French trade credit insurer Coface has reported a 1.8% drop in net profit to €125 million ($180.99 million) for last year.

Turnover grew 1.6% to €1.4 billion ($2.02 billion) due to a wider “global footprint”, a strengthened North American presence and healthy sales in the US.

Coface obtained new licences last year to sell credit insurance policies directly in Colombia, Morocco and Israel.

Commercial representation offices were opened in the Philippines and Kazakhstan, and a new partnership agreement was signed in Serbia.  

Premium grew 11.9% in North America, 3% in central Europe, 4.6% in the Mediterranean and Africa and 2.4% in Asia-Pacific.

Premium fell 4% in northern Europe and 1.6% in western Europe.