Coface : A good start to the year with a combined ratio that beat expectations
>Revenue growth still robust - Yesterday evening, Coface reported its Q1 2023 results, published for the first time under IFRS 17. Total group revenue was € 475m (2.8% above forecasts), up 11.0% on a reported basis and 11.4% l-f-l. Gross earned premiums were up 10.9% l-f-l, with: 1/ new business showed a sequential decline at € 32m returning to its pre-Covid level, 2/ there was fresh improvement in client retention at 95.7% (vs 94.8% in Q1 2022), 3/ prices were down 1...Coface is a holding company that performs its activities through its primary operating subsidiary, Compagnie franASSaise d'assurance pour le commerce extA(c)rieur and its subsidiaries. Through its subsidiaries, Co. is a provider of credit insurance to businesses with solutions to protect them against the rist of client insolvency on both domestic and export markets.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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