<?xml version="1.0" encoding="utf-8"?>
<?taxonomy-generator id="PomdocPro" version="2021.1.1.1" date="2026-04-02 18:31:46"?>
<linkbase 
  xml:lang="en"
  xmlns="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd"
>
  <roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel"/>
  <roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel"/>
  <roleRef roleURI="http://www.xbrl.org/2009/role/netLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel"/>
  <roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel"/>
  <roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel"/>
  <roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel"/>
  <labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_CurrentOperatingIncome"
    xlink:label="coface_CurrentOperatingIncome"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_FairValueAdjustmentsOnFinancialAssetsThroughOtherComprehensiveIncomeReclassifiableToIncomeTaxEffect"
    xlink:label="coface_FairValueAdjustmentsOnFinancialAssetsThroughOtherComprehensiveIncomeReclassifiableToIncomeTaxEffect"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_NetCashRelatedToOperatingActivities"
    xlink:label="coface_NetCashRelatedToOperatingActivities"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_DisposalsOfInvestments"
    xlink:label="coface_DisposalsOfInvestments"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_CashFlowsRelatedToTransactionsWithOwners"
    xlink:label="coface_CashFlowsRelatedToTransactionsWithOwners"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_NetIncomeFromBankingActivities"
    xlink:label="coface_NetIncomeFromBankingActivities"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_ChangesInCashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract"
    xlink:label="coface_ChangesInCashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_ReclassifiableRevaluationReservesMember"
    xlink:label="coface_ReclassifiableRevaluationReservesMember"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_HyperinflationImpacts"
    xlink:label="coface_HyperinflationImpacts"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_InsuranceFinanceExpensesThroughOtherComprehensiveIncomeReclassifiableToIncomeTaxEffect"
    xlink:label="coface_InsuranceFinanceExpensesThroughOtherComprehensiveIncomeReclassifiableToIncomeTaxEffect"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_InvestmentIncomeNetOfManagementExpensesExcludingFinanceCosts"
    xlink:label="coface_InvestmentIncomeNetOfManagementExpensesExcludingFinanceCosts"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_AcquisitionsOfInvestments"
    xlink:label="coface_AcquisitionsOfInvestments"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_NetCashGeneratedFromUsedInAcquisitionsAndDisposalsOfPropertyPlantAndEquipmentAndIntangibleAssets"
    xlink:label="coface_NetCashGeneratedFromUsedInAcquisitionsAndDisposalsOfPropertyPlantAndEquipmentAndIntangibleAssets"
  />
  <loc
    xlink:type="locator"
    xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OperatingExpense"
    xlink:label="ifrs-full_OperatingExpense"
  />
  <loc
    xlink:type="locator"
    xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments"
    xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_InsuranceServiceRevenue"
    xlink:label="coface_InsuranceServiceRevenue"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_TreasuryShareTransactions"
    xlink:label="coface_TreasuryShareTransactions"
  />
  <loc
    xlink:type="locator"
    xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital"
    xlink:label="ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital"
  />
  <loc
    xlink:type="locator"
    xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners"
    xlink:label="ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_PayablesArisingFromBankingActivities"
    xlink:label="coface_PayablesArisingFromBankingActivities"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_ReceivablesArisingFromBankingAndOtherActivities"
    xlink:label="coface_ReceivablesArisingFromBankingAndOtherActivities"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_MiscellaneousLiabilities"
    xlink:label="coface_MiscellaneousLiabilities"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_RetainedEarningsIncludingTreasuryShares"
    xlink:label="coface_RetainedEarningsIncludingTreasuryShares"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_CashFlowsRelatedToTheFinancingOfGroupOperations"
    xlink:label="coface_CashFlowsRelatedToTheFinancingOfGroupOperations"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_FairValueAdjustmentsOnFinancialAssetsRecognizedInEquity"
    xlink:label="coface_FairValueAdjustmentsOnFinancialAssetsRecognizedInEquity"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_NetCashGeneratedFromBankingAndFactoringOperations"
    xlink:label="coface_NetCashGeneratedFromBankingAndFactoringOperations"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_TreasurySharesElimination"
