TALANX reported FY 2016 net income of EUR 907 million

30 March 2017 — Vlad BOLDIJAR
German insurer TALANX "exceeded its profit forecast significantly", reporting FY2016 net income of EUR 907 million, EUR 174 million more than previous year when it totaled EUR 734 million.

Gross written premiums remained stable at EUR 31.1 billion (vs. EUR 31.8 million), combined ratio in property/casualty insurance and non-life reinsurance improved by 0.3% to 95.7%, while the operating profit (EBIT) grew by 5.4% to EUR 2.3 billion.

"We achieved the very good Group net income in a market environment that remained challenging for all divisions'" said Herbert HAAS, Chairman of the Board of Management of Talanx AG.

"The period of low interest rates is continuing and geopolitical challenges such as Brexit are adding to the conditions in the underwriting market. It is all the more pleasing that all divisions exceeded their expected result too and thus contributed to the best Group net income yet in the company's history," said Herbert HAAS.

"Our aim of generating more than 50 percent of premiums in primary insurance abroad by 2018 was almost achieved in 2016, at 49% (2015: 47%). The trend shows that the internationalisation and diversification strategy being pursued is having sustainable success."

As a result of this good performance, the Board of Management and the Supervisory Board are proposing a dividend increase to EUR 1.35 (1.30) per share to the Annual General Meeting.

Read the full release here.

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