Half Year 2024 Coface SA Earnings Call Transcript
Key Points
- Coface SA (CFACY) reported a net income of EUR 142.3 million for the first half of 2024, reflecting a 10% profit growth from the previous year.
- The company's solvency ratio remains robust at 195%, well above the target range.
- Business information segment showed strong growth, with revenues increasing by almost 17% at constant FX.
- Net combined ratio improved to 63.5%, indicating strong performance and effective risk management.
- Coface SA (CFACY) continues to make significant progress in its CSR strategy, including doubling its exposure to ESG projects and improving its employee NPS score.
- Turnover decreased by 3.1% to EUR 923 million compared to the previous year.
- Trade credit insurance premiums declined by 5.3% at constant FX, reflecting ongoing challenges in client activity.
- Factoring revenues were down 2.6%, indicating some weakness in this segment.
- Cost ratio increased by 3.2%, driven by lower revenues and continued investments.
- Political and economic uncertainties, including high election activity and rising insolvencies, pose ongoing risks to the business environment.
Thank you very much and good evening, everyone. Welcome to this mid-year announcements for Coloplast. I realize that we're beginning August and everybody's kind of nearing the end of the season. So thank you for. We really appreciate your time being with us. As you will have seen, I'll start directly with the highlights on Page 4. We reported net income in the first half of 2024 of 142.3 million, with very strong solvency at 195%. That means 10% profit growth from last year for Coface, you see the main points underneath volume, pretty much a continuation of, I would say, the story that we've been laying out for the last few few quarters actually a few years. Turnover is at 923 million, which is down 3.1%, all else equal versus last year. Notably trade credit insurance premiums are down 5.3% at constant FX, pretty much the same trends going on, as I said, client activity, which remains actually slightly negative for the first half. Client retention continues to be high. It's down, though from the record that we had in 2023. Pricing is better than last year,
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