Coface increases presence outside of Europe
First-half results for Paris-based Coface Holdings reveal turnover growth of 6% to €838 million ($1.5 billion).
Credit insurance and credit management lines outside of Europe were a chief contributor, with business progressing in those areas by 22%.
Net profit declined by 10% to €95 million ($167 million), compared to €106 million ($186 million) a year earlier, while operating profit totalled €138 million ($242 million), down 13% from the first half of 2007.
Total claims increased 20% compared to the same period last year.
Coface predicts that world economic growth will slow to 3% this year from 4% last year, although it says that growth in emerging markets could cushion the effects of the global credit crunch.
Credit insurance and credit management lines outside of Europe were a chief contributor, with business progressing in those areas by 22%.
Net profit declined by 10% to €95 million ($167 million), compared to €106 million ($186 million) a year earlier, while operating profit totalled €138 million ($242 million), down 13% from the first half of 2007.
Total claims increased 20% compared to the same period last year.
Coface predicts that world economic growth will slow to 3% this year from 4% last year, although it says that growth in emerging markets could cushion the effects of the global credit crunch.