Half Year 2026 Coface SA Earnings Call Transcript
Key Points
- Net income of $108 million and a strong solvency ratio of 194%, well above the target range.
- Combined ratio remained stable at a strong 71.3%, significantly below the through-the-cycle target of 78%.
- Business information (BI) revenue grew 12% organically and 19% including the Cedar Rose acquisition, showing strong momentum.
- Debt collection revenue surged nearly 32%, and factoring revenue rebounded with 3.5% growth.
- The net loss ratio improved by 2.7 points year-over-year to 37.4%, driven by disciplined underwriting and favorable claims experience.
- Insurance premium growth remained subdued at just 0.1% for the first half, reflecting a tough macroeconomic environment.
- Pricing remained negative at minus 1.3%, indicating intense competition and pressure on margins.
- Cost ratio increased by 2.7% due to deliberate investments in technology, data, and sales, outpacing premium growth.
- Global corporate insolvencies are at a 13-year high, creating a challenging credit environment and potential for higher claims.
- Key European markets like the UK, Germany, and France experienced negative growth, weighing on overall volumes.
Good day and thank you for standing by. Welcome to the Co-Face SA H1 2026 results presentation.
At this time, all participants are in a listen-only mode.
After the speaker's presentation, there will be a question-and-answer session.
To ask a question during the session, you will need to press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 and 1 again.
Please be advised today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Xavier Durand, CEO. Please go ahead.
Thank you very much.
Good evening. Welcome, everybody.
Thank you for joining on the hot summer evening like this for our report on the mid-year 2026.
You will have seen from the numbers, we had another strong quarter of execution in what I would qualify as a
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