Insurance company Talanx has reported an 31% increase in group net income in its full-year results.
Gross premium increased by 13.2% to €39.5m (£35.9m) compared with €32.8 (£30.2m) in 2018. EBITDA also increased by 19.6% to €2.4m (£2.2m) compared with €2m (£1.84m) in 2018.
The company also reported an 11.8% increase in net premiums to €33.1m (£30.5m) compared with €29.6m (£27.3m).
Talanx AG’s board of management chair Torsten Leue said: “We grew premiums by 13% and profits by 31% in 2019, generating record net income of €923 million (£850m).”
“In other words, our ambitious Strategy 2022 initiative already bore its first fruit last year. Encouragingly, all four divisions contributed to the rise in profits. Retail Germany, Retail International, and Reinsurance all continued their strong performance, while Industrial Lines recorded an impressive improvement.”
He added: “We are convinced that we will position Talanx for even greater growth and stronger profits in the coming years by encouraging an entrepreneurial mindset and independent action among our employees.”