Coface reports H1 2026 profits as Mexican Afores increase FIBRAs exposure

Coface reported a net attributable income of 107.8 million euros for the first half of 2026, with total revenues reaching 939 million euros, representing a 0.8% increase at constant exchange rates and perimeter. The company noted that its credit insurance business grew by 1.4% in the second quarter. Non-insurance activities, including factoring, commercial information, and debt collection, saw an 8.8% increase, totaling 88.6 million euros. Notably, the commercial information sector grew by 12% at constant exchange rates, bolstered by the acquisition of Cedar Rose.

In Mexico, data from CONSAR for July 2026 shows that Afores have invested approximately 279.3 billion pesos in FIBRAs. Coppel leads the sector in terms of portfolio exposure, allocating 7.54% of its assets to these vehicles, which is more than double the system average of 3.12%. However, in terms of total capital, Coppel, XXI Banorte, and SURA are the largest players, each managing approximately 49 billion pesos. Together, these three administrators concentrate about 53% of the total funds invested by Afores in FIBRAs.