Paris-based global trade credit insurer Coface has recorded a €103 million ($173 million) first-half loss.

“The aggravation of the credit crisis, starting in the fourth quarter of 2008, has dug into Coface’s claims rate and has substantially affected its net profit,” the insurer said today in a statement.

Last year Coface recorded a €95 million ($160 million) profit during the first half. The insurer claims it has since improved its risk profile, turnover and business volume in light of the downturn.

Those factors, combined with rising premium prices, are expected to improve Coface’s future fortunes, with a forecast profit of €250 million ($420 million) targeted in 2012.

The insurer says it retains “very solid solvency” with excess capital of €382 million (642.4 million).