Core Insights - Coface reported a year-to-date net income of €176.3 million, with €52.1 million generated in Q3 2025, and an annualized return on average tangible equity (RoATE) of 12% [1][4][8] Financial Performance - Insurance revenue for the first nine months of 2025 was €1,128.5 million, a slight decrease of 0.1% compared to the same period in 2024, but up 1.1% at constant foreign exchange rates [7][11] - Other revenue increased by 4.7% to €258.0 million, reflecting strong growth in business information and debt collection services [7][8] - Total turnover for the first nine months was €1,386.5 million, up 0.7% on a reported basis and 1.8% at constant FX [10][8] Underwriting and Loss Ratios - The net loss ratio increased to 39.6%, up 4.1 percentage points year-on-year, while the combined ratio net of reinsurance rose to 71.9%, an increase of 7.6 percentage points [9][20] - The gross loss ratio stood at 36.9%, reflecting a rise in claims frequency approaching pre-COVID levels [21][20] Regional Performance - Turnover in Northern Europe increased by 1.3%, while Western Europe saw a slight decline of 0.2% [14][16] - Latin America experienced significant growth, with turnover up 14.0% at constant FX, driven by high local inflation [18] - Asia-Pacific turnover rose by 6.9%, benefiting from client activity and contract transfers from Central and Eastern Europe [19] Strategic Outlook - Coface continues to invest in technology and services, with a focus on trade credit insurance and related services, which now account for nearly 11% of the group's revenue [31] - The company is navigating a challenging economic environment characterized by trade barriers and fluctuating commodity prices, which are impacting growth in trade credit insurance [4][30]

Group 1 - The core viewpoint of the article is that Morocco maintains a "B" rating from Coface, indicating controllable risks and economic stability despite regional vulnerabilities [1] - The "B" rating reflects Morocco's ability to operate smoothly even amidst institutional or external vulnerabilities, highlighting its resilient production sector supported by targeted public policies in energy, industry, and infrastructure [1] - Morocco's economic balance remains robust in the context of international tensions and global economic turmoil, with a focus on industry diversification and a favorable business environment [1] Group 2 - Morocco's economic vulnerabilities include a high reliance on agriculture, which accounts for 11% of GDP and 30% of employment, as well as low resilience to natural risks such as drought [2] - The youth unemployment rate in Morocco is notably high at 35.8%, indicating significant labor market challenges [2] - To enhance economic resilience, Morocco needs to pursue structural reforms, improve human resources, reduce the informal economy, increase productivity, and expand access to non-European markets [2]

Core Insights - China Export & Credit Insurance Corporation's subsidiary, China Export Credit Insurance Company, launched a digital credit product named "China Export Credit Global Check" on October 20 [1] Group 1: Product Overview - "China Export Credit Global Check" addresses the challenges faced by foreign trade enterprises in obtaining information about overseas buyers, industries, and countries, which include limited information channels, weak credit risk identification capabilities, and high costs of customized investigations [1] - The product features four main functional modules: "Check Enterprises," "Check Bills of Lading," "Check Industries," and "Check Countries" [1] Group 2: Technology and Services - The company utilizes big data and artificial intelligence technologies to provide various digital credit products, including credit traffic lights, navigation tools, alarms, global checks, and electronic data interchange (EDI) [1] - Additional services offered include enterprise credit reports, industry research, foreign investment risk assessment reports, and risk models [1]

Group 1 - The core viewpoint of the report indicates that global corporate bankruptcies are expected to rise by approximately 5% in 2026, marking the fifth consecutive year of increase, influenced by trade tensions, tightening financing conditions, and external economic uncertainties [1] - In Germany, corporate bankruptcies are projected to remain high at around 24,500 cases in 2026, reflecting a 1% year-on-year increase, which would be the highest level in nearly twelve years [1] - The report highlights that the recent implementation of high import tariffs by the United States has significantly impacted global trade, contributing to the deterioration of the business environment for companies [1] Group 2 - The report anticipates a substantial increase in German corporate bankruptcies by approximately 11% in 2025, reaching 24,300 cases, which is about twice the global average increase [2] - Looking ahead to 2027, a temporary easing in the corporate bankruptcy situation in Germany is expected, with a projected decline of about 4% to 23,500 cases, while global corporate bankruptcies are expected to decrease by approximately 1% [2]

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]