Coface: revenue up 1.7% over nine months, net income down 11.8%
Coface's accounts for the first nine months of 2026, published on 2026-11-02, show revenue and earnings moving in opposite directions. Revenue rises 1.7% at constant exchange rates and scope, to €1,413.3 million. Net income attributable to the group falls 11.8%, to €155.5 million, including €47.7 million in the third quarter.
The gap does not come from net claims, whose ratio improves by 1.9 points. It stems from higher costs, insurance finance expenses and the tax rate. The annualised return on average tangible equity (RoATE) thus falls 0.7 point, to 10.7%.
Costs and insurance finance expenses absorb the growth
The technical result after reinsurance falls 0.9%, to €220.2 million. The net loss ratio comes to 37.7%, but the net expense ratio rises 2.4 points, to 34.7%. The net combined ratio therefore rises 0.5 point, to 72.4%.
The group attributes the rise in costs (+4.6% at constant exchange rates and scope) to investments under its strategic plan "Power the Core". Before reinsurance, these investments weigh 2.4 points on the expense ratio, including 1.4 points linked to service activities, and the improved mix offsets 1.0 point.
Financial income rises 47.5%, to €67.0 million, but insurance finance expenses go from €0.9 million to €39.5 million, including a foreign exchange loss of €11.7 million on technical liabilities. Current operating income thus falls 7.1%, to €247.8 million, and the effective tax rate goes from 23% to 26%.
Non-insurance activities grow 10%, credit insurance 0.9%
Credit insurance, which generates €1,135.6 million in revenue, rises 0.9% at constant exchange rates. The retention rate reaches 93.1% and new business reaches a record €105 million. Client activity contributes 2.5%, while prices remain under downward pressure (-1.3%).
Non-insurance activities, at €134.9 million, grow 10.0% at constant exchange rates and scope. Factoring rises 7.3%, business information 9.6% (15.3% including the acquisition of Cedar Rose), and collections 28.1%, on a base of €12.2 million.
By region, the Mediterranean and Africa zone, the largest with €422.6 million, rises 2.4% at constant exchange rates, and Northern Europe rises 3.5%. Conversely, Western Europe falls 0.5%, penalised according to the group by slower client activity.
In the third quarter, revenue accelerates and profit falls 8.4%
The third quarter accelerates compared with the cumulative figure: revenue reaches €474.1 million, up 5.4% (3.6% at constant exchange rates), compared with 1.7% over nine months. This amount exceeds the single estimate of €462 million recorded by consensus.
Net income for the quarter falls 8.4%, to €47.7 million, a less pronounced decline than the cumulative figure, and the quarterly technical result falls 1.3%. The provisioned amount rises 10.8% due to the return of large claims in the third quarter, while Coface reports a nearly stable number of claims (-0.9%) compared with the third quarter of 2019.
Equity attributable to the group falls 3.2% since end-2025, to €2,141.1 million, due to the €186 million dividend and a €71 million decline in unrealised gains. Coface, which anticipates a continued rise in corporate defaults, says it has strengthened its prevention measures.
Growth in services and new business support revenue, while investments and insurance finance expenses weigh on net income, which is down over nine months as well as in the quarter.
