The latest Q3 stats from Talanx Group;
The Talanx Group has increased its nine-month Group net income to a record EUR 1,964 (1,592) million and, based on this, is lifting its full-year forecast of roughly EUR 2.3 billion – which it already raised after the first half of the year – to more than EUR 2.4 billion. In addition, this positive business performance makes the Group confident of generating Group net income of approximately EUR 2.7 billion in 2026, and hence of reaching and exceeding this earnings target for 2027 a year earlier than originally planned.
The growth in profit after nine months was driven by a strong operating business performance and a positive claims experience in the third quarter. Primary Insurance (51 percent) and Reinsurance (49 percent) contributed more or less equally to Group net income. Insurance revenue remained stable at EUR 36.0 (36.0) billion; adjusted for currency effects, it grew by 3 percent. The insurance service result rose 6 percent to EUR 4.0 (3.7) billion. The return on equity was 21.5 (19.4) percent. The proposal for the Annual General Meeting regarding the amount of the dividend increase for the 2025 financial year will be announced by the Talanx Group at the latest at the annual results press conference on 18 March 2026.
Due to its international focus, the Group is planning to change Talanx AG’s legal form to a Societas Europaea (SE).
“We have generated record results after nine months and have already almost reached our full-year net income for 2024. This shows that our business model, which is based on diversification, decentralisation and cost leadership, is competitive in all market phases. As a result, we are optimistic for the rest of the year and for 2026: we are lifting our earnings forecast for 2025 to more than EUR 2.4 billion and are aiming in 2026 for Group net income of approximately EUR 2.7 billion. This means we would reach and exceed our earnings target for 2027 one year earlier than forecast”, said Torsten Leue, Talanx AG’s CEO.
The insurance service result for the first nine months of 2025 rose to EUR 4.0 (3.7) billion. Following an unusually positive claims experience in the third quarter, large loss payments amounted to EUR 1.5 (1.8) billion. This was EUR 0.7 billion below the pro rata budget for the period of EUR 2.2 billion, which was recognised in full. Man-made losses amounted to EUR 686 million, while large loss payments for natural disasters totalled EUR 836 million. At EUR 626 million, the forest fires in California in the first quarter of the year were the largest single loss by some distance. Other large losses were the earthquake in Myanmar, at EUR 91 million, the tornadoes in the US Midwest, at EUR 51 million and the typhoon in Asia at EUR 20 million. The combined ratio improved to 89.8 (91.2) percent.
The net insurance financial and investment result before currency effects increased by 4 percent to EUR 993 (956) million. Operating profit (EBIT) rose 11 percent to EUR 4.1 (3.7) billion, while Group net income climbed 23 percent to EUR 1,964 (1,592) million. The Solvency 2 ratio according to the internal model as at 30 September 2025 was 233 percent (30 June 2025: 224 percent).
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