Credit insurance specialist the Coface Group said turnover for its UK operations, Coface UK, grew 29% on a like for like basis, in its 2003 results.
It said this was achieved by securing new credit insurance business, particularly with some larger international policies, and a good level of retention of existing clients.
For the group, turnover grew 11.5% from €973m in 2002 to €1.1bn for the 12 months ending 31 December 2003.
It said its insurance business as a whole grew 13.1% to €800m, with its credit insurance division growing 14.4%.
Coface said Gross insurance underwriting profit for the year was €97m, against a loss of €31m for 2002.
Coface said: “After achieving very good underwriting profits in 2003, Coface has been facing 2004 with confidence in a macroeconomic context marked by a sharp growth recovery in the US and more moderate recovery in Europe. As in 2003, turnover growth should be sustained.
“That growth, combined with effective cost control, a stable loss ratio, and more buoyant financial-market environment should permit further profit improvement.”