    xlink:label="coface_TreasurySharesElimination"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_CancellationOfCOFACESAShares"
    xlink:label="coface_CancellationOfCOFACESAShares"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_InsuranceFinanceExpensesThroughOtherComprehensiveIncomeRecycling"
    xlink:label="coface_InsuranceFinanceExpensesThroughOtherComprehensiveIncomeRecycling"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_AcquisitionsOfPropertyPlantAndEquipmentAndIntangibleAssets"
    xlink:label="coface_AcquisitionsOfPropertyPlantAndEquipmentAndIntangibleAssets"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_GrossWrittenPremiums"
    xlink:label="coface_GrossWrittenPremiums"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_DisposalsOfPropertyPlantAndEquipmentAndIntangibleAssets"
    xlink:label="coface_DisposalsOfPropertyPlantAndEquipmentAndIntangibleAssets"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_NetCashUsedInChangesInScopeOfConsolidation"
    xlink:label="coface_NetCashUsedInChangesInScopeOfConsolidation"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_MiscellaneousAssets"
    xlink:label="coface_MiscellaneousAssets"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_IncreaseDecreaseInPayablesArisingFromFactoringOperations"
    xlink:label="coface_IncreaseDecreaseInPayablesArisingFromFactoringOperations"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_NetCashUsedInMovementsInInvestments"
    xlink:label="coface_NetCashUsedInMovementsInInvestments"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_IncomeAfterReinsuranceOtherRevenueAndCostOfRisk"
    xlink:label="coface_IncomeAfterReinsuranceOtherRevenueAndCostOfRisk"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_InsuranceBusinessInvestments"
    xlink:label="coface_InsuranceBusinessInvestments"
  />
  <loc
    xlink:type="locator"
    xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherRevenue"
    xlink:label="ifrs-full_OtherRevenue"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_PremiumRefunds"
    xlink:label="coface_PremiumRefunds"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_InsuranceFinanceExpensesThroughOtherComprehensiveIncomeReclassifiableToIncomeGross"
    xlink:label="coface_InsuranceFinanceExpensesThroughOtherComprehensiveIncomeReclassifiableToIncomeGross"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_FinancialAssetsAtFairValueThroughProfitOrLossExcludingDerivatives"
    xlink:label="coface_FinancialAssetsAtFairValueThroughProfitOrLossExcludingDerivatives"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_FinancingDebts"
    xlink:label="coface_FinancingDebts"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_IncreaseDecreaseInReceivablesArisingFromFactoringOperations"
    xlink:label="coface_IncreaseDecreaseInReceivablesArisingFromFactoringOperations"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_ClaimsExpensesToInsuranceContracts"
    xlink:label="coface_ClaimsExpensesToInsuranceContracts"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_NonAttributableExpensesFromInsuranceActivity"
    xlink:label="coface_NonAttributableExpensesFromInsuranceActivity"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_InsuranceFinanceExpensesThroughOtherComprehensiveIncomeReclassifiableToIncome"
    xlink:label="coface_InsuranceFinanceExpensesThroughOtherComprehensiveIncomeReclassifiableToIncome"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_NonreclassifiableRevaluationReservesMember"
    xlink:label="coface_NonreclassifiableRevaluationReservesMember"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_ChangeInOperatingReceivablesAndPayables"
    xlink:label="coface_ChangeInOperatingReceivablesAndPayables"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_AjustmentsForDepreciationAmortizationAndImpairmentLosses"
    xlink:label="coface_AjustmentsForDepreciationAmortizationAndImpairmentLosses"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_LossComponentAndReversalOfLossComponent"
    xlink:label="coface_LossComponentAndReversalOfLossComponent"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_AttributableCoststoInsuranceContracts"
    xlink:label="coface_AttributableCoststoInsuranceContracts"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_AdjustmentsToFairValueChangeOnFinancialInstrumentsRecognizedAtFairValueThroughIncome"
    xlink:label="coface_AdjustmentsToFairValueChangeOnFinancialInstrumentsRecognizedAtFairValueThroughIncome"
  />
  <loc
    xlink:type="locator"
    xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InsuranceServiceExpensesFromInsuranceContractsIssued"
    xlink:label="ifrs-full_InsuranceServiceExpensesFromInsuranceContractsIssued"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_FairValueAdjustmentsOnFinancialAssetsThroughOtherComprehensiveIncomeReclassifiedToIncomeTaxEffect"
