The leader in credit insurance has posted a net profit of 53.6 million euros in the first quarter of 2026. Although the net profit is down by 13.7%, the group maintains a solid profitability (RoATE of 11%) and accelerates its transformation towards information services.
Coface began the 2026 fiscal year in a globally tense environment due to tensions in the Middle East. Despite the blockade of the Strait of Hormuz and uncertainties surrounding global trade, the credit insurer reported stable revenue at 465 million euros.
Technical indicators under control Pure credit insurance activity saw a slight decline (-1.3%), impacted by negative price effects (-1.1%). However, Coface demonstrated the loyalty of its customer base with a record retention rate of 94.8%.
In terms of operational profitability, the group managed its risks well: the net combined ratio stands at 70.0%, supported by an improvement in the net loss ratio (37.6%). Additionally, Coface continued its technological investment strategy, leading to a net cost ratio of 32.5%.
Strategic growth in services The real growth engine this quarter lies in non-insurance activities. Revenue from information and recovery services surged by +9.2% to reach 43.9 million euros.
Outlook for 2026: Between inflation and AI For the remainder of the year, the management remains cautious. While the oil supply has expanded with the return of Venezuela, the surge in energy prices related to the situation in Iran weighs on supply chains (helium, uranium). Coface anticipates a downward revision in global growth and persistent inflation.
However, the group aims to capitalize on the artificial intelligence revolution. Massive investments in data and connectivity are intended to turn these challenges into consulting opportunities for clients, while diversifying revenue sources.
