Latest financials from Talanx;
The Talanx Group generated a record Group net income of EUR 827 million in the first half of 2023.
Based on this, the company is confident of exceeding its full-year Group net income target of EUR 1,400 million. Insurance revenue rose year-on-year to EUR 20.9 (19.2) billion. Operating profit jumped by more than 30 percent to EUR 2 (1.5) billion and Group net income also climbed by a double-digit 21 percent to EUR 827 (686) million.
The return on equity in the first half of the year was 18.4 (15.4) percent and is expected to be well above the strategic target of 10 percent for the year as a whole – all Primary Insurance divisions generated returns on equity in excess of 10 percent for the first time.
Primary Insurance contributed 44 percent of the strong earnings figure and Reinsurance 56 percent. Factors influencing earnings in the first half of 2023 included inflation-related price rises, lower large loss payments, and interest accretion and discounting effects resulting from the application of the new accounting standards.
“Our Talanx Group has generated extremely successful results for the first half of the year. We have seen strong growth in insurance revenue and the highest six months Group net income in the Group’s history”, said Torsten Leue, Chairman of Talanx AG’s Board of Management. “We are therefore optimistic that we will be able to exceed our revenue and Group net income targets for 2023 even though the hurricane season is not over yet. We have also got off to a strong start in our new strategy cycle for the period up to 2025 – a strong signal that our divisions are continuing their successful work and that our Group is extremely resilient, despite global economic challenges.”
You can read the full report here by the way.
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