Coface reports a positive net income of €11.3m for the second quarter 2020 and continues to implement its strategic plan

• Turnover for the first semester: €725m, down 0.6% at constant FX and perimeter
- Client retention and new business achieve record levels, with a positive net production of €33m
- First effects of re-pricing are now visible (+0.2%)
- Revenues from services progress by 7%, including information services up by 13%
- Client activities continue to slowdown – a trend expected to continue over the following quarters

• Net loss ratio of 57.4%, up by 13.4 ppts; net combined ratio of 88.6% (91.4% for Q2-2020)
- Gross loss ratio increased by 18.1 ppts, mainly driven by higher provisions for an anticipated rise in claim frequencies
- Net loss ratio only increased by 13.4 ppts, as government schemes come into play
- Net cost ratio down by 0.8 ppt to 31.2%, reflecting strict cost discipline and growing service revenues

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