£36.7m operating profit shows 'resilience'. says Denecker
French credit insurer Coface has sustained the return to profitability of its insurance division for the first nine months of 2010 after heavy losses in 2009.
Coface’s insurance division made an operating profit of €43m (£36.7m) for the first nine months of the year, compared with a loss of €287m in the same period last year. Hit by claims in 2009, it posted a 109% loss ratio for the first nine months of this year. But this improved 51 points in the same period of 2010 to 58%.
“The low level of notifications of possible claims shows companies have been resilient to the most severe crisis since the war,” said Coface UK and Ireland managing director Xavier Denecker.
Coface’s insurance revenues rose 3.2% to €930m in the first nine months of 2010, from €901m in the same period last year.
Group-wide turnover, which includes Coface insurance, factoring and services income, increased 1.9% to €1.21bn in the first nine months of 2010 from €1.19bn in the same period of 2009. Operating profit was €89m compared with a loss of €240m.