    xlink:label="coface_FairValueAdjustmentsOnFinancialAssetsThroughOtherComprehensiveIncomeReclassifiedToIncomeTaxEffect"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_NetChangeInUnearnedPremiumProvisions"
    xlink:label="coface_NetChangeInUnearnedPremiumProvisions"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_ExpensesFromBankingActivitiesExcludingCostOfRisk"
    xlink:label="coface_ExpensesFromBankingActivitiesExcludingCostOfRisk"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_InsuranceServiceRevenueBeforeReinsurance"
    xlink:label="coface_InsuranceServiceRevenueBeforeReinsurance"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_NetFinancialIncome"
    xlink:label="coface_NetFinancialIncome"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_TradeReceivablesArisingFromServiceActivities"
    xlink:label="coface_TradeReceivablesArisingFromServiceActivities"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_IncreaseDecreaseInFactoringLiabilities"
    xlink:label="coface_IncreaseDecreaseInFactoringLiabilities"
  />
  <loc
    xlink:type="locator"
    xlink:href="96950025N07LTJYFSN57-2025-12-31.xsd#coface_TotalNoncashItemsInCashFlowsStatement"
    xlink:label="coface_TotalNoncashItemsInCashFlowsStatement"
  />
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_CurrentOperatingIncome"
    xlink:to="coface_CurrentOperatingIncome_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_CurrentOperatingIncome_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Current Operating Income</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_FairValueAdjustmentsOnFinancialAssetsThroughOtherComprehensiveIncomeReclassifiableToIncomeTaxEffect"
    xlink:to="coface_FairValueAdjustmentsOnFinancialAssetsThroughOtherComprehensiveIncomeReclassifiableToIncomeTaxEffect_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_FairValueAdjustmentsOnFinancialAssetsThroughOtherComprehensiveIncomeReclassifiableToIncomeTaxEffect_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Fair Value Adjustments On Financial Assets Through Other Comprehensive Income Reclassifiable To Income Tax Effect</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_NetCashRelatedToOperatingActivities"
    xlink:to="coface_NetCashRelatedToOperatingActivities_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_NetCashRelatedToOperatingActivities_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Net Cash Related To Operating Activities</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_DisposalsOfInvestments"
    xlink:to="coface_DisposalsOfInvestments_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_DisposalsOfInvestments_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Disposals Of Investments</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_CashFlowsRelatedToTransactionsWithOwners"
    xlink:to="coface_CashFlowsRelatedToTransactionsWithOwners_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_CashFlowsRelatedToTransactionsWithOwners_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Cash Flows Related To Transactions With Owners</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_NetIncomeFromBankingActivities"
    xlink:to="coface_NetIncomeFromBankingActivities_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_NetIncomeFromBankingActivities_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Net Income From Banking Activities</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_ChangesInCashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract"
    xlink:to="coface_ChangesInCashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_ChangesInCashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Changes In Cash And Cash Equivalents If Different From Statement Of Financial Position Abstract</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_ReclassifiableRevaluationReservesMember"
    xlink:to="coface_ReclassifiableRevaluationReservesMember_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_ReclassifiableRevaluationReservesMember_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Reclassifiable Revaluation Reserves Member</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_HyperinflationImpacts"
    xlink:to="coface_HyperinflationImpacts_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_HyperinflationImpacts_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Hyperinflation Impacts</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_InsuranceFinanceExpensesThroughOtherComprehensiveIncomeReclassifiableToIncomeTaxEffect"
    xlink:to="coface_InsuranceFinanceExpensesThroughOtherComprehensiveIncomeReclassifiableToIncomeTaxEffect_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_InsuranceFinanceExpensesThroughOtherComprehensiveIncomeReclassifiableToIncomeTaxEffect_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Insurance Finance Expenses Through Other Comprehensive Income Reclassifiable To Income Tax Effect</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_InvestmentIncomeNetOfManagementExpensesExcludingFinanceCosts"
