The record results are due to increased earnings in all four divisions, with Industrial Lines and Reinsurance improving by particularly large amounts. The “20/20/20” programme, which aims to lift profitability in the area of fire insurance, is ahead of schedule. Prices have already been increased by a good 30 percent – above the goal for 2020 of 20 percent. The combined ratio for the Industrial Lines Division was in line with forecasts at roughly 101 (previous year: 109.1) percent, while the division’s contribution to Group net income is now clearly positive again. The proportion of net income accounted for by primary insurance rose overall, despite an extremely strong performance of the Group’s reinsurance operations.
For the financial year 2020, the Talanx Group continues to expect Group net income to range between “more than EUR 900 million” and EUR 950 million.
Talanx will publish its final key financial figures for the year, its dividend proposal and its full consolidated financial statements on 16 March 2020.
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.