Coface reports jump in profit amid 2013 economy warning
Coface has reported a €129m (£112m) net profit for 2012, up 80% from 2011.
However, this growth was reduced to 6.6% when 2011 restructuring costs were factored into the comparison.
Turnover increased slightly from €1.55bn in 2011 to €1.57bn last year, and combined ratio improved by 0.5% to 82.2%.
The credit insurer said it did not expect any improvement in the economic situation - particularly in Europe - in 2013 “even if emerging markets display strong vitality”.
The company added: “This will mean more strain and fewer opportunities for corporates.”
Jean-Marc Pillu
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