Coface reports €28.5m net income for the third quarter and launches a share buyback programme for €15m*

27 October 2020 Coface

Turnover first nine months: €1,082m, down -0.9% at constant FX and perimeter due to client activities, and down -2.2% in Q3-2020
- Client retention and new business at record levels, with a positive net production of €36.9m
- Positive pricing dynamics confirmed (+1%) in a continued uncertain environment
- Slowdown in client activities – as anticipated

• 9M-2020 net loss ratio up by 10.1 ppts at 55.2%; Net combined ratio increased by 8.5 points at 85.3%
- Q3-2020 net loss ratio at 50.0%, up 2.8 ppts vs Q3-19 but down 7.4 ppts vs H1-2020, reflecting low loss activity
- 9M 2020 net cost ratio improved by 1.6 ppt at 30.1%, reflecting continued cost controls
- Net combined ratio at 77.4% for Q3-2020, benefitting by 6.8 ppts from the temporary impact of government plans
- In Q3-2020, government schemes improved net cost ratio by 1.1 ppt and the net loss ratio by 5.7 ppts. Nevertheless, the impact on pre-tax profit before tax is negative by -€1m in Q3-2020, and a positive €7m year to date

• Net income (group share) of €52.4m, of which €28.5m in Q3-2020
- As expected, Q3-2020 profit benefited from a non-recurring positive impact of €8.9m (badwill1) related to the acquisition of Coface GK in Norway

Click here to

Quick Polls


The shocking crime and motor vehicle accident statistics shared during a recent SHA presentation suggests that group personal accident and personal accident cover are a no-brainer. Do you agree?


Not sure
fanews magazine
FAnews April 2024 Get the latest issue of FAnews

This month's headlines

FAIS Ombud lashes broker for multiple compliance blunders
TCF… a regulatory misfit initiative?
The impact of NHI on medical malpractice insurance
Fixed versus variable: can you have your cake and eat it too?
The future world of work
Subscribe now