EN
Annual Report 2025
Our Group Annual Report 2025 provides a holistic view of the business performance of Talanx AG. On this page, we present the most important content for you.
An excellent year in 2025, characterized by strong revenue growth, above-average profit growth, and high profitability, based on a successful business model.
Group Highlights
Key figures for 2025 at a glance
The key figures confirm our strategy and the overachievement of our medium-term financial targets.
Letter to our shareholders
Insight into the divisions
Corporate & Specialty
- Positive development of operating result thanks to robust underwriting and capital investment
- Revenue growth despite a flattening market, driven by new business and positive rate adjustments
- Underwriting benefited from low frequency and large losses
Key figures for the Corporate & Specialty division
| EUR million | 2025 | 2024 | +/- |
| Insurance revenue | 10,252 | 10,006 | +2.5% |
| Insurance service result | 997 | 1,004 | –0.8% |
| Net insurance financial and investment result before currency effects | 102 | 83 | +22.1% |
| of which investment result | 439 | 368 | +19.1% |
| of which net insurance financial result before currency effects | –337 | –285 | –18.3% |
| Operating profit/loss (EBIT) | 732 | 702 | +4.3% |
Management metrics for the Corporate & Specialty division
| % | 2025 | 2024 | +/- |
| Growth of insurance revenue (adjusted for currency effects) | 4.7 | 10.7 | –6.0 ppts |
| Combined ratio (net/gross) | 90.3 | 90.0 | +0.3 ppts |
| Return on equity | 17.3 | 17.6 | –0.3 ppts |
Retail International
- At +9.6% year over year, insurance revenue adjusted for currency effects exceeded forecast
- At 92.0%, combined ratio improved once again
- Division’s contribution to Group net income up 36% to EUR 611 million, an even sharper increase than insurance revenue
Key figures for the Retail International division
| EUR million | 2025 | 2024 | +/- |
| Insurance revenue | 9,677 | 9,281 | +4.3% |
| Insurance service result | 834 | 778 | +7.3% |
| Net insurance financial and investment result before currency effects | 501 | 448 | +11.8% |
| of which investment result | 915 | 784 | +16.6% |
| of which net insurance financial result before currency effects | –414 | –336 | –23.0% |
| Operating profit/loss (EBIT) | 994 | 836 | +18.9% |
Management metrics for the Retail International division
| % | 2025 | 2024 | +/- |
| Growth of insurance revenue (adjusted for currency effects) | 9.6 | 39.9 | –30.3 ppts |
| Combined ratio (net/gross) | 92.0 | 92.5 | –0.4 ppts |
| Return on equity | 19.1 | 15.3 | +3.9 ppts |
Retail Germany
- Declining insurance revenues, particularly at LPV Lebensversicherung AG and the former TARGO Lebensversicherung AG (now HDI Vorsorge Lebensversicherung AG)
- Lower insurance service result, mainly due to the end of the partnership with TARGOBANK
- EBIT down on previous year due to one-time (positive) effects in the prior year
Key figures for the Retail Germany division
| EUR million | 2025 | 2024 | +/- |
| Insurance revenue | 3,331 | 3,619 | –7.9% |
| Insurance service result | 381 | 402 | –5.3% |
| Net insurance financial and investment result before currency effects | 110 | –5 | > 999% |
| of which investment result | 2,045 | 2,861 | –28.5% |
| of which net insurance financial result before currency effects | –1,934 | –2,867 | +32.5% |
| Operating profit/loss (EBIT) | 205 | 262 | –21.6% |
Management metrics for the Retail Germany division
| % | 2025 | 2024 | +/- |
| Growth of insurance revenue (adjusted for currency effects) | 9.6 | 39.9 | –30.3 ppts |
| Combined ratio (net/gross) | 92.0 | 92.5 | –0.4 ppts |
