Despite ongoing COVID-19 pandemic TALANX maintained its FY 2021 net income target

8 February 2021 — Andrei Victor
Based on preliminary unaudited consolidated figures, the German insurance group TALANX announced year-end 2020 net income of EUR 673 million (vs. EUR 923 million a year before), operating profit of EUR 1.7 billion (vs. EUR 2.4 billion) and increasing GWP from EUR 39.5 billion to EUR 41.1 billion.

TALANX mentioned the Group net income " is in line with the forecast of "clearly in excess of EUR 600 million" that the Talanx Group published in November 2020".

At the same time, coronavirus claims expenses totaling EUR 1.5 billion "were incurred in the industrial insurance and reinsurance and Retail Germany areas in particular. Without these claims resulting from the historic global pandemic the Talanx Group would have exceeded last year's record results".

For financial year 2021, the TALANX Group mentioned is maintaining its expectation of Group net income in the range of between EUR 800 and EUR 900 million, despite the ongoing coronavirus crisis.

"The Group is continuing to pursue its medium-term targets for the period up to financial year 2022, and especially average annual growth in earnings per share of at least 5 percent compared with the original target of EUR 850 million for financial year 2018".

As already announced in November, the Company's Management Board and Supervisory Board aim to propose a dividend for financial year 2020 at the prior-year level of EUR 1.50 per share to the general meeting, subject to the approval of the supervisory authorities.

TALANX will publish its final financial figures and its full consolidated financial statements on 15 March 2021.

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