    xlink:to="coface_InvestmentIncomeNetOfManagementExpensesExcludingFinanceCosts_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_InvestmentIncomeNetOfManagementExpensesExcludingFinanceCosts_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Investment Income Net Of Management Expenses Excluding Finance Costs</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_AcquisitionsOfInvestments"
    xlink:to="coface_AcquisitionsOfInvestments_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_AcquisitionsOfInvestments_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Acquisitions Of Investments</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_NetCashGeneratedFromUsedInAcquisitionsAndDisposalsOfPropertyPlantAndEquipmentAndIntangibleAssets"
    xlink:to="coface_NetCashGeneratedFromUsedInAcquisitionsAndDisposalsOfPropertyPlantAndEquipmentAndIntangibleAssets_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_NetCashGeneratedFromUsedInAcquisitionsAndDisposalsOfPropertyPlantAndEquipmentAndIntangibleAssets_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Net Cash Generated From Used In Acquisitions And Disposals Of Property Plant And Equipment And Intangible Assets</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="ifrs-full_OperatingExpense"
    xlink:to="ifrs-full_OperatingExpense_totalLabel_en"
  />
  <label
    xlink:type="resource"
    xlink:label="ifrs-full_OperatingExpense_totalLabel_en"
    xlink:role="http://www.xbrl.org/2003/role/totalLabel"
    xml:lang="en"
  >Operating expense [total]</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments"
    xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments_totalLabel_en"
  />
  <label
    xlink:type="resource"
    xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments_totalLabel_en"
    xlink:role="http://www.xbrl.org/2003/role/totalLabel"
    xml:lang="en"
  >Other comprehensive income, net of tax, gains (losses) from investments in equity instruments [total]</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_InsuranceServiceRevenue"
    xlink:to="coface_InsuranceServiceRevenue_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_InsuranceServiceRevenue_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Insurance Service Revenue</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_TreasuryShareTransactions"
    xlink:to="coface_TreasuryShareTransactions_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_TreasuryShareTransactions_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Treasury Share Transactions</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital"
    xlink:to="ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital_totalLabel_en"
  />
  <label
    xlink:type="resource"
    xlink:label="ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital_totalLabel_en"
    xlink:role="http://www.xbrl.org/2003/role/totalLabel"
    xml:lang="en"
  >Cash flows from (used in) operations before changes in working capital [total]</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners"
    xlink:to="ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners_totalLabel_en"
  />
  <label
    xlink:type="resource"
    xlink:label="ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners_totalLabel_en"
    xlink:role="http://www.xbrl.org/2003/role/totalLabel"
    xml:lang="en"
  >Increase (decrease) through transactions with owners, equity [total]</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_PayablesArisingFromBankingActivities"
    xlink:to="coface_PayablesArisingFromBankingActivities_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_PayablesArisingFromBankingActivities_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Payables Arising From Banking Activities</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_ReceivablesArisingFromBankingAndOtherActivities"
    xlink:to="coface_ReceivablesArisingFromBankingAndOtherActivities_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_ReceivablesArisingFromBankingAndOtherActivities_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Receivables Arising From Banking And Other Activities</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_MiscellaneousLiabilities"
    xlink:to="coface_MiscellaneousLiabilities_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_MiscellaneousLiabilities_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Miscellaneous Liabilities</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_RetainedEarningsIncludingTreasuryShares"
    xlink:to="coface_RetainedEarningsIncludingTreasuryShares_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_RetainedEarningsIncludingTreasuryShares_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Retained Earnings Including Treasury Shares</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_CashFlowsRelatedToTheFinancingOfGroupOperations"
