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coface PRESS RELEASE Paris , 28 July 2021 - 17:35 Coface reports first - half net income of € 123.2m , confirming an excellent start to the year . Annualised return on tangible equity at 13.5 % • - Turnover for the first half - year : € 768m , up 7.4 % at constant FX and perimeter - - Trade credit insurance premiums increased by 8.5 % , reflecting the improvement in the economic environment Retention reached 92.4 % in a more competitive market . The price effect remains positive ( + 2.3 % ) during the semester but pricing has now turned negative Information services rose by + 11.0 % and factoring by + 10.9 % Net loss ratio at 21.4 % , down by 36.0 ppts ; net combined ratio at 51.9 % ( 51.0 % for Q2-2021 ) Gross loss ratio decreased by 29.4 ppts to 29.5 % , in an environment still characterised by a low level of claims Net cost ratio improved by 0.8 ppt to 30.4 % , reflecting revenue growth and continued investments In the first half of the year , government schemes have lowered pre - tax profit by € 24.9m Net income ( group share ) at € 123.2m , including € 66.9m for Q2-2021 ; annualised RoATE¹ at 13.5 % Estimated solvency ratio at 191 % ² , and 186 % ² excluding government schemes , above the target range ( 155 % - 175 % ) Unless otherwise indicated , changes are expressed by comparison with the results as at 30 June 2020 . 1 ROATE = Average return on equity 12 This estimated solvency ratio disclosed is a preliminary calculation made according to Coface's interpretation of Solvency II regulations and using the Partial Internal Model . The final calculation may differ from this preliminary calculation . The estimated Solvency ratio is not audited . Xavier Durand , Coface Chief Executive Officer , commented : " Coface's second - quarter 2021 results are fully in line with those of the first quarter . They reflect its excellent operating performance in an environment that remains highly unusual . Indeed , the expected increase in the number of post- COVID - 19 bankruptcies has not yet materialised . However , Coface continues to expect a progressive rise in claims when the numerous business support measures are finally withdrawn . In this period of economic rebound , Coface continues to support its clients with guarantees that are now very close to pre - pandemic levels . Since the beginning of the COVID - 19 crisis , the cost for Coface of the risk - sharing agreements signed with several governments amounts to € 31m . Finally , Coface is also continuing to invest in the improvement of its trade credit insurance business as well as in adjacent businesses . Factoring and information services confirmed their growth potential with respective increases of 10.9 % and 11.0 % during the first half of the year . " H1-2021 results Page 1/8