For the full year 2025, credit insurer Coface has reported a stable consolidated turnover of €1.847 billion, a rise of 1.3% at constant FX and perimeter compared to 2024’s €1.844 billion.
Revenue from insurance activities (including bonding and Single Risk) rose 0.6% at constant FX to €1.512 billion. The firm explained that in Q4’25, insurance turnover was down by 1.1% compared to Q4’24, which had posted strong growth.
Meanwhile, fees and commissions rose by 2.3%, and revenues benefited from a close to record levels of retention rate of 92.9%. New business reached €129 million, driven by increased demand and benefiting from growth investments.
The 2025 combined ratio (CoR), net of reinsurance, was 73.1%, up 7.6 percentage points year on year, with a Q4’25 CoR of 76.6%, up 7.9 ppts, above the mid-cycle targets, explained Coface. Operating profit totalled €332.5 million in 2025, down 18.7%, due to a higher combined ratio.
The net loss ratio hit 40.3%, up 5.1 ppts, and gross loss ratio hit 37.5%, up 4.1 ppts year-on-year, with still high opening year reserving and high reserve releases.
Groupwide, net income for 2025 is €222 million, a drop of 15%, of which €45.8 million is attributed to Q4’25, compared to €261.1 million in 2024.
Net financial income in 2025 was €65.8 million, including a negative FX effect of -€21 million on financial assets, owing to the sharp fall in the dollar against the euro, and a negative impact of the application of IAS 29 (hyperinflation) in Turkey of -€11.2 million.
The solvency ratio hit 197%, relatively stable but still above the upper end of the target range (155% to 175%), notes the firm. As of December 31st, 2025, group shareholders’ equity stood at €2,213 million, up €19.4 millon or 0.9% compared to €2,193.6 million on December 31st, 2024.
Lastly, non-insurance activities (factoring, information services and debt collection) hiked by 7.8% to €166.2 million, as double-digit growth in information services continued, 16.2% rise at constant FX and 18.8% including Cedar Rose.
Xavier Durand, Chief Executive Officer, Coface, commented, “The company continues to show strong performance in a more challenging environment: sluggish global growth driven by AI and emerging markets, continued geopolitical volatility, historically high insolvencies.
“Additionally, competition on the credit insurance market remains high, weighing on revenues and prices. Our strategy and disciplined execution have enabled us to contain the rise in claims and achieve a net combined ratio of 73.1% for the year, a level now close to our mid-cycle targets. In this harder environment, we remain true to our prudent reserving policy.
“In 2025, we continued to implement value-creating projects. Our syndicate at Lloyd’s provides our clients with a rating that is among the highest in the market. The Cedar Rose and Novertur teams have strengthened Coface’s expertise and data quality in growth areas. Our strong balance sheet allows us, in line with our capital management policy, to propose a dividend of €1.25 per share, corresponding to a payout ratio of 84%.”
