Coface : Strong technical profitability in Q2
>Revenue growth is still brisk - Yesterday evening, Coface reported its Q2 2023 results. The group’s revenues came to € 485m (+8.7% reported, +10.9% excluding forex variations), a shade above forecasts (consensus and our forecast at € 481m). Insurance premiums were up 11.4% l-f-l in Q2 and 11.2% in H1, with: 1/ production in new businesses slightly up at € 63m; 2/ very strong client retention (94.4% vs 93.9% in H1 2022); 3/ a price decline of 2.0% (vs -3.0% in H1 2022...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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