Coface improves profit 21.9%

For the year ended 31 December 2014, international credit insurer Coface improved group turnover by 1.6% to euro 1.44 billion while the Mediterranean and Africa region increased turnover 6.7% to euro 226.5 million. Group operating income increased 21.9% to euro 140 million.

Coface’s says its service offering was completed with EasyLiner, a product designed for SMEs and already available in 12 countries, as well as four new services: CofaMove (application for smartphones), CofaServe (solution integrating Coface services into clients’ information systems), PolicyMaster and CashMaster (two new services simplifying day-to-day contract management and access to bank financing).

The Group also extended its global footprint. Coface obtained three new licenses, allowing it to sell credit insurance policies directly in Columbia (January 2014), in Morocco (December 2014) and in Israël (January 2015). Two commercial representation offices were opened in the Philippines and in Kazakhstan, and a new partnership agreement signed in Serbia.

Coface also strengthened its presence in North America, increasing the number of its distribution agents (+50%) in the US. Coface now offers credit insurance in 98 countries worldwide (directly and via partners).