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Credit Insurance

Coface Results for the first half of 2014: Growth and profitability in line with guidance

By CreditMan Wednesday, July 30, 2014

  • Turnover growth of +1.8% on a like-for-like basis

    * Customer retention rate increased to 92.3% and production of new contracts up +14%

    * Continuous improvement in the combined ratio net of reinsurance at 77.8% (-4.8 points[1])

    * Increase in current operating income[2] of +24% and net result (group share) of +40.4% on a like-for-like basis[3]

    Variations in % expressed in comparison with the first half of 2013

    Jean-Marc Pillu, Chief Executive Officer of the Group, stated:

    “These results are in line with the guidance announced during Coface's introduction onto the stock market a month ago. During the second half of the year we will continue our commercial impetus, supported by our strategy of innovation and geographical expansion, as well as our effective risk management. We are confident in Coface's ability to continue to deliver its performance objectives. ”

    1 Excluding costs of the Group’s head office relocation in the first half of 2013 (€8 million)

    2 Current operating income including finance costs and excluding restated items

    3 Current operating income including finance costs and excluding restated items together with the net result are restated from the following items: cost of relocation (€8 million) and capital gains (€27 million) in the first half of 2013, interest charges on the hybrid debt (€4 million) and IPO costs (€7 million) in the first half of 2014