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• coface PRESS RELEASE Paris , 28 October 2021 - 17:35 Coface achieves record net income of € 67.7m in the third quarter Turnover of first nine months : € 1,158m , up + 7.9 % at constant FX and perimeter , and up + 8.9 % in Q3-2021 Trade credit insurance premiums increased by + 9.3 % due to growth in activity on the back of the economic recovery and past price adjustments The price effect was positive over nine months ( + 1.6 % ) but pricing has been negative for the past two quarters - Information services growing + 13.4 % year - to - date and + 18.0 % in Q3-2021 9M - 2021 net loss ratio at 25.4 % , improved by 29.8 ppts ; Net combined ratio at 56.1 % , improved by 29.2 ppts - - - Q3-2021 net loss ratio at 31.4 % , better by 18.6 ppts vs Q3-2020 , reflecting continued low loss activity 9M - 2021 net cost ratio up 0.6 ppt to 30.7 % , but improved vs 9M - 2019 ( 31.7 % ) , with investments continuing and variable costs returning to normal Q3-2021 net combined ratio at 62.4 % , but 53.5 % excluding the temporary impact of government schemes Government schemes had a negative impact of - € 32m on income before tax in Q3-2021 , taking the total impact to € 57m for 9M - 2021 Net income ( group share ) of € 190.9m , of which € 67.7m in Q3-2021 • Annualised ROATE1 of 13.9 % Unless otherwise stated , evolutions are expressed by comparison with the results as at 30 September 2020 . 1 ROATE = Average return on equity Xavier Durand , Coface's Chief Executive Officer , commented : " During the third quarter , Coface delivered very good operating performances in an environment that still remains atypical . While government measures to support the economy are progressively coming to an end , the rate of corporate failures has now passed the trough . In this context , the continuation of potential reserve releases attached to underwriting years 2020 and the first semester 2021 would mostly benefit to the governments who signed public reinsurance schemes . Since the beginning of the year , these plans have reduced Coface's pre - tax profit by € 57m . In this environment , Coface continues to invest in its operational efficiency , the quality of its services , its technological resources and its commercial effectiveness . These investments are bearing fruit as evidenced by the resilience of its core credit insurance business and a new quarter of growth in adjacent businesses such as information services and factoring which are both growing at a double digit rate . " 9M - 2021 results Page 1/8