Coface Q3 2026 slides: services growth accelerates amid rising claims

Coface reported a decline in third-quarter 2026 results on November 2, 2026, with net income reaching €155.5 million and €47.7 million in the quarterly period. Despite higher interest rates and elevated insolvency levels, the credit insurer maintained a net combined ratio of 72.4%, below its target of 78% through the cycle. Services revenue grew to 11.9% of insurance revenue, up from 8.2% in 2022, with total revenue hitting €1,413 million, 1.7% growth at constant foreign exchange rates.

The presentation highlighted Coface's strategic positioning in a higher interest rate environment, with notable acceleration across multiple business lines and strong performance in non-insurance activities, particularly Business Information and third-party debt collection. Regional revenue growth was primarily driven by Northern Europe, Mediterranean & Africa, and Latin America, while other regions faced headwinds.

Despite challenges in the claims environment, Coface maintained disciplined underwriting standards, with the loss ratio improving to 37.7% and the gross loss ratio at 36.6% for the nine-month period. The company's cost ratio increased as it continued to invest in distribution, services, data, and technology capabilities.