Global trade credit insurer Coface has posted a first-half operating profit of €55 million ($77.7 million) – up from €47 million ($66 million) in the second half of last year.

The Paris-based company said in a statement the increase was explained by the turnaround in insurance operating profit “driven by the fast improvement in the claims rate, due to the improvement in the economic situation and Coface’s tight management of its risks”.

In the first half of last year Coface recorded a €202 million ($285 million) profit.

The latest results show premiums increased 13% over 2007 and shareholders’ equity was up 11% on the same year to €1.3 billion ($1.83 billion).

Coface CEO Jerome Cazes says he expects a strong second-half result with “a further improvement in the claims rate, the continuation in cost control and a turnover growth once again positive”.