Coface has reported a 1.9% increase in revenue to €1.413 billion for the first nine months of 2026, supported by growth in services revenue and a stronger contribution from investment income.
Revenue for the period ended September was up from €1.387bn in the corresponding period last year.
Notably, insurance revenue rose 0.6% to €1.136 billion for the first nine months of 2026, while services revenue grew 7.6% to €277.7 million.
Investment income for the period, net of management expenses and excluding finance costs, rose 47.5% to €67 million, compared with €45.4 million in the first nine months of 2025.
However, higher insurance finance expenses offset the improvement in investment income, which rose to €39.5 million. Coface’s underwriting income after reinsurance also edged down 0.9% to €220.2 million.
Coface’s operating income consequently fell 7.2% to €242.8 million in the first nine months of 2026, while current operating income declined 7.1% to €247.8 million.
Net income attributable to the group stood at €155.5 million for the period, down 11.8% from €176.3 million in the first nine months of 2025.
The insurer’s combined ratio after reinsurance deteriorated slightly, rising 0.5 percentage points to 72.4%.
This reflected a 2.4-point increase in the cost ratio to 34.7%, which more than offset a 1.9-point improvement in the loss ratio, to 37.7%.
Xavier Durand, CEO of Coface, commented, “In the third quarter of 2026, the global economy continued to face significant geopolitical tensions and macroeconomic imbalances.
“High energy prices, investments in artificial intelligence and the persistence of high public deficits led to a rise in interest rates, putting the most vulnerable borrowers – both corporates and sovereigns – under pressure.
“Corporate defaults remained at a record high, resulting in larger claims for credit insurance. Against this backdrop, Coface reported Q3-26 revenue growth of +5.4%, primarily thanks to a record level of new business production and stronger client activity.
“Non-insurance revenue continues to post solid performance with double-digit growth driven by all businesses, including factoring.
“Our expertise and vigilance regarding risk management have once again enabled us to keep our combined ratio at a level below our mid-cycle target. We delivered these strong results while continuing to make strategic investments.
“As Coface expects corporate defaults to continue their upward trend, we have once again significantly stepped up the number of prevention measures, while remaining committed to our clients.”