    xlink:to="coface_CashFlowsRelatedToTheFinancingOfGroupOperations_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_CashFlowsRelatedToTheFinancingOfGroupOperations_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Cash Flows Related To The Financing Of Group Operations</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_FairValueAdjustmentsOnFinancialAssetsRecognizedInEquity"
    xlink:to="coface_FairValueAdjustmentsOnFinancialAssetsRecognizedInEquity_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_FairValueAdjustmentsOnFinancialAssetsRecognizedInEquity_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Fair Value Adjustments On Financial Assets Recognized In Equity</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_NetCashGeneratedFromBankingAndFactoringOperations"
    xlink:to="coface_NetCashGeneratedFromBankingAndFactoringOperations_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_NetCashGeneratedFromBankingAndFactoringOperations_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Net Cash Generated From Banking And Factoring Operations</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_TreasurySharesElimination"
    xlink:to="coface_TreasurySharesElimination_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_TreasurySharesElimination_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Treasury shares elimination</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_CancellationOfCOFACESAShares"
    xlink:to="coface_CancellationOfCOFACESAShares_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_CancellationOfCOFACESAShares_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Cancellation of COFACE SA shares</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_InsuranceFinanceExpensesThroughOtherComprehensiveIncomeRecycling"
    xlink:to="coface_InsuranceFinanceExpensesThroughOtherComprehensiveIncomeRecycling_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_InsuranceFinanceExpensesThroughOtherComprehensiveIncomeRecycling_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Insurance Finance Expenses Through Other Comprehensive Income Recycling</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_AcquisitionsOfPropertyPlantAndEquipmentAndIntangibleAssets"
    xlink:to="coface_AcquisitionsOfPropertyPlantAndEquipmentAndIntangibleAssets_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_AcquisitionsOfPropertyPlantAndEquipmentAndIntangibleAssets_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Acquisitions Of Property Plant And Equipment And Intangible Assets</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_GrossWrittenPremiums"
    xlink:to="coface_GrossWrittenPremiums_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_GrossWrittenPremiums_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Gross Written Premiums</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_DisposalsOfPropertyPlantAndEquipmentAndIntangibleAssets"
    xlink:to="coface_DisposalsOfPropertyPlantAndEquipmentAndIntangibleAssets_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_DisposalsOfPropertyPlantAndEquipmentAndIntangibleAssets_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Disposals Of Property Plant And Equipment And Intangible Assets</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_NetCashUsedInChangesInScopeOfConsolidation"
    xlink:to="coface_NetCashUsedInChangesInScopeOfConsolidation_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_NetCashUsedInChangesInScopeOfConsolidation_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Net Cash Used In Changes In Scope Of Consolidation</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_MiscellaneousAssets"
    xlink:to="coface_MiscellaneousAssets_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_MiscellaneousAssets_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Miscellaneous Assets</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_IncreaseDecreaseInPayablesArisingFromFactoringOperations"
    xlink:to="coface_IncreaseDecreaseInPayablesArisingFromFactoringOperations_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_IncreaseDecreaseInPayablesArisingFromFactoringOperations_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Increase Decrease In Payables Arising From Factoring Operations</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_NetCashUsedInMovementsInInvestments"
    xlink:to="coface_NetCashUsedInMovementsInInvestments_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_NetCashUsedInMovementsInInvestments_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Net Cash Used In Movements In Investments</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_IncomeAfterReinsuranceOtherRevenueAndCostOfRisk"
