Coface achieves record net income of €67.7m in the third quarter

02 November 2021 Coface

• Turnover of first nine months: €1,158m, up +7.9% at constant FX and perimeter, and up +8.9% in Q3-2021
- Trade credit insurance premiums increased by +9.3% due to growth in activity on the back of the economic recovery and past price adjustments
- The price effect was positive over nine months (+1.6%) but pricing has been negative for the past two quarters
- Information services growing +13.4% year-to-date and +18.0% in Q3-2021

• 9M-2021 net loss ratio at 25.4%, improved by 29.8 ppts; Net combined ratio at 56.1%, improved by 29.2 ppts
- Q3-2021 net loss ratio at 31.4%, better by 18.6 ppts vs Q3-2020, reflecting continued low loss activity
- 9M-2021 net cost ratio up 0.6 ppt to 30.7%, but improved vs 9M-2019 (31.7%), with investments continuing and variable costs returning to normal
- Q3-2021 net combined ratio at 62.4%, but 53.5% excluding the temporary impact of government schemes
- Government schemes had a negative impact of -€32m on income before tax in Q3-2021, taking the total impact to -€57m for 9M-2021

• Net income (group share) of €190.9m, of which €67.7m in Q3-2021

• Annualised RoATE1 of 13.9%

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