Financial Results and Prevention Measures
Coface reported a group share net income of €155.5 million for the first nine months of 2026, marking an 11.8% decrease, which included €47.7 million generated in the third quarter. Chief executive Xavier Durand noted that the insurer has significantly increased prevention measures to manage risk as corporate defaults persist at record levels. Although total claim numbers dipped slightly by 0.9%, the provisioned amount grew 10.8% following the return of large claims in the third quarter. The loss ratio after reinsurance improved by 1.9 points to 37.7%, supported by stable high reserve releases, while the combined ratio after reinsurance rose 0.5 points to 72.4% due to a 2.4-point increase in the cost ratio to 34.7%.
Revenue Growth and Market Outlook
Revenue rose 1.7% at constant exchange rates and scope to €1,413.3 million, with third-quarter revenue up 5.4%. Credit insurance revenue increased by 0.9%, supported by a client retention rate of 93.1% and new business of €105 million, though pricing remained negative at minus 1.3%. Non-insurance operations performed more strongly, with revenue from factoring, business information and debt collection rising 10.0% to €134.9 million. Coface also announced the appointment of John Gaines, executive vice president and chief actuary at Arch Mortgage Insurance, to its board as a non-independent director, succeeding Yves Charbonneau.