| Return on equity | 19.1 | 15.3 | +3.9 ppts |
Reinsurance
Property/Casualty Reinsurance
- Reinsurance revenue (gross) grew by 3.8% after adjusting for currency effects
- Contractual service margin (CSM) from new business totalled EUR 3.1 billion
- Largely stable conditions and risk-adequate pricing in contract renewals over the course of 2025
Key figures for the Reinsurance division Property/Casualty Reinsurnace Segment
| EUR million | 2025 | 2024 | +/- |
| Insurance revenue | 18,770 | 18,665 | +0.6% |
| Insurance service result | 2,593 | 2,136 | +21.4% |
| Net insurance financial and investment result before currency effects | 157 | 697 | –77.4% |
| of which investment result | 1,331 | 1,642 | –19.0% |
| of which net insurance financial result before currency effects | –1,173 | –945 | –24.2% |
| Operating profit/loss (EBIT) | 2,660 | 2,413 | +10.2% |
Management Metrics for the Property/Casualty Reinsurance Segment
| % | 2025 | 2024 | +/- |
| Growth of insurance revenue (adjusted for currency effects) | 3.8 | 11.1 | –7.3 ppts |
| Combined ratio (net/gross) | 84.0 | 86.6 | –2.6 ppts |
Life/Health Reinsurance
- Insurance revenue (gross) adjusted for currency effects rose by 6.8% to EUR 8,015 million
- New contribution to net CSM amounted to EUR 766 million
- Net contractual service margin (CSM) declined by 3.7% to EUR 6.3 billion
- Continued high customer demand for longevity cover and financial solutions
Key Figures for the Reinsurance Division – Life/Health Reinsurance Segment
| EUR million | 2025 | 2024 | +/- |
| Insurance revenue | 8,015 | 7,715 | +3.9% |
| Insurance service result | 903 | 883 | +2.3% |
| Net insurance financial and investment result before currency effects | 181 | 226 | –20.1% |
| of which investment result | 371 | 396 | –6.5% |
| of which net insurance financial result before currency effects | –190 | –170 | –11.5% |
| Operating profit/loss (EBIT) | 863 | 926 | –6.9% |
Management Metrics for the Life/Health Reinsurance Segment
| % | 2025 | 2024 | +/- |
| Insurance service result (net) in EUR million | 903 | 883 | +2.3% |
| Growth of contractual service margin (net) | –3.7 | 9.5 | –13.2 ppts. |
Outlook 2026
Talanx Group
| % | 2026 |
| Growth of insurance revenue (adjusted for currency effects) | mid single-digit percentage |
| Group net income in EUR billion | ~2.7 |
| Return on equity | ~19 |
Corporate & Specialty
| % | 2026 |
| Growth of insurance revenue (adjusted for currency effects) | low to mid single-digit percentage |
| Combined ratio (net/gross) | < 92 |
| Return on equity | > 16 |
Retail International
| % | 2026 |
| Growth of insurance revenue (adjusted for currency effects) | mid to high single-digit percentage |
| Combined ratio (net/gross, property/casualty insurance) | < 93 |
| Return on equity | > 16 |
Retail Germany
| % | 2026 |
| Growth of insurance revenue | Decrease in higher single-digit percentage |
| New business value (net, Life Insurance) in EUR million | > 110 |
| Combined ratio (net/gross, property/casualty insurance) | < 93 |
| Return on equity | > 10 |
Reinsurance
Property/Casualty Reinsurance
Management metrics for the Property/Casualty Reinsurance segment
| % | 2026 |
| Growth of insurance revenue (adjusted for currency effects) | mid single-digit percentage |
| Combined ratio (net/net) | < 87 |
Life/Health Reinsurance
Management metrics for the Life/Health Reinsurance segment
| % | 2026 |
| Insurance service result (net) in EUR million | ~ 925 |
Reinsurance Division as a whole
Management metrics for the Reinsurance division as a whole
| % | 2026 |
| Return on equity | ~ 20 |
Your contact persons
Share this page: