Talanx expected to achieve record group net income in 2023

Written by Adam Cadle

13/11/2023

Talanx Group generated a group net income of €1,279m in the first nine months of 2023 and has lifted its full-year earnings forecast to “significantly more than €1.5bn” on the basis of its strong operating performance.

Talanx is also expecting group net income in excess of €1.7bn for 2024. Its previous medium-term strategic target was set for earnings of about €1.6bn in 2025.

Talanx Group lifted its insurance revenue by 8% year-on-year as at 30 September 2023 to €32.3bn (€29.9bn); adjusted for currency effects, the rise is a double-digit 11%. Operating profit grew 23% to €2.8bn (€2.2bn), while group net income climbed 38% to €1.3bn (€0.9bn).

“The Talanx Group can look back at an extremely successful nine months: we shall exceed our ambitious financial targets for 2023 and have lifted our earnings forecast to significantly more than €1.5bn. Primary Insurance made a major contribution to this, generating strong operating profit and above-average growth. This demonstrates our continued resilience, even in a challenging market environment, and shows that our focused strategy is paying off sustainably”, said Torsten Leue, chairman of Talanx AG’s board of management.

“Based on our strong results in the financial year to date, we are expecting to reach our medium-term target, which was originally for 2025, a year earlier than planned. Furthermore, we shall exceed it with our new target for group net income of €1.7bn.”

For the first time in 2023, the group’s assets, liabilities, financial position and financial performance are reported under the new IFRS 17 and IFRS 9 accounting standards. The prior-year figures have also been adjusted in line with the new standards to ensure comparability.

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