    xlink:to="coface_IncomeAfterReinsuranceOtherRevenueAndCostOfRisk_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_IncomeAfterReinsuranceOtherRevenueAndCostOfRisk_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Income After Reinsurance Other Revenue And Cost Of Risk</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_InsuranceBusinessInvestments"
    xlink:to="coface_InsuranceBusinessInvestments_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_InsuranceBusinessInvestments_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Insurance Business Investments</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="ifrs-full_OtherRevenue"
    xlink:to="ifrs-full_OtherRevenue_totalLabel_en"
  />
  <label
    xlink:type="resource"
    xlink:label="ifrs-full_OtherRevenue_totalLabel_en"
    xlink:role="http://www.xbrl.org/2003/role/totalLabel"
    xml:lang="en"
  >Other revenue [total]</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_PremiumRefunds"
    xlink:to="coface_PremiumRefunds_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_PremiumRefunds_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Premium Refunds</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_InsuranceFinanceExpensesThroughOtherComprehensiveIncomeReclassifiableToIncomeGross"
    xlink:to="coface_InsuranceFinanceExpensesThroughOtherComprehensiveIncomeReclassifiableToIncomeGross_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_InsuranceFinanceExpensesThroughOtherComprehensiveIncomeReclassifiableToIncomeGross_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Insurance Finance Expenses Through Other Comprehensive Income Reclassifiable To Income Gross</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_FinancialAssetsAtFairValueThroughProfitOrLossExcludingDerivatives"
    xlink:to="coface_FinancialAssetsAtFairValueThroughProfitOrLossExcludingDerivatives_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_FinancialAssetsAtFairValueThroughProfitOrLossExcludingDerivatives_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Financial Assets At Fair Value Through Profit Or Loss Excluding Derivatives</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_FinancingDebts"
    xlink:to="coface_FinancingDebts_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_FinancingDebts_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Financing Debts</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_IncreaseDecreaseInReceivablesArisingFromFactoringOperations"
    xlink:to="coface_IncreaseDecreaseInReceivablesArisingFromFactoringOperations_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_IncreaseDecreaseInReceivablesArisingFromFactoringOperations_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Increase Decrease In Receivables Arising From Factoring Operations</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_ClaimsExpensesToInsuranceContracts"
    xlink:to="coface_ClaimsExpensesToInsuranceContracts_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_ClaimsExpensesToInsuranceContracts_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Claims Expenses To Insurance Contracts</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_NonAttributableExpensesFromInsuranceActivity"
    xlink:to="coface_NonAttributableExpensesFromInsuranceActivity_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_NonAttributableExpensesFromInsuranceActivity_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Non Attributable Expenses From Insurance Activity</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_InsuranceFinanceExpensesThroughOtherComprehensiveIncomeReclassifiableToIncome"
    xlink:to="coface_InsuranceFinanceExpensesThroughOtherComprehensiveIncomeReclassifiableToIncome_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_InsuranceFinanceExpensesThroughOtherComprehensiveIncomeReclassifiableToIncome_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Insurance Finance Expenses Through Other Comprehensive Income Reclassifiable To Income</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_NonreclassifiableRevaluationReservesMember"
    xlink:to="coface_NonreclassifiableRevaluationReservesMember_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_NonreclassifiableRevaluationReservesMember_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Nonreclassifiable Revaluation Reserves Member</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_ChangeInOperatingReceivablesAndPayables"
    xlink:to="coface_ChangeInOperatingReceivablesAndPayables_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_ChangeInOperatingReceivablesAndPayables_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Change In Operating Receivables And Payables</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_AjustmentsForDepreciationAmortizationAndImpairmentLosses"
    xlink:to="coface_AjustmentsForDepreciationAmortizationAndImpairmentLosses_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_AjustmentsForDepreciationAmortizationAndImpairmentLosses_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Ajustments For Depreciation Amortization And Impairment Losses</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_LossComponentAndReversalOfLossComponent"
