Despite the persistently high level of company bankruptcies, Coface is continuing the disciplined rollout of its strategic plan by controlling risk – the loss ratio has fallen – and by deploying its service offering. Including the non-consolidated subsidiaries, business information increased by 15% at constant FX and perimeter, while debt collection reached 40%. On a consolidated basis, these activities grew by 18.3%.
Turnover
Turnover: €465m, stable at constant FX and perimeter
- Insurance revenue was down by -1.3% at constant FX. Client activity was up +0.7%, lower than the historical average
- Client retention approaching record highs (94.8%). Pricing was down (-1.1%), but lower than in previous years
- Revenue from non-insurance activities (factoring, business information and debt collection) rose by +9.2% at €43.9m. Double-digit growth from business information continued (+11.8% at constant FX and +17.7% on a reported basis). Debt collection was up by +31.6%, and factoring rose by +2.2%
Net loss ratio
Net loss ratio at 37.6%, improved by 1.6 ppt. Net combined ratio at 70.0%
- Gross loss ratio at 36.3%, improved by 2.4 ppts, with still high opening year reserving and stable reserve releases
- Net cost ratio increased by 3.0 ppts to 32.5%, reflecting continued investment in line with Group strategy
Governance strengthened following the appointment of Katarzyna Kompowska as CEO of strategic partnerships and Christian Stoffel as CEO for Northern Europe
Net income (group share) of €53.6m, down -13.7% compared with Q1-25
Annualised RoATE1 at 11.0%
Unless otherwise indicated, changes are expressed by comparison with the results as at 31 March 2026.
Xavier Durand, Coface’s Chief Executive Officer, commented:
“The dual influence of trade tariffs introduced in 2025 and the Middle East conflict has slowed our clients’ growth, particularly in Southern Europe and in emerging countries. The contribution of their activity to Coface’s turnover decreased as a result.
Despite the persistently high level of company bankruptcies, Coface is continuing the disciplined rollout of its strategic plan by controlling risk – the loss ratio has fallen – and by deploying its service offering. Including the non-consolidated subsidiaries, business information increased by 15% at constant FX and perimeter, while debt collection reached 40%. On a consolidated basis, these activities grew by 18.3%. They largely offset the decline in insurance premiums related to a slowdown in global economic activity. Retention remains at a near record high level while new business continues to grow, reaching its highest point since 2020.
In addition to these trends, the AI revolution continues to accelerate. It underscores on a daily basis the relevance of the strategy deployed by Coface, which two years ago chose to resolutely invest in data, technology and connectivity. Investments, vital to achieving growth across our businesses, are called to accelerate given their long-term strategic importance.”
For more details, download the Press Release or visit the Investors section.
1 RoATE = Return on average tangible equity.
Source: Coface.com
