Business

Talanx Group reports net incomes of £591m

Talanx is a German insurance group in terms of premium income which is active in more than 150 countries including the UK and operates as a multi-brand provider with a focus on B2B insurance

Talanx Group has announced it generated a “solid” net income of €673m (£591) in the financial year 2020 based on unaudited consolidated figures, despite the impact of the Covid-19 pandemic.

Talanx is a German insurance group in terms of premium income which is active in more than 150 countries including the UK and operates as a multi-brand provider with a focus on B2B insurance.

The results were in line with the forecast of “clearly in excess of €600m (£537m)” that the group published in November 2020.

Operating profit (EBIT) for the year declined to €1.7bn (£1.49bn) from €2.4bn (£2.1bn) the previous year, while gross written premiums rose 4.1% to €41.1bn (£36.1bn) from €39.5bn (£34.7bn) for the recorded period in 2019.

Additionally coronavirus claims expenses amounted to €1.5bn (£1.3bn) in the industrial insurance and reinsurance in particular. Without these claims resulting from the historic global pandemic the group said it would have exceeded last year’s record results.

For financial year 2021, the group said it expects net income to range between €800m (£703m) and €900m (£791m), despite the ongoing coronavirus crisis.

Talanx revealed it is continuing to pursue its “medium-term targets” for the period up to financial year 2022, and especially “average annual growth” in earnings per share of at least 5% compared with the original target of €850m (£747m) for financial year 2018.

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