Halfway through the deployment of its Power the Core strategic plan, Coface confirms its main financial targets (combined ratio, RoATE, solvency, payout).
H1-2026 revenue
€939m, up 0.8% at constant FX and perimeter
- Credit insurance revenue rebounded in Q2-26 and increased by +1.4%; client activity slightly improved, up +1.5%
- Client retention remains at a high level (93.6%); pricing is slightly negative (-1.3%)
- Non-insurance activities (factoring, business information and debt collection) increased by +8.8% to €88.6m. Double-digit growth in business information continued (+12.0% at constant FX including non-consolidated subsidiaries, and +19.1% with the Cedar Rose acquisition); debt collection up by +31.6% and factoring by +3.5%
Net loss ratio
Net loss ratio improved by 2.7 ppts to 37.4%; net combined ratio stable at 71.3%
- Gross loss ratio at 36.7%, improving by 1.1 ppt over one year with opening year reserving and reserve releases still at a high level
- Net cost ratio up 2.7 ppts at 33.9%, reflecting continued investments in line with Group strategy
Halfway through the deployment of its Power the Core strategic plan, Coface:
- confirms its main financial targets (combined ratio, RoATE, solvency, payout)
- continues to invest in business information to support its double-digit growth in a structurally attractive market. BI’s contribution of 50 basis points to the Group’s RoATE in 2027 is no longer relevant, and will be compensated by a higher dividend payout
Net income (Group Share) at €107.8m, down 13.2% compared with H1-25. Annualised RoATE1 at 10.9%
Estimated solvency ratio of approximately 194%2, above the upper limit of the target range of 155% to 175%
Hugh Sturgess and Christine Todd co-opted to the Board of Directors
Coface CEO's statement
The first half of the year was marked by three strong trends: an economic growth that remains weak and subject to repeated shocks (tariffs, closure of the Strait of Hormuz), exponential growth in the use of data and technology linked to artificial intelligence and business bankruptcies that remain at record levels. Companies further control their costs, negatively impacting growth in our core businesses.
In this challenging environment, Coface continues to deploy its Power the Core strategic plan.
The good financial performance of the first half of the year confirms its pertinence. More than halfway through the plan, Coface has met or exceeded its key financial targets (combined ratio, RoATE, solvency and payout), with an undiscounted average combined ratio of 72.2% since 2024.
Business information increased by 12% over the first half of the year against this backdrop of slowing growth, particularly in Europe. Investments in data and technology remain critical to ensure sustained growth in business information and bring credit insurance to the highest level in the digital landscape. In light of mid-term value creation potential, the short-term target of business information contributing to RoATE in 2027 (adding 50 basis points) is now irrelevant. Backed by its strong balance sheet, Coface will compensate for this shortfall with an additional dividend payout.
- Xavier Durand, Coface’s Chief Executive Officer
> More information in the press release and our Investors section <
Unless otherwise indicated, changes are expressed by comparison with the results as at 30 June 2025.
1 RoATE = Return on average tangible equity.
2 This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.
