TALANX decreases its anticipated FY2018 Group net income to EUR 700 million

18 October 2018 — Andrei Victor
The German TALANX Group announced it is assuming a large-loss burden for Industrial Lines after more than EUR 260 million in nine months. This is likely to have already exceeded the large loss budget for the entire year in Industrial Lines on September 30, 2018.

This has been caused in particular by several large losses and an unusually large accumulation of frequency losses in industrial property insurance. In the third quarter, this is likely to have led to a quarterly loss before taxes in the Industrial Lines Division amounting to more than EUR 100 million.

Overall, TALANX is assuming a Group net income of around EUR 700 million for the year 2018 vs. the previous target of EUR 850 million.

At the same time, the German insurer is expecting Group net income amounting to around EUR 900 million for the coming financial year 2019 and this entails a higher profit than originally planned for 2018.

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