French credit insurer Coface has posted a stable set of results for the first half of 2014.
The insurer’s turnover fell slightly to €723.6 million in the first half, compared with €726.1 million in the first half of 2013. Its earned premiums also fell to €564.8 million, compared with €569.2 million in the first half of 2013.
However, underwriting income increased after reinsurance jumped 46.8 percent to €87.8 million, compared with €59.8 million in the prior year half. Its net income also grew slight to €69.4 million, an increase of 2.3 percent from €67.9 million in the first half of 2013.
Its combined ratio fell nearly 5 percent points to 77.8 percent in the first half of 2014, compared with 82.6 in the same period of 2013.
Jean-Marc Pillu, chief executive officer, said: “These results are in line with the guidance announced during Coface's introduction onto the stock market a month ago. During the second half of the year we will continue our commercial impetus, supported by our strategy of innovation and geographical expansion, as well as our effective risk management. We are confident in Coface's ability to continue to deliver its performance objectives. ”
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Coface, Europe, Jean-Marc Pillu, Second Quarter 2014 Results