After the first nine months of the year, the Talanx Group is ready to achieve its annual target for net income of EUR 900-950 million. Net income for the period increased to EUR 723 million (from EUR 520 million), despite heavy losses from natural disasters, insurancedaily.gr reports.

The floods in Western Europe have led to losses of more than EUR 1 billion. Nevertheless, the Group's net income was almost at the same level as in 2019 (EUR 742 million). The negative effects of the coronavirus pandemic affected the Group's net income by EUR 9 million in the third quarter, while total impact for the first nine months was EUR 81 million.

The interim results include:

o GWP increased by 10.2% to EUR 35.2 billion

o The impact of the coronavirus pandemic reflected only in the Life / Health Reinsurance sector

o Flood damage in Western Europe exceeded EUR 1 billion

o Operating profits increased to EUR 1.8 billion from EUR 1.3 billion

o The net income stood at EUR 723 million euros almost at the same level as in pre-pandemic 2019

o Combined Ratio ranged at 97.6%

o Annual forecast for 2021: The Group's net income will range between EUR 900 and 950 million

Looking forward to the financial year 2022, the Talanx Group expects profits of over EUR 1 billion for the first time. The Group's net income for next year is expected to range from EUR 1.05 to EUR 1.15 billion.

"The results of the nine months bring us back almost to the high level we experienced in 2019...We can achieve our goals for 2021 despite the significant increase in major damage from natural disasters, especially in the third quarter", said Torsten LEUE, Chairman of the Board of Talanx AG.