    xlink:to="coface_LossComponentAndReversalOfLossComponent_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_LossComponentAndReversalOfLossComponent_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Loss Component And Reversal Of Loss Component</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_AttributableCoststoInsuranceContracts"
    xlink:to="coface_AttributableCoststoInsuranceContracts_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_AttributableCoststoInsuranceContracts_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Attributable Coststo Insurance Contracts</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_AdjustmentsToFairValueChangeOnFinancialInstrumentsRecognizedAtFairValueThroughIncome"
    xlink:to="coface_AdjustmentsToFairValueChangeOnFinancialInstrumentsRecognizedAtFairValueThroughIncome_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_AdjustmentsToFairValueChangeOnFinancialInstrumentsRecognizedAtFairValueThroughIncome_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Adjustments To Fair Value Change On Financial Instruments Recognized At Fair Value Through Income</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="ifrs-full_InsuranceServiceExpensesFromInsuranceContractsIssued"
    xlink:to="ifrs-full_InsuranceServiceExpensesFromInsuranceContractsIssued_totalLabel_en"
  />
  <label
    xlink:type="resource"
    xlink:label="ifrs-full_InsuranceServiceExpensesFromInsuranceContractsIssued_totalLabel_en"
    xlink:role="http://www.xbrl.org/2003/role/totalLabel"
    xml:lang="en"
  >Insurance service expenses from insurance contracts issued [total]</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_FairValueAdjustmentsOnFinancialAssetsThroughOtherComprehensiveIncomeReclassifiedToIncomeTaxEffect"
    xlink:to="coface_FairValueAdjustmentsOnFinancialAssetsThroughOtherComprehensiveIncomeReclassifiedToIncomeTaxEffect_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_FairValueAdjustmentsOnFinancialAssetsThroughOtherComprehensiveIncomeReclassifiedToIncomeTaxEffect_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Fair Value Adjustments On Financial Assets Through Other Comprehensive Income Reclassified To Income Tax Effect</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_NetChangeInUnearnedPremiumProvisions"
    xlink:to="coface_NetChangeInUnearnedPremiumProvisions_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_NetChangeInUnearnedPremiumProvisions_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Net Change In Unearned Premium Provisions</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_ExpensesFromBankingActivitiesExcludingCostOfRisk"
    xlink:to="coface_ExpensesFromBankingActivitiesExcludingCostOfRisk_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_ExpensesFromBankingActivitiesExcludingCostOfRisk_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Expenses From Banking Activities Excluding Cost Of Risk</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_InsuranceServiceRevenueBeforeReinsurance"
    xlink:to="coface_InsuranceServiceRevenueBeforeReinsurance_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_InsuranceServiceRevenueBeforeReinsurance_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Insurance Service Revenue Before Reinsurance</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_NetFinancialIncome"
    xlink:to="coface_NetFinancialIncome_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_NetFinancialIncome_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Net Financial Income</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_TradeReceivablesArisingFromServiceActivities"
    xlink:to="coface_TradeReceivablesArisingFromServiceActivities_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_TradeReceivablesArisingFromServiceActivities_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Trade Receivables Arising From Service Activities</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_IncreaseDecreaseInFactoringLiabilities"
    xlink:to="coface_IncreaseDecreaseInFactoringLiabilities_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_IncreaseDecreaseInFactoringLiabilities_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Increase Decrease In Factoring Liabilities</label>
  <labelArc
    xlink:type="arc"
    xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
    xlink:from="coface_TotalNoncashItemsInCashFlowsStatement"
    xlink:to="coface_TotalNoncashItemsInCashFlowsStatement_label_en"
  />
  <label
    xlink:type="resource"
    xlink:label="coface_TotalNoncashItemsInCashFlowsStatement_label_en"
    xlink:role="http://www.xbrl.org/2003/role/label"
    xml:lang="en"
  >Total Noncash Items In Cash Flows Statement</label>
  </labelLink>
</linkbase>