Credit insurer Coface has reported its first-half 2026 results, with revenue of €939 million, net income of €107.8 million and a combined ratio after reinsurance of 71.3%.
For Q2 2026, revenue increased to €474.2 million, while net income decreased to €54.2 million. The combined ratio stood at 72.4%, an improvement of 1.6 ppt year-on-year.
First-half revenue increased 0.3% from €936.6 million in H1 2025, while net income fell 13.2% from €124.2 million. Credit insurance contributed €754 million, supported by a near-record retention rate of 93.6%, which had a positive impact on revenue.
“Client activity had a positive impact of +1.5% in H1-26 amid strong geopolitical uncertainties, as global trade remains weakened by persistent tensions linked to the closure of the Strait of Hormuz. Pricing remains negative at -1.3% in H1-26, although at a slightly more favourable level than the historical average,” Coface noted.
The net combined ratio remained stable at 71.3% in H1 2026 and stood at 72.4% in Q2 2026, representing an improvement of 1.6 ppt over the previous year.
The gross loss ratio increased 1.1 ppt year-on-year to 36.7%, while the number of claims was practically stable at 0.6%. The net loss ratio improved to 37.4% in H1 2026, down 2.7 ppts from H1 2025.
Commenting on the results, Xavier Durand, CEO of Coface, said: “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.”
He concluded: “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.”
