Coface releases its 9M-2023 financial results and records excellent income of €189.7m in the nine months amidst slowing inflation and claims normalisation.
Turnover of first nine months:
€1,418m, up 7.1 per cent at constant fx and perimeter and up 5.3 per cent on a reported basis.
Trade credit insurance rose by +6.6 per cent at constant fx. In Q3-23, growth in client activity was negative as a result of falling inflation and economic slowdown, which both weighed on premiums. Commissions were up +10.2 per cent.
Client retention stood at a record high (93.9 per cent); price effect was still negative (-2.0 per cent) but stabilised in Q3-23.
Double-digit growth in business information (+14.7 per cent at constant fx) and debt collection, which proved to be less cyclical; factoring up by +3.8 per cent.
Net loss ratio
