Coface returns to profit
Trade credit provider Coface has announced operating profit of €89 million in the first nine months of the year compared to a loss of €240 million in the same period of 2009.
The insurance division contributed €43 million to operating profit with a 51 point drop in the loss ratio from 109% to 58%.
Growth in turnover over the period was 1.9% and the company added that all geographical zones are profitable in 2010.
The insurer highlighted a continuing improvement in its balance sheet with consolidated equity reaching €1,334 million, compared to €1,311 million at 30 June and €1,084 million at 31 December 2009.
Coface stated that the outlook for the end of 2010 is
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