant FX; client activity slightly improved, up +2.5%
- Client retention remains at a high level (93.1%); pricing remains slightly negative (-1.3%)
- Non-insurance activities (factoring, Business Information and Debt Collection) growing by +10.0% to €134.9m. Double-digit growth in Business Information continued (+11.2% at constant FX including non-consolidated subsidiaries, and +15.3% with the Cedar Rose acquisition); Debt Collection is up by +28.1% and factoring by +7.3%
Net loss ratio
Net loss ratio improved by 1.9 ppt to 37.7%; net combined ratio at 72.4%
- Gross loss ratio at 36.6%, an improvement of 0.3 ppt over one year with opening year reserving stable and reserve releases still at a high level
- Net cost ratio up 2.4 ppts at 34.7%, reflecting continued investments in line with Group strategy
Net income (Group share) of €155.5m, including €47.7m in Q3-26 and annualised RoATE1 at 10.7%
John Gaines co-opted to the Board of Directors
Coface CEO's statement
In the third quarter of 2026, the global economy continued to face significant geopolitical tensions and macroeconomic imbalances.
High energy prices, investments in artificial intelligence and the persistence of high public deficits led to a rise in interest rates, putting the most vulnerable borrowers – both corporates and sovereigns – under pressure. Corporate defaults remained at a record high, resulting in larger claims for credit insurance.
Against this backdrop, Coface reported Q3-26 revenue growth of +5.4%, primarily thanks to a record level of new business production and stronger client activity.
Non-insurance revenue continues to post solid performance with double-digit growth driven by all businesses, including factoring.
Our expertise and vigilance regarding risk management have once again enabled us to keep our combined ratio at a level below our mid-cycle target. We delivered these strong results while continuing to make strategic investments.
As Coface expects corporate defaults to continue their upward trend, we have once again significantly stepped up the number of prevention measures, while remaining committed to our clients.
- Xavier Durand, Coface’s Chief Executive Officer
> More information in the press release and our Investors section <
Unless otherwise indicated, changes are expressed by comparison with the results as at September 30, 2025
1 RoATE = Return on average tangible equity
