September 17, 2017
Talanx AG expects to exceed the pro-rata large loss budget for the first nine months with additional losses from Hurricane Maria and the earthquake in Mexico
The Talanx Group has been impacted by the latest natural catastrophes in Central and North America. The burden of losses resulting from Hurricanes Harvey and Irma is likely to be within pro-rata large loss budget. However, it is now becoming apparent that the additional losses arising from Hurricane Maria and the most recent earthquake in Mexico, which cannot as yet be exactly quantified, will exceed the pro-rata large loss budget amounting EUR 818 million for the first nine months of the financial year in the Reinsurance and Industrial Lines divisions. This means that the amount of the large loss budget of EUR 267 million for the two divisions in the fourth quarter is unlikely to be available in full. The extent to which Talanx AG will be able to achieve its profit target of around EUR 850 million for the financial year 2017 depends on the development of the large loss burden up to the end of the year. A dividend payout at least equal to the year-earlier level is assured from today’s perspective.
This news release contains forward-looking statements which are based on certain assumptions, expectations and opinions of the Talanx AG management. These statements are, therefore, subject to certain known or unknown risks and uncertainties. A variety of factors, many of which are beyond Talanx AG’s control, affect Talanx AG’s business activities, business strategy, results, performance and achievements. Should one or more of these factors or risks or uncertainties materialise, actual results, performance or achievements of Talanx AG may vary materially from those expressed or implied in the relevant forward-looking statement. Talanx AG does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does Talanx AG accept any responsibility for the actual occurrence of the forecasted developments. Talanx AG neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.