November 12, 2015
Talanx improves operating profit despite goodwill impairment
- Gross written premiums increase in first nine months of 2015 by 12.1 percent to EUR 24.4 (21.7) billion
- Operating profit (EBIT) grows by 4.4 percent to EUR 1.5 (1.4) billion
- Group net income at EUR 488 million, adjusted for goodwill impairment in 2nd quarter: EUR 643 (530) million
- Outlook for Group net income for 2015 of EUR 600 to 650 million confirmed
- For the 2016 financial year, a Group net income of more than EUR 700 million is expected
The Talanx Group has improved its operating business as at 30 September 2015. The gross written premiums increased by 12.1 percent compared to the same period in the previous year to EUR 24.4 (21.7) billion. This increase was primarily posted in foreign countries, in line with the growth strategy. On balance, the sustained exchange rate fluctuations had a positive effect on the premium performance. Adjusted for currency effects, the gross written premiums increased by 6.5 percent. Operating profit (EBIT) grew by 4.4 percent to EUR 1.5 (1.4) billion. The Group net income excluding the full goodwill impairment in the German life insurance business in the second quarter of 2015 stood at EUR 643 (530) million. Taking the one-off effect of EUR 155 million into account, the net income amounted to EUR 488 million.
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.