Talanx reports increases to premiums and consolidated profit 

Written by Michael Griffiths

14/11/2022

Talanx has reported that it is on course to achieve its targets for the year, having significantly increased its its premium income and consolidated profit in the first nine months of the year.

The group said it is thus compensating for the high losses from natural catastrophes and the provisions for possible losses from Russia’s war against Ukraine.

Gross written premiums increased by 18.5% to €41.7bn, or by 13.8% after adjusting for exchange rate effects, with all business areas contributed to the growth. Talanx also announced that it consolidated profit increased by 8.6% to €785m.

Primary insurance made an important contribution to Talanx’s result, with a 13% increase in consolidated profit in Q3 compared to the same quarter last year, and primary insurance’s reinsurance activities bundled at Talanx AG level.

The return on equity increased from 9.2% in the same period of the previous year to 11.5%. In terms of premium income, Talanx is assuming a value of over €50bn for the current year as a whole. It also confirmed the outlook for the group result is in the range between €1.05bn and €1.15bn.

Talanx Group CEO, Torsten Leue, commented: “Despite the challenges posed by the high major losses following natural catastrophes, we have held our ground well over the course of the year to date. This is also due to our comparatively low exposure to Hurricane Ian.

“It is once again becoming clear that our strategy with decentralised business areas and strong diversification across countries, divisions and risks is paying off. The good condition of our primary insurance is particularly evident in the third quarter.

“In addition, making industrial insurance more profitable is having a very positive effect. All in all, we remain very optimistic that we will achieve our ambitious goals in 2022.”

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