The outstanding performance of the Swiss Life share in the past has meant that from a risk perspective, the weighting of this very large single life-insurance position has increased significantly within the Talanx portfolio. This risk will be mitigated as a result of the disposal. Swiss Life will continue to remain an important sales partner for the Talanx Group.
Talanx is primarily planning to use the released funds as a precautionary measure specifically to further strengthen the balance sheet and thereby take account of a potential sustained phase of low-interest rates, and to adjust valuations for underwriting positions. These measures position the Retail Germany Division to develop the business sustainably and successfully without being encumbered by risks even in a challenging market environment.
Talanx leaves its profits forecast for 2014 unchanged at Group net income of at least EUR 700 million. The profit target recently announced for 2015 and amounting to at least EUR 700 million also remains unchanged.
Disclaimer
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.