Core Insights - Coface reported a net income of €62 million in Q2-25, a decrease from the record Q2-24, amid rising global bankruptcies above pre-COVID levels [3][6] - The company continues to grow its revenues in credit insurance and services, driven by strategic investments [4][7] - The annualized return on tangible equity (RoATE) stands at 12.6% as of June 30, 2025 [26] Financial Performance - Total revenue for H1-25 reached €936.6 million, reflecting a 1.5% increase compared to H1-24 [10][11] - Insurance revenue increased by 0.8% to €760.0 million, while other revenues rose by 4.9% to €176.6 million [6][8] - The underwriting income net of reinsurance decreased by 21.2% to €153.6 million, and investment income fell by 35.4% to €26.3 million [6][25] Operational Metrics - The net loss ratio increased to 40.1%, up 5.1 percentage points year-on-year, while the net combined ratio rose to 71.3%, up 7.9 percentage points [7][19] - Client retention improved to 94.0%, with client activity up by 1.8% [7][11] - The company made two acquisitions in information services and launched a Lloyd's syndicate to enhance its offerings [5][32] Regional Performance - Revenue growth varied by region, with Latin America showing a significant increase of 17.5% at constant FX, while Central and Eastern Europe saw a decline of 3.8% [14][18] - Western Europe reported a 2.1% increase in turnover, driven by strong sales in services and credit insurance [15] - The Asia-Pacific region experienced a 10.5% increase in turnover, benefiting from high client retention and activity rebound [18] Strategic Developments - Coface is focusing on strengthening its credit insurance business and enhancing its data strategy through new appointments and acquisitions [7][32] - The company is navigating a challenging economic environment marked by rising tariffs and increased business failures in advanced economies [28][31] - Coface's solvency ratio remains robust at 195%, well above the target range of 155%-175% [27]

Group 1 - The Hong Kong Export Credit Insurance Corporation (ECIC) reported a record high insured business of HKD 160.848 billion for the fiscal year 2024/25, representing a year-on-year increase of 26.5% [1] - The ECIC recorded a profit of HKD 158.79 million, which includes net investment income of HKD 114.01 million, compared to a profit of HKD 253.5 million and net investment income of HKD 164.14 million in the previous year [1] - The three major insured markets for the ECIC are Mainland China (24.9% of total insured business), the United States (22.1%), and Singapore (14%) [1] Group 2 - The largest insured product category is electronic products, which saw a year-on-year increase of 29%, while textiles and garments and mineral products increased by 17.5% and 119.7%, respectively, ranking second and third [1] - The ECIC aims to support exporters and expand its business portfolio while maintaining low and stable compensation levels despite challenging external environments [1] - The ECIC continues to integrate ESG principles into its operations and is committed to promoting environmental, social, and governance responsibilities [2]

Group 1 - The event held by Hangzhou Municipal Bureau of Commerce focused on "going global" services and "new momentum and platforms for market expansion" to support local foreign trade enterprises in stabilizing orders, expanding markets, and mitigating risks [1][2] - The "going global" service segment provided strategic advice on investment environments and development trends in Southeast Asia, which is a popular destination for Chinese enterprises, and discussed the application of cloud computing and AI technologies to enhance overseas operations [1] - China Export Credit Insurance Corporation (China Credit Insurance) emphasized its role in supporting foreign trade enterprises by innovating financial services across the entire cross-border e-commerce ecosystem, helping more Chinese companies navigate international markets [1] Group 2 - The "market expansion" segment featured insights from industry experts on innovative practices in cross-border trade of industrial components and trends in the second-hand car export market, highlighting market opportunities and successful case studies [2] - The Hangzhou Municipal Bureau of Commerce provided authoritative interpretations of the latest policies supporting enterprises in exploring international markets, aiming to optimize the business environment and build an efficient service platform for high-quality development [2]

Core Insights - The "2025 China Small and Micro Foreign Trade Enterprises Export Risk Index (SMERI)" report indicates a continuous rise in credit risk faced by small and micro foreign trade enterprises in China over the past three years, primarily due to the complex changes in the international trade environment and increased payment risks from overseas enterprises [2] Group 1: Overall Credit Risk - The overall credit risk for China's small and micro foreign trade enterprises has been on the rise, attributed to the complexities in the international trade environment and heightened payment risks from foreign buyers [2] - Global macroeconomic risks have slightly decreased compared to 2024, indicating a recovery phase for the world economy, although growth momentum remains insufficient [2] Group 2: Regional and Sectoral Insights - Emerging markets such as ASEAN, Latin America, Central Asia, and Africa are increasing their share of exports from China, with many countries in Southeast Asia and South Asia falling into the low to medium risk category [2] - Certain regions like Eastern Europe, Central Asia, Western Asia, and North Africa still exhibit medium to high risk levels, influenced by macroeconomic factors [2] Group 3: Trade Environment and Industry Risks - The report highlights that tariffs imposed by some countries on specific segments of the global value chain will create a "ripple effect," further increasing uncertainty in the global trade environment [3] - Labor-intensive industries such as textiles and light manufacturing are particularly vulnerable to trade barriers and fluctuations in raw material costs, while technology-intensive sectors like electronics and new energy vehicles face rising compliance costs and intense technological competition [3] - The interplay of trade protectionism, technological controls, and cost fluctuations is intensifying systemic risks within global supply chains [3] Group 4: Recommendations and Index Development - The report provides professional recommendations for small and micro foreign trade enterprises to mitigate and manage risks in the current environment [3] - This year's report expands the assessment to include risk indices for light manufacturing and new foreign trade business models, in addition to the previous evaluation of 60 countries and 7 industrial chain risks [3]