Coface Sa (COFAF) Q2 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.979 day and thank you for standing by. Welcome to the CoFACE essay first half 2025 00:00:05.979 -- 00:00:11.286 results call. At this time all participants are in a listen-only mode. 00:00:11.286 -- 00:00:15.451 After the speaker's presentation there will be a question and answer session. 00:00:15.451 -- 00:00:21.039 To ask a question during the session you will need to press star 1 1 on your telephone. 00:00:21.039 -- 00:00:24.844 You will then hear an automated message advising your hand is raised. 00:00:24.844 -- 00:00:27.993 Please be advised that today's conference is being recorded. 00:00:27.993 -- 00:00:31.999 I'd now like to hand the conference over to your speaker today, Xavier Durand. 00:00:31.999 -- 00:00:34.183 Please go ahead. 00:00:34.183 -- 00:00:37.107 Thank you, and thanks to all of you for logging in. 00:00:37.107 -- 00:00:40.593 We're happy to report our first half 25 results. 00:00:40.593 -- 00:00:46.061 You've seen from the headline, 124 million net profits for the first half. 00:00:46.061 -- 00:00:49.326 We qualify this as strong results. 00:00:49.326 -- 00:00:52.952 You'll see through the pitch some of the same themes that we've highlighted over the 00:00:52.952 -- 00:00:56.596 prior quarters, but I'm just going to go through the key points here. 00:00:56.596 -- 00:01:01.766 Turnover is up 2.3% at all things equal, 00:01:01.766 -- 00:01:06.795 with insurance growing 1.7%, a little bit of positive client activity, even 00:01:06.795 -- 00:01:09.761 though there's no clear trend there. 00:01:09.761 -- 00:01:13.728 The client retention remains at a near record level. 00:01:13.728 -- 00:01:19.359 Pricing continues to be, I would say, within the average trend line of 00:01:19.359 -- 00:01:24.439 history. Good growth on...