Coface with €61.2M net profit
The loan insurer Coface posted strong start-of-year net profits of €61.2 million for Q1 of 2203.
The result represents an increase of 17% on the profits of €52.3 million posted in Q1 2022. The operational profit for the quarter was €90 million, an increase of 11.4% compared to €80.88 million in 2022.
The insurer posted €395.3 million in gross premiums for Q1, a substantial improvement on Q2, 2022.
The company’s consolidated turnover was €475.1 million, an increase of 11.4% on a like-for-like basis compared with H2.
Coface’s combined net reinsurance ratio was 66.2% for the quarter, an improvement of 1.8 points in annual terms and 7.2 points compared to the previous quarter.
The ratio of gross losses was 40.7%, an increase of 9.2 percent on the previous year. Coface states that this amount reflects an increase in claims since the first half of 2021, with the number of claims close to pre-pandemic levels and relatively high returns on claims which, however, are still below average. The release of reserves remains high.
The CEO of Coface, Xavier Durand said: “Coface is continuing to grow with an 11.4% in business turnover and a record retention rate for customers. Other activities, including service revenues (Information sales, debt collection, and commission and interest) continued to enjoy two digit growth, once again showing the robustness of Coface’s business model.”