Credit insurance company Coface reported stable consolidated turnover at €1.847 billion for the full year 2025, up 1.3% at constant exchange rates and perimeters compared with €1.844 billion in 2024.
Insurance revenue (including guarantees and single risks) increased by 0.6% at constant exchange rates to 1.512 billion euros. The company explained that insurance revenue fell 1.1% in Q4’25 compared to strong growth in Q4’24.
Meanwhile, fees and commissions increased 2.3%, and revenue benefited from a near-record retention level of 92.9%. New business reached €129 million, driven by increased demand and investment in growth.
Coface explained that the combined ratio (CoR) excluding reinsurance in 2025 was 73.1%, an increase of 7.6 percentage points year-on-year, and the CoR in the fourth quarter of 25 was 76.6%, an increase of 7.9 percentage points, which is higher than the mid-cycle target. Operating profit totaled 332.5 million euros in 2025, down 18.7% due to an increase in the combined ratio.
The net loss rate was 40.3%, an increase of 5.1 percentage points year-on-year; the gross loss rate was 37.5%, an increase of 4.1 percentage points year-on-year. The reserves and release reserves at the beginning of the year were still at a high level.
The entire group’s net profit in 2025 was 222 million euros, a decrease of 15%, of which 45.8 million euros came from the fourth quarter of 2025, compared with 261.1 million euros in 2024.
Net financial income in 2025 was €65.8 million, which includes a negative foreign exchange impact of -€21.0 million on financial assets due to the significant depreciation of the US dollar against the euro, as well as a negative impact of €-11.2 million from the implementation of IAS 29 (hyperinflation) in Turkey.
The company noted that solvency ratio reached 197%, which is relatively stable but still above the upper end of the target range (155% to 175%). As of December 31, 2025, the group’s shareholders’ equity was 2.213 billion euros, an increase of 19.4 million euros from 2.1936 billion euros as of December 31, 2024, an increase of 0.9%.
Finally, non-insurance activities (factoring, information services and debt collection) grew by 7.8% to €166.2 million, while information services continued their double-digit growth, growing by 16.2% at constant exchange rates and including Cedar Rose by 18.8%.
Xavier Durand, CEO of Coface, commented: “The company continues to demonstrate strong performance in a more challenging environment: sluggish global growth driven by artificial intelligence and emerging markets, continued geopolitical volatility and record-high insolvency rates.
“In addition, competition in the credit insurance market remains intense, putting pressure on revenues and prices. Our strategy and disciplined execution have enabled us to control the rise in claims and achieve a net combined ratio of 73.1% for the year, a level that is now close to our medium-term target. In this more difficult environment, we remain committed to a prudent reserving policy.”
“In 2025, we continue to implement value-creating projects. Our syndicate at Lloyd’s offers our clients the highest ratings in the market. Cedar Rose and the Novertur team enhance Coface’s expertise and data quality in growth areas. Our strong balance sheet allows us to propose a dividend of €1.25 per share, equivalent to a payout ratio of 84%, in line with our capital management policy.”
